Nanotubes Market - Growth, Trends, and Forecast (2020 - 2025)
The nanotubes market is expected to register a CAGR of over 14%, during the forecast period. The major factors driving the growth of the market studied are an advancement in nanotubes technologies and the growing adoption of carbon nanotubes. On the flipside, high manufacturing and R&D costs serve as one of the major stumbling blocks in the growth of the market studied.
The carbon nanotubes segment dominated the market. It is likely to grow during the forecast period, owing to its crucial role in technological advancements in the fields of medicine, electronics, engineering, and various other applications.
Rising potential uses in electronic and storage devices are likely to provide opportunities for the market studied, during the forecast period.
AsiaPacific dominated the global market, as the demand for nanotubes is majorly driven by the increasing application and demand from industries, such as electronics, energy, aerospace, and defense.
Key Market Trends
Electronics Segment to Dominate the Market Demand
Nanotubes find extensive application in the electronics industry, for the development of faster, more efficient, and more durable electronic devices.
Among all the types of nanotubes, carbon nanotubes lead the market demand, due to their applications in the electronics industry. Apart from carbon nanotubes, silicon nanotubes and inorganic nanotubes are also used in the electronics industry.
Carbon nanotubes find application in displays, large area surface conduction, color field emission displays, sensors, backlights for displays, traveling wave tubes, transistors, photovoltaics, conductive additives for nondisplay applications, photonics, radiofrequency identification (RFID) tags, neutron, and gammaray sources, and lighting devices.
Silicon nanotubes contain hydrogen molecules and act like metal fuel. Thus, they are widely used for semiconductor applications in the electronics industry.
Inorganic nanotubes are also used in the electronics industry, for application in semiconductor devices, sensors, biosensors, nanomotors, and flat panel displays.
Hence, owing to the diversified application of nanotubes in several electronic components, the demand for nanotubes is expected to increase.
Furthermore, according to ZEVI, by 2020, the electrical and electronics industry is expected to reach around EUR 4.7 trillion, globally. Regions such as AsiaPacific, North America, etc. are likely to witness positive growth.
AsiaPacific has been witnessing numerous investments in the electronics industry, as well as growth in electronics production, especially in countries, such as China, India, South Korea, and Japan.
This growth is expected to increase the demand for nanotubes for electronic applications in the region, during the forecast period.
AsiaPacific Region to Dominate the Market
AsiaPacific region dominated the global market share, due to the increasing demand from industries, such as electronics, energy, healthcare, aerospace and defense, and automotive.
Japan is the largest consumer of nanotubes, followed by China and South Korea.
Japan is one of the largest producers of electronics, aircrafts, and energy equipment. The country is focused on manufacturing F35A nextgeneration fighter jet and other military aircraft, thus strengthening the foundation of the aerospace manufacturing. The production of commercial aircraft has been increasing from the last couple of years, owing to the increasing cargo demand.
China is one of the leading producers of electronics and automotive, globally. Owing to the growing electronics production and increasing application of semiconductors, the government has set a goal for the semiconductor industry, reaching USD 305 billion in output by 2030.
Besides, South Korea is one of the major exporters of electronics and automotive. Thus, with rising domestic, as well as foreign demand for electronic products and vehicles, the market players have been increasing their industrial output in the country.
Hence, the aforementioned trends are expected to drive the demand for nanotubes in the region, during the forecast period.
The nanotubes market is fragmented in nature, with numerous players holding insignificant market share, to individually affect the market dynamics. Some of the major players in the market include Arkema SA, Showa Denko KK, Nanocyl, CNano Technology Ltd, and Hyperion Catalysis, among others.
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