The Carbon Nanotube Market Is Set To Grow At A 16% Rate, Driven By Increasing Demand for Low Carbon Emission Vehicles
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LONDON, Nov. 2, 2022 -- Increasing demand for lightweight and low carbon emission vehicles will drive the growth of the carbon nanotube market in the forecast period. Electric Vehicles (EVs) have a higher weight due to the extensive use of copper wire in vehicles. As a result, CNTs are replacing copper wire as an alternative because of their low weight and capacity to lower fuel consumption in vehicles, which has prompted automakers to incorporate more CNTs in their vehicles. The weight of cars can be significantly decreased by using carbon nanotube in place of conventional materials, which lowers fuel consumption. In 2022, according to the Canadian Ministry of Natural Resource, a weight reduction of 35% might lower fuel consumption by 12–20%, without sacrificing performance or safety. Thus, the future scope of carbon nanotube market is promising with the growing demand for lightweight and low carbon emission vehicles.
The global carbon nanotube market size is expected to grow from $3.15 billion in 2021 to $3.60 billion in 2022 at a compound annual growth rate (CAGR) of 14.15%. The global carbon nanotube market size is expected to grow to $6.52 billion in 2026 at a compound annual growth rate (CAGR) of 16.05%.
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Key Carbon Nanotube Market Trends – Use Of Artificial Intelligence
Using artificial intelligence to grow carbon nanotube is a key trend gaining popularity in the carbon nanotube market. For instance, in July 2020, a team of engineers from the University of Missouri, were trying to use artificial intelligence to grow and control large quantities of carbon nanotube. In a lab, growing carbon nanotube is a rather simple process. At very high temperatures, they need certain gases to produce them in big quantities while preserving their positive characteristics.
Asia-Pacific Held The Largest Carbon Nanotube Market Share
Asia Pacific was the largest region in the carbon nanotube market and was worth $1.14 billion in 2021. The carbon nanotube market in Asia Pacific is supported by the presence of a large number of end user companies in countries such as China, India, Japan and other Southeast Asian countries. The region is characterized by emerging economies, a rise in disposable income and investments in technology- driven innovation. The region's market is strongly supported by government initiatives in countries such as India, where the government supports end use industries through financial incentives.
Carbon Nanotube Market Segments
The global carbon nanotube market analysis is segmented -
1) By Product Type: Single Walled Nanotubes, Double Walled Nanotubes, Multi Walled Nanotubes
2) By Technology: Arc Discharge, Laser Ablation, Chemical Vapor Deposition (CVD), Catalytic Chemical Vapor Deposition (CCVD), High Pressure Carbon Monoxide, CoMoCAT, Floating Catalyst, Others
3) By End-Use Industry: Electronics and Semiconductors, Energy and Storage, Chemical Material and Polymers, Medical, Structural Composites Applications, Others
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