South America Carbon Nanotubes Market
Published On: Jun 2023
Published On: Jun 2023
According to the Business Market Insights’ research, the South America carbon nanotubes market was valued at US$ 298.40 million in 2022 and is expected to reach US$ 569.27 million by 2028, registering a CAGR of 11.4% from 2022 to 2028. Increasing demand for carbon nanotubes (CNTs) for energy storage applications and rising demand for carbon nanotube-based composites are the critical factors attributed to the South America carbon nanotubes market expansion.
Carbon nanotubes are carbon nanostructures with characteristic electrochemical and mechanical properties such as low density, high strength and rigidity, high heat conductivity, and electrical conductivity. The aforementioned properties of CNTs are leveraged for the research and development of energy storage systems. Single-walled and multi-walled CNTs are utilized as conductive additives in Li-ion batteries and to develop battery electrodes in order to enhance battery performance. The rising demand for energy systems, along with its increasing cost, has influenced government organizations and researchers to develop efficient energy systems to fulfill energy targets. In 2022, scientists from Lawrence Livermore National Laboratory, the US, developed Vertically-Aligned CNTs on metal foil for energy storage and electronic applications. This project was financially assisted by the Chemical and Biological Technologies Department of the Defense Threat Reduction Agency.
The utilization of CNTs as a conductive additive in the production of batteries improves the conductivity by 10% compared to carbon black, thus reducing the use of conductive additives by 30%. Further, the growing demand for CNTs for electric vehicle battery materials has influenced carbon nanotube manufacturers to expand production facilities. The aim of the company was to produce 3,200 tons of carbon nanotubes per year to cater to the demands of the electric vehicle market. According to the International Energy Agency, the production capacity of batteries is projected to increase from 200 GWh in 2019 to more than 1,200 GWh by 2024, owing to rising electric vehicle sales. Thus, the increasing demand for CNTs for energy storage applications, as well as the rising battery production capacity, are driving the carbon nanotubes market.
On the contrary, Environmental concerns related to carbon nanotubes hurdles the growth of South America carbon nanotubes market.
Based on type, the South America carbon nanotubes market is bifurcated into multi-walled carbon nanotubes, and single-walled carbon nanotubes. The multi-walled carbon nanotubes segment held 96.0% market share in South America carbon nanotubes market in 2022, amassing US$ 286.57 million. It is projected to garner US$ 542.40 million by 2028 to expand at 11.2% CAGR during 2022–2028.
Based on application, the South America carbon nanotubes market is segmented into electronics and semiconductors, energy storage, structural composites, aerospace and defense, medical, and others. The structural composites segment held 35.4% market share in 2022, amassing US$ 105.62 million. It is projected to garner US$ 201.83 million by 2028 to expand at 11.4% CAGR during 2022–2028.
Based on country, the South America carbon nanotubes market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 59.5% market share in 2022. It was assessed at US$ 177.64 million in 2022 and is likely to hit US$ 357.69 million by 2028, exhibiting a CAGR of 12.4% during the forecast period.
Key players dominating the South America carbon nanotubes market are Nanoshel LLC; Kumho Petrochemical Co Ltd; Klean Industries Inc ; LG Chem Ltd ; Arkema SA ; and Cobot Corp among others.
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