Increasing Demand for Lightweight Vehicles Drives Multi-walled Carbon Nanotubes Market Growth
According to our new research study, titled "Multi-walled Carbon Nanotubes Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Electrically Conductive Polymers, Structural Composites, Concrete Additives, Batteries, Research & Development, and Others), and Geography," the multi-walled carbon nanotubes market size is expected to grow from US$ 5,252.36 million in 2021 to US$ 10,748.27 million by 2028. It is estimated to rise at a CAGR of 10.8% from 2021 to 2028. The report highlights key factors governing the market and prominent players and their progress.
Multi-walled carbon nanotubes (MCWNTs) consist of numerous single-walled carbon nanotubes nested inside one another. These nanotubes can be produced using different methods such as arc discharge, laser ablation, and chemical vapor deposition (CVD).
There has been an increased implementation of multi-walled carbon nanotubes in the automotive industry due to their superior mechanical properties and lightweight. These properties have led to increased use of multi-walled carbon nanotubes in the automotive industry to design and manufacture car interiors and exteriors. Lightweight material substitution is recommended for increasing fuel efficiency without drastically altering the vehicle's size or components.
Furthermore, lightweight materials can improve acceleration, ride, and handling while lowering noise. Multi-walled carbon nanotubes are gaining popularity as a lighter alternative to copper. As demand for lightweight automobiles with solid fuel efficiency and minimal carbon emissions grows, manufacturers increasingly use carbon nanotubes as a lightweight alternative to copper. Nanomaterials are commonly utilized in automobiles to reduce aluminum engine weight, improve grip, minimize rolling resistance, and li-ion batteries help reduce recharging time, boost tensile strength, and reduce vehicle weight. These benefits increase the applications of multi-walled carbon nanotubes in the automobile industry, thereby driving market growth.
Arkema; Showa Denko KK; Hyperion Catalysis International; Klean Industries; Kumho Petrochemical; LG Chem; Nanocyl SA; Ossila Ltd; Raymor Industries Inc; Tokyo Chemical Industry Co. Ltd.; Ocsial; Eden Innovations Ltd.; and Beyond Pacific Holdings, LLC are the key players in the multi-walled carbon nanotubes market.
Impact of COVID-19 Pandemic on Multi-walled Carbon Nanotubes Market
The COVID-19 pandemic adversely affected the chemicals and materials industry due to the forced shutdown of manufacturing facilities, challenges in procuring raw materials and components, and restrictions on logistic operations. Disruptions in raw material supply to manufacturers amid the containment measures hampered multi-walled carbon nanotubes production in 2020. The shutdown of various end-use industries, such as electronics, automotive, and others, has led to a fall in demand, negatively impacting the multi-walled carbon nanotubes market. However, many businesses are resurging with relaxation in restrictions imposed by governments across the world.
Moreover, the introduction of COVID-19 vaccines has further eased the situation, leading to a rise in business activities worldwide. The start of operations in the manufacturing units has positively impacted the multi-walled carbon nanotubes market. Now manufacturers are able to overcome the demand and supply gap as they are permitted to operate in total capacity. Moreover, the trade volumes in the chemicals and materials industry are projected to increase at a significant rate which is due to the relaxation of border and trade restrictions.
Multi-walled Carbon Nanotubes Market Growth, by Region, during 2021–2028
Multi-Walled Carbon Nanotubes Market Forecast Report - Size & Share 2028
Download Free Sample
Multi-walled Carbon Nanotubes Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Electrically Conductive Polymers, Structural Composites, Concrete Additives, Batteries, Research & Development, and Others)
Multi-Walled Carbon Nanotubes Market Forecast Report - Size & Share 2028
Download Free SampleMulti-walled Carbon Nanotubes Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Electrically Conductive Polymers, Structural Composites, Concrete Additives, Batteries, Research & Development, and Others)
The "Global Multi-walled Carbon Nanotubes Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry, focusing on the market trend analysis. The report aims to provide an overview of the market with detailed market segmentation.
The multi-walled carbon nanotubes market is analyzed on the basis of application and geography. Based on application, the market is electrically conductive polymers, structural composites, concrete additives, batteries, research & development, and others. Based on geography, the market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), South & Central America (SCAM), and the Middle East & Africa (MEA). North America is expected to be the fastest-growing segment in the market, followed by Asia Pacific. The augmenting presence of global manufacturers and the rise in the end-use industries, such as automotive and aerospace, is driving the demand for multi-walled carbon nanotubes in North America. Due to fast-paced innovation, technological developments, expanding R&D centers, and rising consumer demand, it has surfaced as one of the world's most important marketplaces for energy, medical technology, and automobiles. The extensive application of multi-walled carbon nanotubes in electronics is expected to drive the market in North America during the forecast period.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com