Growth in use of carbon nanoparticles in various end use industries such as automobile, medical, energy, electronics, aerospace, construction and wastewater treatment drive the growth of the global carbon nano materials market.
PORTLAND, Ore., Sept. 9, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Global Carbon Nano Materials Market by Product Type (Graphene, Carbon Nanofibers, Fullerenes, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031.” According to the report, the global carbon nano materials market accrued a sum of $2.9 billion in 2021, and is projected to reach $31.6 billion by 2031, witnessing a CAGR of 27.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Drivers and Opportunities
Growth in use of carbon nanoparticles in different end use industries such as automobile, medical, energy, electronics, aerospace, construction and wastewater treatment drive the growth of the global carbon nanomaterials market. However, high processing costs and risks associated with the exposure to carbon nanomaterials on human health and the environment hamper the market growth. On the other hand, rapid urbanization and rise in investments in the construction and medical industries, especially in the emerging countries of China and India are expected to present lucrative opportunities for the market growth in the coming years.
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- During the outbreak of the COVID-19 pandemic, manufacturers of carbon nanomaterials faced difficulties in procuring the raw materials, which caused delays in shipments to customers.
- In addition, the quality of some raw materials deteriorated significantly and the orders for shipments were greatly impacted by the lack of boats and blank sails.
- As the industries that require carbon nanoparticles for producing products were shutting down, the demand for carbon nanomaterials declined significantly, thus restricting the market growth.
- However, the market is gaining traction as the pandemic situation is improving.
The fullerenes segment to maintain its lead position during the forecast period
Based on product type, the fullerenes segment accounted for more than 90% of the global carbon nanomaterials market in 2021, and is expected to maintain its lead position during the forecast period. This is due to the wide range of applications of fullerenes in electrical and electronics, energy and automotive industries. However, the graphene segment is projected to manifest the fastest CAGR of 31.0% during the forecast period, owing to the increased demand for graphene from electrical and electronics and energy industries. Furthermore, ongoing research and development activities relating to graphene is expected over the next few years to generate new prospects for the major manufacturers in the market. The research also provides an analysis of carbon nanofibers and others.
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Asia-Pacific to maintain its dominance in terms of revenue by 2031
Based on region, Asia-Pacific was the largest market in 2021, accounting for nearly two-fifths of the global carbon nano materials market, and is expected to maintain its dominance during the forecast period. Moreover, the same segment is expected to grow at a CAGR of 29.1% during the forecast period. This is due to increase in demand for carbon nanomaterials in Asia-Pacific due to the presence of large number of electrical and automobile industries in the region. China being a prominent exporter of consumer electronic products in large volume will positively fuel the growth of the market in Asia-Pacific. The report also offers an analysis of Europe, North America and LAMEA.
Leading Market Players
- Arkema Group
- Bayer AG
- G6 Materials Corp
- Hollingsworth & Vose
- Hydale Graphene Industries Plc
- Hyperion Catalysis International, Inc.
- Jiangsu Cnano Technology Co., Ltd.
- LG Chem Ltd.
- MTR Ltd.
- Nanocyl SA
- Otto Chemie Pvt. Ltd.
- SES Research Inc.
The report analyzes these key players of the global carbon nano materials market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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