A large number of players are already present in the global carbon
nanotubes market. Showa Denko K.K., Cnano Technology Ltd., and
Nanocyl S.A. are the top three players in this market and had held a
collective market share of only about 23.3% in 2014, revealing a
highly fragmented market where small regional players hold the
majority of the market revenue.
Transparency Market Research finds that the high level of
fragmentation is caused due to the low level of product
differentiation, which invites new entrants to easily make their mark
in the carbon nanotube revenue stream. However, they will still face
many problems including high capital requirements, high switching
costs, and the overall scarcity of raw materials.
Another point that carbon nanotube manufacturers have in their favor
is the low threat of substitutes, which are still only in their
nascent stage.
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Massive
Carbon Nanotube Demand from Polymer Industry for Reinforcing Polymer
Materials Boosts CNT Sales
Carbon nanotubes provide significant improvements to the strength of
polymers and enhancing their utility in the industries of
construction, aerospace, defense, and automotive. Carbon nanotubes
add to the mechanical strength and tensile strength of polymers and
makes them roughly 20 times stronger than steel. Additionally, carbon
nanotube-imbued polymers are much lighter than steel. The culmination
of these points makes such polymers highly sought-after in the above
industries.
Other areas where the introduction of carbon nanotubes adds highly
positive points to materials is displays. Most displays are
conventionally coated with indium tin oxide, which ends up making
them brittle and even more expensive than screens with carbon
nanotube-based films. Similar consequences are visible in the use of
carbon nanotubes in the production of long wind turbines, an area
where high strength and low weight can exponentially improve power
generation potential.
High
Cost of High Purity Carbon Nanotubes Holds Back Market Growth
“Chemical vapor deposition is the most common manufacture technique
used for carbon nanotubes,” explains a TMR analyst. “This method
makes use of hydrocarbons for raw materials and metal catalysts
confined within a reactor. Once the carbon nanotubes that are formed
deposit on the metal surfaces, it is necessary to separate the
nanotubes from the metal which is considered an impurity after
manufacture. This is a highly complex process and takes up a major
chunk of the total manufacturing expenditure of a company.”
The overall production cost of high purity carbon nanotubes is much
higher than the cost of the actual manufacturing process itself and
poses as a barrier for many players due to financial constraints.
The problem complicates itself even further as currently, there is a
much smaller demand for carbon nanotubes than the global supply for
it. However, TMR analysts expect this demand to rise significantly
over the coming years, and manufacturers should shift their capital
accordingly.
Polymers
to Retain High Demand for Carbon Nanotubes till 2023
A bit more than 68% of the total volume of carbon nanotubes produced
in 2023 are expected to be consumed by the polymers industry, owing
to the high demand for lightweight composites in electronics,
aerospace, and defense industries.
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In terms of revenue, the global carbon nanotube market is expected to
progress at a highly optimistic CAGR of 22.1% within a forecast
period from 2015 to 2023. This market is expected to be valued at
US$1.6 bn by the end of 2016, and US$6.8 bn by the end of 2023. In
terms of volume, this market is expected to expand at a CAGR of 20.1%
within the same forecast period.
Most industries prefer multi-walled carbon nanotubes, allowing this
product segment to hold an expected volume share of 92.1% in 2023.
The information presented in this review is based on a Transparency
Market Research report, titled, “Carbon Nanotubes Market -
Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2015 - 2023.”
Key
Takeaways:
- US$6.8 bn is the expected revenue of the global carbon nanotube market by 2023.
- 92.1% is the expected revenue share of multi-wall carbon nanotubes by 2023.
- 68.8% is the expected revenue share of polymers industry in the global carbon nanotubes market by 2023.
Key
Segments of the Global Carbon Nanotubes Market
Carbon
Nanotubes Market, by Product
- Single-wall Carbon Nanotubes
- Multi-wall Carbon Nanotubes
Carbon
Nanotubes Market, by Application
- Polymers
- Energy
- Electrical and Electronics
- Others
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Us
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