The global market for Carbon Nanotubes is forecast to reach US$10.3 billion by 2024, driven by robust R&D investments in carbon nanomaterials against the backdrop of spiraling engineering interest in developing advanced composites for manufacturing high performance automobiles, aircraft, industrial equipment, sporting goods, heavy machinery and tools and construction materials, among others.
As one of the most popular nanomaterial with the highest potential for commercialization in a wide range of industries, carbon nanotubes (CNTs) are currently the building block of nanotechnology innovation. Defined as molecules of pure carbon measuring in nanometers and shaped like a tube, CNTs are extremely strong, stronger than even steel, given the fact that they are a single chain of unbroken covalent carbon-carbon bonds. Few of the properties of CNTs that make them irresistible among nanotech researchers in diverse sectors include superior mechanical strength; excellent electrical and thermal conductivity; high tensile strength; lightweight with just 25% of the density of steel; unrivalled levels of flexibility and elasticity that enables significant deformation without damage; and good electron field emitters properties, among others. With improved understanding of the behavior of nanomaterials coupled with improving technologies to control nanotube production processes, CNTs are poised for an exciting period of growth, new discoveries and real world commercial applications. Developments in functionalization and synthesis methods for CNTs and a parallel rise in entrepreneurial opportunities will remain crucial for future growth in the market.
Among the many composites, CNT based composites are attracting the strongest R&D interest given their numerous unique characteristics such as superior mechanical strength; excellent electrical and thermal conductivity; high tensile strength; lightweight with just 25% of the density of steel; unrivalled levels of flexibility and elasticity, among others. Their ability to reinforce varied types of materials with strength and desired properties which can be customized to individual needs make CNTs a truly valuable composite with huge untapped potential. Growth in the market is heavily dependent on commercialization patterns in key end-use application sectors and the overall business climate in these industries. For instance, CNTs in aircraft and automobile production will benefit from the optimistic outlook for aircraft and vehicle production. In the electronics end-use sector, CNTs holds potential over the longer term in overcoming silicon based barriers in miniaturization. Ability to push beyond the physical limits of Moore's Law posed by current silicon technology will guide future growth of CNTs in this space. CNTs find widespread use as construction material reinforcement for the simple reason that hollow strings of carbon atoms feature incredible strength and integrity. CNTs help build crack proof roads, and bridges with high load bearing capacity. Demand for CNT reinforced building materials will especially be strong in the civil infrastructure construction projects as governments seek to enhance the durability of roads, tunnels, and bridges and thereby increase ROI on investments.
Asia-Pacific represents the largest and the fastest growing market with a CAGR of 21.4% over the analysis period given the fact that the region harbors the fastest growing end-use application industries such as aerospace and defense; construction; automotive; healthcare and medical technology; electronics and semiconductors and energy generation; among others. The growth in the region will also benefit from the increased financial resources dedicated towards R&D and commercialization of nanotechnology and nanomaterials given its potential to revolutionize manufacturing, generate unimagined efficiency improvements and drive overall economic growth and competitiveness of emerging countries.
Major players in the market include Arkema S A, Carbon Solutions, Inc., Catalytic Materials LLC, CHASM Advanced Materials, Inc., Cheap Tubes Inc. , Chengdu Organic Chemicals Co. Ltd., CNano Technology, Hyperion Catalysis International, Inc., Nanocyl S.A., Nano-C Inc.,
Nanocs Inc., NanoLab, Inc., NanoIntegris Inc., Shenzhen Nanotech Port Co., Ltd., Thomas Swan & Co. Ltd., OCSiAl and Zeon Nano Technology Co., Ltd., among others.