Multi-Walled Carbon Nanotubes Market - Forecast (2022 - 2027)

The Multi-walled carbon nanotubes market is forecast to reach $2.2 billion by 2027, after growing at a CAGR of 14.1% during 2022-2027, owing to the increasing demand for multi-walled carbon nanotubes from various end-use industries such as electronics, medical, automotive, and energy as it is one of the most effective methods to make materials stronger, lighter, durable, and reactive. The multi-walled carbon nanotubes market is witnessing an increase in its demand due to its strong carbon atoms bonds, which allows it to withstand higher electric current, making it a material of choice. Furthermore, the new enhanced characteristics and behaviors of multi-walled carbon nanotubes are opening new product innovations such as biochips, chemical sensors, nanodevices, transparent conducting flexible thin films, and copy protection materials which are further driving the multi-walled carbon nanotubes market during the forecast period.

Multi-Walled Carbon Nanotubes Market Report Coverage

The report: “Multi-Walled Carbon Nanotubes Market - Forecast (2022-2027)” covers an in-depth analysis of the following segments of the multi-walled carbon nanotubes Industry.

• By Product Type: < 8nm, 8-15nm, 20-30nm, 30-50nm,>50nm, and Others
• By Application: Healthcare & Life Science, Aerospace & Automotive, Air & Water Treatment, Electronics & Semiconductors, Energy Storage, and Others
• By Geography: North-America, South-America, Europe, Asia Pacific, and RoW

Key Takeaways

• the Asia Pacific dominates the multi-walled carbon nanotubes market, due to the increasing demand for nanomaterials in the region. According to Invest India, India’s share in global electronics manufacturing has grown from 1.3% in 2012 to 3.0% in 2018. The growing electronic sector will propel the multi-walled carbon nanotubes market in APAC.
• According to the United States International Trade Commission, the total exports of electronic products grew by $7.9 billion (3 percent) to $268 billion in 2017 in the United States. Since, electronic products are widely using multi-walled carbon nanotubes for manufacturing chips, batteries, transistors, and more, it is anticipated that the increasing demand for electronic products will further drive the multi-walled carbon nanotubes market.
• The adoption of multi-walled carbon nanotubes is increasing in the aviation industry as they are being extensively used to increase and improve the mechanical, electrical, and thermal properties of the aircraft.
• Due to the COVID-19 pandemic, most of the countries have gone under lockdown, due to which operations of various industries such as automotive and aerospace have been negatively affected, which is hampering the Multi-walled carbon nanotubes market growth.

Multi-Walled Carbon Nanotubes Market Segment Analysis - By Application

The electronics and semiconductor segment held the largest share in the multi-walled carbon nanotubes market in 2019 and is growing at a CAGR of 12.2%, owing to its extensive application in electronic industries as sensor materials for pressure due to its several characteristics, such as electrical and thermal conductivity, magnetic properties and mechanical strength. Heat dissipation in electronic devices requires interface materials with high thermal conductivity and therefore carbon-based nanomaterials such as multi-walled carbon nanotube have been designed to boost the thermal, electrical, and mechanical properties. According to the Electronic Industries Association of India (ELCINA), the total production of the electronics sector in India was Rs.3,87,525 crore in 2017-18, compared to Rs.3,17,331 crore in 2016-17, exhibiting a growth of about 22%. The electrical and magnetic properties of MWCNT enhances the electrical conductivity in ceramics, increases the electric resistance in nano metals thus making it unique to be extensively used in the electronic materials such as sensor fabrication, electromagnetic interference shielding, optoelectronics, superconductivity, and memory chips, which is anticipated to drive the multi-walled carbon nanotubes to demand in the market during the forecast period.

Multi-Walled Carbon Nanotubes Market Segment Analysis - By Geography

Asia Pacific region held the largest share in the multi-walled carbon nanotubes market in 2019 up to 39%, owing to support from the national governments and investment in the respective domestic markets in the region. The rising application of nanomaterials in various end-use industries such as electronics, automotive, and aviation in India, China, and Japan is the main factor behind the dominance of the European nanomaterials market. The Government of India launched a Mission on Nano Science and Technology (Nano Mission) in May 2007. Recognizing the success of the Nano Mission, the Union Cabinet accorded approval for the continuation of the Nano Mission in its Phase-II during the 12th Plan period with an allocation of Rs. 650 crore. While there are more than 60 countries that have launched national nanotechnology programs, the United States and China are the two leading countries engaged in nanotechnology research and development (R&D). Europe also held a prominent share in the multi-walled carbon nanotubes market. In 2016, the German government introduced The Action Plan Nanotechnology 2020 inter-departmental support strategy for nanotechnology in the period 2016-2020. For Nano 2017 program the French government announced plans to invest €600 million (£516 million) in a five-year nanotechnology R&D program led by French-Italian semiconductor manufacturers STMicroelectronics (ST). Thus, the various investments by the government in the field of nanomaterials in the Asia Pacific and Europe are anticipated to drive the multi-walled carbon nanotubes market in these regions during the forecast period.

