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According to an industry analyst, “Being one of the strongest known materials, carbon nanotubes improve the strength of many materials used in various applications, including aerospace. In the area of defense, carbon nanotube fibers are being used in the advancement of composite armor systems for vehicles and body armors. These applications in the aerospace and defense industry have had a positive impact on market growth.”
The report also highlights that the high production cost could hinder the growth of this market. However, the emergence of several research initiatives in this field is expected to boost market growth. This market is also marked by a substantial decline in carbon nanotube prices.
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