Carbon Nanorod (CNR) is a nanostructure that is approximately 10 to 120 nanometers (nm) wide, over a surface area of 30 to 70 meter square grams. It is a filling that is a by-produced of carbon nanotube (CNT). These nanostructures are lightweight materials and it is thus expected to grow in the aerospace, electronics and defense industries. Moreover, properties such as high tensile strength, high electrical and thermal conductivity, flexibility, fracture toughness, and wear resistance increases the growth of the overall market.

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Demand of carbon nanorods from end-use industries is increasing due to their rising commercialization, improved quality, and developed products. End-user industries such as electronics and aerospace offer high growth opportunities to the carbon nanorod market, as nanorods are lightweight and have high mechanical strength. Additionally, technological advancement, high investment in the research and development by manufacturers, and improved quality are the trends in carbon nanorod market. However, the availability of substitutes, high cost, and processing difficulties are likely to hamper the expansion of the market.

In terms of application, the carbon nanorod market can be segmented into energy generation, medicine, electronics, polymer, and others. Carbon nanorod is widely employed in the polymer industry. Most manufacturers of polymers find nanorods as an excellent option to improve the quality of their current product in terms of tensile strength and elasticity. These better-quality polymers increase the demand for carbon nanorods in several industries where traditional steel and glass can be replaced by lightweight polymers.

The short-term applications of carbon nanorods include conductive polymers and composites in the automotive and electronics industry, electromagnetic shielding, and sporting goods. The medium- to long-term market applications of carbon nanorods include medical implants, drug delivery, and lithium batteries. For instance, the improved mechanical properties in epoxy carbon fiber composites, which are used in the sports industry, can also be used in the construction of aircraft and wind power generators.

In terms of form, the carbon nanorod market can be segmented into diamond nanorod and graphite nanorod. In the diamond nanorod form, the carbon atoms are bonded tetrahedrally, i.e., a strong three-dimensional network, whereas in the graphite form carbon atoms are bonded in a two-dimensional network. The diamond form of carbon nanorods are anticipated to have high demand in the market, as they possess excellent features such as resistance to fracture, wear resistance, and toughness. These properties satisfy the needs of various industries where carbon nanorods are utilized such as aerospace, electronics & electrical, and polymers.

In terms of geography, the carbon nanorod market has been segregated into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. In terms of demand for carbon nanorod products, Asia Pacific is anticipated to dominate the carbon nanorod market. Rising demand for lightweight materials and improved quality products for the energy, electrical & electronics, composites and other end-use segments is boosting the carbon nanorod market in the region. North America and Europe are considered as key regions due to the technological advancements and research & development activities in these regions. The presence of emerging economies in Latin America and Middle East & Africa is also fuelling the carbon nanorod market in these regions. Increase in potential applications of carbon nanorods is anticipated to fuel its demand, which in turn is expected to propel the market during the forecast years.

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Most key players are investing significantly in the research and development of carbon nanorods, while simultaneously expanding production capacities, which in turn is estimated to boost the overall market. Key players operating in the market include Showa Denko K.K., Nanocyl SA, Hanwha, Raymor, OCSiAl, Klean Industries, Thomas Swan & Co. Ltd, Kumho Petrochemical, and Arkema.