A new report published by Zion Marke Research the carbon nanotubes market accounted for USD 2.36 Billion in 2015 and is expected to reach USD 5.31 Billion by 2021, growing at a CAGR of around 18.6% between 2016 and 2021.
Carbon nanotubes are nano-sized cylindrical tubes made up of carbon atoms. Carbon nanotubes are segmented by type as single walled nanotubes and multi-walled nanotubes. Multi-walled nanotubes accounted for significant market share. Revenue value for multi-walled nanotubes accounted USD 2.07 billion in 2015 and is expected to grow up to USD 5.12 billion during the forecast period. Furthermore, single walled nanotubes accounted only 6.0% of the total carbon nanotubes market.
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5 Industry Growth Factors Are:
1) Carbon Nanotubes Market on the basis of Revenue
The carbon nanotubes market accounted for USD 2.36 Billion in 2015 and is expected to reach USD 5.31 Billion by 2021, growing at a CAGR of around 18.6% between 2016 and 2021.
2) Carbon Nanotubes Market on the basis of Types
Carbon nanotubes have two main types, one is single-walled nanotubes (SWNT) and another is multi-walled nanotubes (MWNT).Carbon nanotubes occur as multiple concentric layers of carbon atoms, called multi-walled nanotubes. Multi-walled carbon nanotubes (MWCNT) consist of multiple layers of graphite or carbon. Multi-walled carbon nanotubes were the largest type segment, accounting for more than 83% share of the global CNT (carbon nanotubes) market in 2015. MWCNT have properties such as high mechanical strength (up to 30 times higher than steel), electricity conductivity and thermal conductivity (seven times higher than copper). Production of single-walled carbon nanotubes have been initiated, promising new market opportunities in sensors, transistors, and transparent conductive films.
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3) Carbon Nanotubes Market on the basis of Applications
On the basis of applications, carbon nanotubes are used in electrical and electronics, energy, aerospace, polymers and composites sectors. Among all, polymers segment has been dominating the CNT market in the past five years. Electrical & electronics accounted for the second-largest share of the CNT in 2015. Penetration of carbon nanotubes has increased in transistors, semiconductors, touch sensors, cathode ray tubes, solar cells, and electromagnetic devices in the past few years. The raw materials used to manufacture CNT are cobalt, iron, ceramic catalyst, hydrogen and gasses such as acetylene-hydrogen and methane. CNTs have the highest strength to weight ratio. Because of this property, they are used in spacecraft.
4) Carbon Nanotubes Market on the basis of Region
Asia Pacific was the dominant regional segment of the carbon nanotubes market in 2015. It accounted more than 45% of the global CNTs market in 2015.This trend is continued during the forecast period 2016 to 2021. The rise in demand for carbon nanotubes in electrical & electronics and energy end-users are key factors boosting the CNTs market in Asia Pacific. U.S. carbon nanotubes market accounted 15% of global market in 2015. Europe and North America are projected to exhibit the significant increase in demand for CNTs. The growth of CNTs market in the Middle East and Latin America is expected to grow with moderate rate during the forecast period 2016-2021. Processing difficulties and high cost are estimated to hamper the market growth of CNTs in the near future.
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5) Carbon Nanotubes Market on the basis of Companies
Key players in the market include Carbon Solutions, Inc., Cheap Tubes Inc., Klean Carbon Inc., Nanocyl S.A., Nanolab Inc., Southwest Nanotechnologies, Inc., Nanothinx S.A., Toray Industries, Inc., Arry International Group Limited, Hanwha Chemical Co. Ltd.