Carbon nanotubes market expected to grow at a CAGR of 16.70% between 2018 and 2023

NEW YORK—According to a recent report, the carbon nanotubes market is estimated to grow from USD 4.55 billion in 2018 to USD $9.84 billion by 2023, at a CAGR of 16.70%. Growing demand from applications, such as advanced materials, electronics & semiconductors, chemical & polymers, batteries & capacitors, energy, aerospace & defense, and medical, is expected to fuel the growth of the market. The intrinsic mechanical properties of carbon nanotubes make them a suitable nanomaterial for these applications. Carbon nanotubes also have a unique combination of stiffness, strength, and tenacity compared to other fiber materials which usually lack one or more of these properties. The growth of the carbon nanotubes market is affected by the cost structure of carbon nanotubes, processing difficulties, and availability of substitutes such as silicon carbide nanotubes (SiCNTs).Chemical vapor deposition (CVD) is expected to be the most widely used method for carbon nanotubes manufacturing during the forecast period.By method, the CVD segment of the carbon nanotubes market is projected to have the largest share during the forecast period of 2018 to 2023.The prices for CVD are assumed to decrease incrementally with the improving technologies and increased production & commercialization.This decrease in price is expected to keep the CAGR for CVD on a higher side for both volume and value markets.Electronics & semiconductors is expected to be the largest application segment of the carbon nanotubes market during the forecast period.The electronics & semiconductor segment of the carbon nanotubes market is projected to account for the largest share in terms of volume from 2018 to 2023.The segment is further categorized into field emission displays, Integrated Circuits (ICs), superconductors, transistors, and others, which includes electromagnetic shielding ultra-conductors, loudspeakers, light sources, electric motors brushes, and conductive films.In integrated circuits, carbon nanotubes are used as interconnects due to their metallic characteristics. The use of carbon nanotubes in the super conductor application helps improve its critical current density in a high magnetic field and longer life cycle.APAC is expected to be the largest market for carbon nanotubes during the forecast period.Among regions, Asia Pacific is projected to control the largest share of the carbon nanotubes market, in terms of both volume and value from 2018 to 2023.This growth is mainly attributed to the booming economies such as China, India, Taiwan, and a few smaller countries, such as Indonesia, Vietnam, and Malaysia.China is the leader of in terms of carbon nanotubes demand in Asia Pacific. It is a rapidly developing nation with many emerging applications such as hydrogen storage, superconductors, filters, capacitors, and others.

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