Transparency Market Research has published a new report titled “Carbon Nanotubes Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” According to the report, the global carbon nanotubes market was valued at $1.13 billion USD in 2014 and is anticipated to reach $6.81 billion USD in 2023, expanding at a compound annual growth rate (CAGR) of 22.1% between 2015 and 2023.

Rise in demand for carbon nanotubes (CNT) in composites, electricals & electronics, and energy applications has been driving the carbon nanotubes market. Carbon nanotubes possess high tensile strength, which is up to 20 times higher than steel. These are suitable for usage in lightweight materials as they are five times lighter than steel. Demand for carbon nanotubes is high in aerospace, defense, and electronics industries due to their lightweight feature. Multi-wall carbon nanotubes are the most widely used CNTs across the globe in various applications including polymers, electricals & electronics, energy, and others (medical, chemical, optical devices, etc.). Growth in various application industries, especially in Asia Pacific, is driving the global carbon nanotubes market. However, high cost and processing difficulties are estimated to hamper the market growth in the near future.

Multi-wall carbon nanotubes was the largest product segment, accounting for more than 90% share of the global carbon nanotubes market in 2014. Multi-wall carbon nanotubes consist of multiple layers of graphite/carbon that are superimposed and rolled one over the other to form a cylindrical and tubular structure. These unique cylindrical-structured multi-wall carbon nanotubes exhibit properties such as distinct thermal conductivity (five times higher than copper), electricity conductivity, and high mechanical strength (up to 20 times higher than steel). Another major product segment of the carbon nanotubes market is single-wall carbon nanotubes. Single-wall carbon nanotubes are made up of pure carbon graphite rolled into cylindrical sheets with diameters ranging from 1nm to 1.5nm.

In terms of demand, the polymers segment has been dominating the carbon nanotubes market in the past few years. When utilized in polymeric materials, CNTs enhance mechanical properties of the resulting composites. These CNT-based composites are five times lighter and 20 times stronger than steel. In terms of demand, electricals & electronics accounted for the second-largest share of the carbon nanotubes market in 2014. Penetration of CNTs has increased significantly in applications such as solar cells, semiconductors, transistors, touch sensors, ultra-conductive copper, cathode ray tubes, and electromagnetic devices in the past few years. Other major applications of CNTs include energy and other industrial markets.

In terms of demand, Asia Pacific has been dominating the carbon nanotubes market during the past few years. The region held over 40% share of the global demand for CNTs in 2014. This trend is estimated to continue during the forecast period. Rise in demand for CNTs in composites, energy, electricals & electronics, and other industrial end-users are key factors boosting the carbon nanotubes market in Asia Pacific. North America and Europe are projected to exhibit significant increase in demand for carbon nanotubes due to favorable policies and rising penetration of CNTs in various application industries. Growth of the carbon nanotubes market in Latin America and Middle East & Africa is likely to be moderate during the forecast period.