The Governmental Initiatives for the Semiconductor Industry and Growth of the Electrical & Electronics Industry would Drive the Growth of the Multi-Walled Carbon Nanotubes Market

The Multi-walled Carbon Nanotubes Market size is projected to grow at a CAGR of 14.1% during the forecast period 2022-2027 and reach US$2.6 billion by 2027. The booming electrical & electronics industry is the primary factor proliferating the multi-walled carbon nanotubes market growth. The federal governments of various countries are focusing on the initiatives for the surge in semiconductors production to meet their growing demand from various industries including automotive, electronics and more. In July 2022, the US government took a crucial initiative by passing a bill to provide US$52 billion in subsidies to the semiconductor industry, including IC in the United States. This initiative is a part of an effort to protect the country from the current supply chain shortages. Apart from this, the surging developments associated with the electrical & electronics and automotive industries across the world have led to considerable growth in the Multi-walled Carbon Nanotubes market.

On the basis of the application, the Multi-Walled Carbon Nanotubes (MWCNTs) market can be segmented into electrical & electronics, automotive and others. The electrical & electronics industry is evaluated to be the leading segment in the multi-walled carbon nanotubes market in 2021. During the forecast period 2022-2027, the electrical & electronics segment is expected to grow with a CAGR of 12.2%. The multi-walled carbon nanotubes are frequently deployed in the electrical and electronics industry as a sensor material because of their multiple beneficial properties, including electrical and thermal conductivity, magnetic properties and mechanical strength. According to the Japan Electronics and Information Technology Industries Association (JEITA), in 2020, the worldwide electronics production was US$30,337 hundred million and in 2021, it was US$33,602 hundred million, an increase of 10.8%. Therefore, the booming electrical & electronics industry is fueling the demand for multi-walled carbon nanotubes. This, in turn, is driving the growth of the market.

On the basis of geography, the Multi-Walled Carbon Nanotubes market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, North America has emerged as the most dominant region in the market. In 2021, the North American region held around 37.6% share of the total revenue earned by the market globally. The economic growth of the North American region is driven by the growth of the various industries in the region, including electrical & electronics, automotive and more. According to the recent statistics published by the Electronic System Design Alliance (ESD Alliance), in Q4 2021, the Americas were the largest reporting region by revenue, spending US$1,577.2 million on electronic system design products and services, a 21% increase over Q4 2020. The Americas' four-quarter moving average increased by 17.2%. 

The major companies in the Multi-walled Carbon Nanotubes market include Arkema S.A., Arry International Group Limited, Hanwha Chemical Co. Ltd., Carbon Solutions Inc., Toray Industries, Covestro AG, DexMat Inc., Cheap Tubes Inc., Nanocomp Technologies Inc. and Hyperion Catalysis International Inc.