Carbon Nanotubes (CNT) Market in APAC is expected to witness high growth because of the increased end-use applications, for instance, lithium-ion batteries, used in mobile phones and laptops. The shift in the automotive industry toward clean and sustainable vehicles has led to the adoption of electric vehicles. These electric vehicles demand the use of composites and lithium-ion batteries, where CNTs find application. These factors are expected to drive the CNTs market in APAC during the forecast period. APAC has been a high-potential CNTs market against the backdrop of an overall slowdown in the global economic development. This region encompasses a diverse range of economies with different levels of economic development and a wide variety of industries including manufacturing, mining, semiconductors, electronics, oil & natural gas, textile, automobile, financial services, pharmaceutical, renewables, and telecommunication.
The spread of COVID-19 started in China in early January 2020. Within a small period, the virus spread to other Asian countries, such as Japan, India, South Korea, and Thailand, resulting in a rapidly increasing number of positive cases and deaths. The pandemic situation led national governments across APAC to announce lockdowns, leading to a decrease in traffic and temporary closure of construction & mining activities, manufacturing industries, and others. Since China is a global manufacturing hub, it was significantly impacted by the COVID-19 pandemic; this in turn had an adverse effect on the CNTs market in APAC in 2020.
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The carbon nanotubes (CNT) market is projected to grow from USD 876 million in 2021 to USD 1,714 million by 2026, at a CAGR of 14.4% between 2021 and 2026. The driving factor for the CNTs market is the intrinsic mechanical properties of CNTs, which make them the ultimate nanomaterial.
The key market players 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). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, and partnership & agreement to grow in the market. Merger & acquisition was the key strategy adopted by the major players between 2015 and 2021. This strategy strengthened their market position and increased their presence in emerging economies.
LG Chemical Limited is a leading manufacturer of petrochemicals, IT & electronic materials, and energy solution materials across the globe. The company conducts its CNTs manufacturing under the IT & electronic materials segment and serves semiconductor and circuit board material industries. It also operates through its multiple marketing subsidiaries in Asia, Europe, and the Americas and established R&D networks to provide differentiated products to its customers, globally. In April 2020, LG Chem completed expansion of the CNTs Yeosu plant. This plant has a capacity of 1,200 tons and costs around 65 billion KRW (around USD 54 million).
Cabot Corporation is a leading global specialty chemicals and performance materials company headquartered in Boston, Massachusetts, US. The company’s businesses deliver a broad range of products and solutions to customers in every corner of the globe, serving key industries such as transportation, infrastructure, environment, and consumer. The company has four business segments such as reinforcement materials, performance chemicals, purification solutions, and others. In March 2021, Cabot Corporation announced the launch of a new product named ENERMAX 6 under its carbon segment. Due to its properties such as high aspect ratio, it has proven to be the most conductive multi-walled CNT product in the companys portfolio. This product series is expected to effectively enhance battery performance at lower loadings, enabling a higher energy density of batteries.
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