(PharmaNewsWire.Com, October 17, 2022 ) The global "Carbon Nanotubes (CNT) Market size is projected to grow from USD 876 million in 2021 to USD 1,714 million by 2026, at a CAGR of 14.4%. Increasing the use of CNTs in touchscreen input devices, such as robots, displays, and other electronics consumer goods is driving the global CNTs market.
COVID-19 Impact on the Global Carbon Nanotubes Market
COVID-19 has made a significant economic impact on various financial as well as industrial sectors, such as travel and tourism, manufacturing, and aviation. The worst economic recession is expected during 2020-2021, according to World Bank and IMF. With the increasing number of countries imposing and extending lockdowns, economic activities are declining, impacting the global economy.
In the recent past, the global economy became substantially more interconnected. The adverse consequences of various steps related to the containment of COVID-19 are evident from global supply chain disruptions, weaker demand for imported products and services, and an increase in the unemployment rate. Risk aversion has increased in the financial market, with all-time low interest rates and sharp declines in equity and commodity prices. Consumer and business confidence have also reduced significantly.
Medical is the fastest-growing end-use industry of the carbon nanotubes market.
Medical is the fastest-growing end-use industry, in terms of value, in 2020. The medical segment of the CNTs market is sub-divided into transdermal drug delivery, cancer treatment, proteomics, others (cardiac autonomic regulation, platelet activation, tissue regeneration & others). The use of CNTs with biological systems can bring about advancements in medical science, especially diagnostics, biosensing, drug delivery, and disease treatments.
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APAC is the largest carbon nanotubes market globally.
APAC is projected to lead the carbon nanotubes market and this dominance is expected to continue till 2026. The market size for CNTs in APAC is expected to increase because of the rising penetration of CNTs in key applications such as conductive polymer composites and lithium batteries. The growing partnership between the suppliers and buyers of CNTs and substantial research & development spending have resulted in a significant upsurge in demand for CNTs in this region.
The key players operating in the market are LG Chemical Limited (South Korea), Cabot Corporation (US), Showa Denko K.K. (Japan), Jiangsu Cnano Technology Co., Ltd. (China), and Chengdu Organic Chemicals Co. Ltd. (China).
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