Increasing demand for lightweight and low carbon-emitting vehicles is driving the Carbon Nanotubes (CNT) Market
The global carbon nanotubes market size will grow to USD 1,714 million by 2026 from USD 876 million in 2021, at a CAGR of 14.4% during the 2021-2026 period. The driving factor for the CNTs market is the intrinsic mechanical properties of CNTs, which make them the ultimate nanomaterial.
The average vehicle contains more than 55 pounds of copper, most of it as an electrical wire. An electric car has about three times that amount. Reducing the amount of copper used in vehicles can significantly reduce the overall weight of the vehicle and reduce fuel consumption and carbon emission. CNTs are emerging as a lightweight alternative to copper wire. Owing to the increasing demand for lightweight vehicles having good fuel efficiency and low carbon emission, manufacturers are increasingly using CNTs as a lightweight alternative to copper. Apart from replacing the copper wire, nanotubes are also used for conductive shielding in automobiles.
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Multi-walled carbon nanotubes is projected to be the largest type of the carbon nanotubes market.
Multi-walled carbon nanotubes (MWCNT) leads the overall CNTs market, in terms of volume, due to its excellent tensile strength. Moreover, when MWCNTs are integrated into a composite, such as thermoplastic or thermoset compounds, it can significantly increase their strength. MWCNTs can also be easily spread on plastic materials, which improve the mechanical properties of the components and reduce their weight without affecting their performances. Using MWCNTs in automotive and aerospace industries enables fuel-saving and helps lower carbon dioxide (CO2) emissions.
Medical is the fastest-growing end-use industry of the carbon nanotubes market.
Medical is the fastest-growing end-use industry, in terms of value, in 2020. The medical segment of the CNTs market is sub-divided into transdermal drug delivery, cancer treatment, proteomics, others (cardiac autonomic regulation, platelet activation, tissue regeneration & others). The use of CNTs with biological systems can bring about advancements in medical science, especially diagnostics, biosensing, drug delivery, and disease treatments.
APAC is the largest carbon nanotubes market globally.
APAC is projected to lead the carbon nanotubes market and this dominance is expected to continue till 2026. The market size for CNTs in APAC is expected to increase because of the rising penetration of CNTs in key applications such as conductive polymer composites and lithium batteries. The growing partnership between the suppliers and buyers of CNTs and substantial research & development spending have resulted in a significant upsurge in demand for CNTs in this region.
The key players operating in the market are LG Chemical Limited (South Korea), Cabot Corporation (US), Showa Denko K.K. (Japan), Jiangsu Cnano Technology Co., Ltd. (China), and Chengdu Organic Chemicals Co. Ltd. (China).
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