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Current uses of carbon nanotubes are used in the production of mechanical or protective functions. Carbon nanotube-based films are rapidly becoming indium tin oxide coatings as the optimum top layer for touch screens as the former is superior in strength and thermal stress endurance. The high mechanical strength and lower weight of wind turbine blades that include carbon nanotubes is creating a major scope in the renewables sector.

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Additionally, most key players are investing in a lot of research and development efforts. This is complemented by the growing demand for carbon nanotubes across major industries.

Due to these reasons and other minor factors, the global carbon nanotube market is expected to progress to a CAGR of 22.1% within a forecast period from 2015 to 2023, in terms of revenue. This market is expected to be valued at US $ 1.6 by the end of 2016, and US $ 6.8 bn by 2023. By volume, this market is expected to expand to a CAGR of 20.1% from 2015 to 2023.

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By the end of 2016, the overall volume of carbon nanotubes is expected to reach 3.2 mn tons. This is expected to be the largest volume consumed by any of the major regions. Asia Pacific also shows the leading growth rate for carbon nanotube consumption and revenue until 2023.

Carbon nanotube demand in Asia Pacific is expected to receive massive increases in demand from nations of India, Japan, South Korea, Taiwan, and China, in the industries of electronics and electrical components. The Asia Pacific polymer industry has found a large scope of use for carbon nanotubes, making it the largest application segment between 2015 and 2023.

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There is a major disparity in demand for single-wall and multi-wall carbon nanotubes, which are due to the scope of use of each product type and the properties that they enhance. Multi-wall carbon nanotubes possess enhanced thermal conductivity and mechanical strength, allowing it to gain high demand from the manufacturers of super-capacitors, batteries, construction materials, and coatings.

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Key manufacturers of carbon nanotubes include Showa Denko KK, Cnano Technology Ltd., Nanocyl SA, Bayer MaterialScience AG, Arkema Inc., and Hyperion Catalysis International Inc