Multi-Walled Carbon Nanotubes Market Drivers

Growing Demand For MWCNT From Automobile & Aerospace Sectors

The implementation of multi-walled carbon nanotubes (MWCNT) is increasing in the automotive industry owing to their superior mechanical properties and lightweight. These properties encouraged the automotive sector to use multi-walled carbon nanotubes for designing and manufacturing of car interiors and exteriors. The nanomaterials are widely used in automobiles to reduce the aluminum engine weight, for better grip and low rolling resistance and in Li-ion batteries to shorten the recharge time, increase the tensile strength, and to reduce the weight of automobiles. These advantages are increasing the adoption of multi-walled carbon nanotubes in the automotive industry, and hence fueling the market growth. The multi-walled carbon nanotubes are also used in aerospace applications such as equipment enclosures, aircraft interiors, coatings, cockpit, crew gear, space durable mirrors, nozzles, and solar array substrates, as lightweight and high performance are of prime importance in aerospace structures.

Emerging Applications of MWCNT in Healthcare & Life science Sectors

Multi-walled carbon nanotubes are being widely used in medicine and pharmaceuticals for the sensitive detection of key biological molecules, more precise and safer imaging of diseased tissues, and novel forms of therapeutics because of their mechanical, optical, electrical, and chemical behaviors. Several multi-walled carbon nanotube-based therapeutic and diagnostic agents have been developed for the treatment of cancer, diabetes, pain, asthma, allergy, and infections, because of which the nanomaterials market is growing. Researchers at North Carolina State University are developing a method to deliver cardiac stem cells to damaged heart tissue for increasing the number of stem cells delivered to injured tissue. Also, researchers at Worcester Polytechnic Institute developed antibodies attached to carbon nanotubes in chips to detect cancer cells in the bloodstream. The researchers claim that this could provide early detection of cancer cells in the bloodstream, which will act as a driver for the multi-walled carbon nanotubes market.

Multi-Walled Carbon Nanotubes Market Challenges

Health Hazards Related To MWCNT

Multi-walled carbon nanotubes are widely used nowadays due to ease of synthesizing when compared with other types of CNTs due to their properties, such as high strength, diameter length ratio, and more. However, the simple addition of CNTs in the rubber mixture does not produce the desired results. Nanotubes coagulation results in poor dispersion in a high viscosity of elastomer because of the strong van der Waals attraction. To overcome this problem the modification in the surface of the nanotubes is done. Using carbon black as fillers have improved technological, mechanical, and gas barrier properties. However, carbon black particles on inhaling can irritate the lungs and cause coughing while irritating the eyes, nose, and throat. When people are exposed to high levels of carbon black over many years, the particles may lodge deep in their lungs, which may lead to bronchitis and eventually to a chronic condition called "obstructive pulmonary disease. Also, longer fibers of Multi-walled carbon nanotubes such as carbon nanotubes can make their way far into the lungs, which in the worst case can cause mesothelioma - cancer in the tissue that lines the lung. All these health risks may restrain the multi-walled carbon nanotube market.

The Emergence of COVID-19 Pandemic

Due to the Covid-19 pandemic, the entire world has gone under lockdown, and universities are closed. However, numerous nanotechnology research labs have kept open throughout to redirect their efforts towards the development of a vaccine and/or nano formulations of therapeutics for the treatment of COVID-19. Expertise in nucleic acid and drug delivery, cancer nano vaccines, immune engineering, nanotechnology-based sensors, and platform technologies positions nanotechnology in a unique place to tackle some of the key issues in pre-clinical and clinical COVID-19 research. Therefore, it is anticipated that the multi-walled carbon nanotubes market is not much affected due to the outbreak.

Multi-Walled Carbon Nanotubes Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the multi-walled carbon nanotubes market. In 2019, the market of multi-walled carbon nanotubes has been consolidated by the top five players accounting for xx% of the share. Major players in the multi-walled carbon nanotubes market are Arkema S.A., Arry International Group Limited, Hanwha Chemical Co. Ltd., Carbon Solutions Inc., Toray Industries, Covestro AG, DexMat Inc., Cheap Tubes Inc., Nanocomp Technologies Inc., Hyperion Catalysis International Inc., Global Graphene Group, Nanocyl SA, Showa Denko K. K., and Thomas Swan Co. Ltd.


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