Carbon Nanotubes Market to Witness Impressive Growth
The industry demand for carbon nanotubes is increasing due to their applications in electric vehicles. Emergen Research projects the market size to reach $3,027.4 million in 2030.
Electric vehicles are one of the most emerging technologies currently. Today's EVs use many advanced technologies due to the increasing demand for fuel-efficient, low-carbon emission, and lightweight vehicles.
Recent studies have suggested that carbon nanotube (CNT) composites are advantageous over copper in EVs. The use of CNTs instead of copper reduces the weight and, in turn, increases its fuel efficiency. Besides this, CNT wires are also beneficial in the aerospace industry to reduce the weight and fuel consumption of aircraft.
With these applications, the research attention towards CNTs is growing significantly. Emergen Research reports that the global Carbon Nanotube (CNT) market size reached $876.8 million in 2021 and will register a rapid revenue CAGR (Compound Annual Growth Rate) during the forecast period.
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Carbon Nanotubes - An Overview
CNTs are tiny tubes made of graphene sheets. Due to their excellent electrical properties, CNTs were initially used for electronic circuits and became promising for the semiconductor industry.
CNTs also exhibit remarkable mechanical properties like strength and flexibility. These properties, combined with high electrical conductivity, opened a path for new applications. Now, CNTs find their applications in electronic packaging, ESD materials, wires, and EMI shielding as conductive fillers.
Driving Factors for Growth
An EV consists of a large amount of copper in wires, which makes the vehicle heavier. The benefits of reduced fuel consumption and less weight have encouraged automotive manufacturers to use CNTs instead of copper. Moreover, the use of CNTs is also increasing in the aerospace sector for improving aircraft performance and lowering operational costs.
CNTs are also considered for heating in cars as they are more efficient at turning electricity into heat. The CNTs' heaters can heat or cool an area almost instantaneously. In addition, CNTs are the preferred electrode material in batteries and capacitors because of their high surface area and high charge carrier density.
All of these are prominent driving factors for CNTs. However, CNTs are non-biodegradable and contain nanoscale pollutants that can contaminate the environment. When mixed with air and soil, these nanoparticles can cause health-related issues in animals and humans. These health and safety issues may limit their adoption and revenue growth in the global market.
COVID-19 impacted the CNT manufacturers negatively, especially manufacturers in China. However, post lockdown, economic activity is slowly reviving and has created demand in the automotive and electronics sectors.
Projections by Emergen Research
According to Emergen Research, the CNT market is expected to reach a CAGR of 14.9%, and the revenue is expected to rise to $3027.4 million in 2030.
The report suggests that North America will witness steady growth due to well-established CNT manufacturing industries. In addition, governments of various countries have announced value packages and reforms to help businesses. These factors will boost the market revenue growth during the forecast period.
