Carbon nanotubes (CNTs) are an allotrope of carbon. They appear as round and hollow carbon particles and have novel properties that make them conceivably valuable in a wide assortment of utilizations in nanotechnology, hardware, optics and different fields of materials science. Carbon nanotubes (CNTs) have been pulled in tremendous consideration in the course of recent decades, in view of their phenomenal physical and concoction properties that are a consequence of their inherent nano-sized one-dimensional nature. The worldwide carbon nanotubes showcase is expanded because of the presence of endless local players. The tremendous interest from the buyers and absence of separation among items from various makers opens entryways for new players. With huge potential to develop, numerous youthful organizations are entering the worldwide carbon nanotubes advertisement market.
Market Dynamics
Drivers
- Emerging use of Carbon Nanotubes in the Electric Vehicle Batteries
- Advantages due to physical properties
Restraints
- Efficiency issues between CNT and metallic components
- Degradation of performance of IC with metallic CNT
Emerging use of Carbon Nanotubes in the Electric Vehicle Batteries
Battery is the most expensive part of an electric vehicle. At present, many different kinds of batteries have been developed to meet the essential characteristics, such as efficient energy storage, lower cost, safety, and longer life. Lithium-ion batteries are widely used in electric vehicles. The global lithium-ion batteries market worth is more than USD 35 billion in 2019. Moreover, the electrodes account for almost 25% of the total battery cost. With the use of carbon nanotubes in batteries helps to increase the capacity and reduce the charging time. For instance, NAWA’s new Vertically Aligned Carbon nanotube (VACNT) electrode for batteries is expected to increase battery capacity by a factor of up to three while reducing charging time down to minutes instead of hours. Initiatives towards reducing carbon emissions is increasing the adoption of EVs in the place of ICE engines since the transportation sector contributes approximately 23% of greenhouse gases worldwide. Moreover, to address the global warming problem, Paris declaration on ElectroMobility and Climate Change and Call announced plans to reduce global warming by more than 2 degrees Celsius. This goal is only achievable if 20% of all vehicles by 2030 are electric vehicles (EV).
In addition, growing sales of EVs across the world will boost the market for carbon nanotubes during the forecast period. For instance, Though North America is one of the high-cost markets worldwide, it is finding a good adoption rate of EVs. Countries like the US and Canada are employing stringent regulations on fuel efficiency and emissions of passenger vehicles to decrease the use of petroleum products. In addition, huge investment and projects from the government to electrify public transport, as well as private, have started from 2015. The US accounted 73.5% share of EV sales in North America as in 2015, followed by 23.3% share by Canada.
Geographical Analysis
Asia-Pacific carbon nanotubes market volume was XX tons in 2019 and is expected to reach XX tons by 2027 with a CAGR of XX% during the forecast period 2020 to 2027. Asia-Pacific carbon nanotubes market was valued USD XX million in 2019 and is expected to reach USD XX million by 2027 with a CAGR of XX% during the forecast period 2020 to 2027. China is the dominant market in the region due to government funding in the 12th five-year plan for the development of CNTs. The market is driven by increased demand for CNTs in applications such as capacitors and batteries. China has taken the lead in carbon nanotube and graphene research and manufacturing, by adding to a global glut market, driving down prices, eroding margins, and likely causing an early shakeout in the fledgling industry. Driven by favorable government policies, funding and world-leading academic research, China has become the global leader in graphene and carbon nanotube (CNT) publication and patenting activity. However, the increase in production by Chinese firms will exacerbate global oversupply, with a profound effect on global prices and margins. Japan Carbon Nanotubes market is growing due to increasing investments in nanotechnology research. Japan was the first government to create a national nanotechnology research program in 1990 – one of the sparks that ignited the establishment of the NNI. The Japanese research and development field is constantly pursuing new materials for further improvements. Some of the major companies like NEC, Hitachi, Flox Corporation, Hodogaya, Toshiba, etc. are developing new carbon nanotechnology products such as CNTs, Fullerenes, and Multi-walled carbon nanotubes. Japan is a primary sponsor for single-walled carbon nanotubes (CNT), multiwalled CNT, and fullerenes (C60). South Korea is a well developed country with high standards of living and is considered the fourth largest economy in Asia. South Korea has a market economy that is export-driven. There are several nanotechnology related companies in South Korea. Carbon Nano-Material Technology Co., Ltd. Is one of the manufacturers of carbon nanotubes and graphite nanofibers. The company's world first, in-house developed technology enhances catalyst production and synthesis in the existing production process, and costs about 20 to 30% that of existing technology. Korean scientific community is taking a dynamic approach toward developing single wall carbon nanotube technologies which is driving the growth of the carbon nanotubes market in South Korea. Owing to high demand for advanced carbon nanotubes, researchers have started studying the incorporation of the tubes into 3D printed applications, or 3D printing the tubes. For instance, In 2017, a group of South Korean researchers started working with 3D printed carbon nanotubes for the development of bendable electronic devices and wearable technology. The Korea Electrotechnology Research Institute (KERI) has developed a new technology to 3D print highly conductive multiwall carbon nanotubes, or MWNT, using liquid ink.
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