The nanotube composites market is estimated to be valued at US$ 100.22 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nanotube composites are advanced materials made by combining carbon nanotubes with polymers or ceramics. Carbon nanotubes exhibit exceptional mechanical, thermal, and electrical properties that make nanotube composites suitable for applications in aerospace, electronics, biomedical, automotive, and sports industries. These composites find use in lightweight structural components, conductive films, and high-strength textiles among others.
Market Dynamics:
The growth of the nanotube composites market is majorly driven by increasing demand from aerospace industry. Nanotube composites helps reduce weight of aircraft components such as structural panels, landing gear, and wingsheets. This leads to enhanced fuel efficiency and reduction in operating costs. Additionally, nanotube composites also find rising applications in sports equipment manufacturing due to properties such as lightweight, strength, and durability. Growing demand for sports goods from developing economies is expected to support market growth over the forecast period.
SWOT Analysis
Strength: Composite materials have high strength to weight ratio, resistance to corrosion and long life. They are durable, lightweight and customized as per specific requirements. Composite materials allow for complex part consolidation reducing assembly steps.
Weakness: Composite production is generally more expensive than metals due to high material and labor costs. Composites require specialized manufacturing processes that are capital intensive. Variability in mechanical properties across batches.
Opportunity: Growing demand from industries such as aerospace, automotive and construction. Increasing government investments to encourage adoption of composites. Development of recycling technologies to produce composite components from waste materials.
Threats: Volatility in raw material prices especially resins can increase production costs. Growing competition from metal alternative technologies. Limited repair capabilities for composites increases lifetime costs.
Key Takeaways
The Global Composite Market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing demand from automotive and aerospace industries. In the automotive industry, composites are being increasingly adopted to manufacture lightweight vehicles and reduce carbon emissions. Their growing usage in under the hood applications and exterior is fueling the market growth.
Regional analysis: North America is expected to dominate the global composite market during the forecast period. This is attributed to strong presence of composite manufacturing companies and increasing aerospace and defense spending in the US. The Asia Pacific is projected to exhibit fastest growth owing to rising automobile production and growing investments in composite end use industries such as wind energy in China and India.
Key players analysis: Key players operating in the composite market are Saint-Gobain S.A., Momentive Performance Materials, Inc., Kineco Limited, Veplas Group, China Jushi Group Co., Ltd., Braj Binani Group, Guardian Fibre Glass. These players are focusing on new product development, mergers & acquisitions and partnerships to strengthen their market position. For instance, in 2022, Momentive acquired a fiber technology company Alpha Owens-Corning to expand its composite materials portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it