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Carbon Nanotubes Market Size
Carbon Nanotubes Market size valued at USD 800 million in 2022 and is poised to register over 19.5% CAGR from 2023 to 2032. Rising global energy demand will fuel overall business growth.
The growing emphasis on renewable energy sources is projected to proliferate the carbon nanotube (CNT) adoption worldwide. The global energy has witnessed substantial growth, encouraging several economies to adopt cleaner and more sustainable energy alternatives. Hence, solutions, such as wind turbines have emerged vital for energy generation, further augmenting the demand for parts, including long wind turbine blades. These components are often integrated with CNTs as they help reduce mechanical stress, enhance strength, boost efficiency, and extend shelf life. The increasing government efforts for favoring wind energy projects for large-scale production of renewable energy will positively influence the carbon nanotubes industry outlook.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 800 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 19.5% |
| 2032 Value Projection: | USD 4.5 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 353 |
| Tables, Charts & Figures: | 535 |
| Segments covered: | Product, Technology, Application and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Carbon Nanotubes Market Trends
The production of superior quality and high purity CNT is an expensive process and thus hampers the overall business performance. To that end, manufacturers rely on advanced technologies for the production and application of nanoparticles, subsequently adding to the product costs. Furthermore, large-scale CNT production increases the risk of chronic illnesses among workers owing to prolonged exposure to nanoparticles, thus representing a major challenge for manufacturers to support an amplified production output.
Carbon Nanotubes Market Analysis
Based on material, the carbon nanotubes market from multi-wall carbon nanotubes is slated to expand at nearly 19.8% CAGR through 2032. The surging adoption of multi-wall carbon nanotubes (MWCNTs) can be attributed to their excellent properties, that include high mechanical strength, electrical conductivity, and thermal conductivity that are five times higher than that of copper. These nanotubes feature multiple layers of carbon/graphite superimposed and folded into a cylindrical and tubular structure. These structures play a key role in the manufacturing of multiple products right from batteries, supercapacitors, and plastic products to construction materials. Thus, the growing demand for electronics, such as semiconductors and batteries will enhance the need for MWCNTs, adding positive impetus to the market expansion.
The carbon nanotubes market revenue from the catalytic CVD technology segment is estimated to reach USD 3 billion by 2032. The catalytic CVD method is gaining significant popularity in CNT production since it offers significant flexibility and compatibility with low temperatures and ambient pressures. Moreover, the rising advancements in novel floating catalyst chemical vapor deposition (FCCVD) methods are enabling the production of high-quality CNTs through simple processing, and adequate scalability. With the ongoing research and innovation in the field of man-made fibers, the development of CNT fibers using FCCVD will also experience a notable push.
The carbon nanotubes market will also witness notable proceeds from floating catalyst technology between 2023 and 2032 ascribing to its rising adoption in the manufacturing of single-, double, and multi-wall CNTs. This method offers optimum processing control and is undergoing extensive R&D and innovation, offering lucrative scope for the industry players. The ongoing developments in new techniques for combining catalytic CVD and floating catalyst will also spur the industry growth.
Carbon nanotubes market from the batteries application segment is likely to register around 20.7% CAGR between 2023 and 2032 due to the increasing usage in the battery performance. The CNT-based architecture featuring 1D nanocomposites is increasingly deployed in Lithium-Sulfur battery cells to enhance electrical conductivity, flexibility, and chemical permanence. With the surging demand for Li-ion batteries for EV production and the growing emphasis on advanced battery cells for energy generation, the adoption of CNTs for manufacturing batteries is expected to increase notably.
Asia Pacific carbon nanotubes market is anticipated to surpass USD 2 billion by 2032 driven by the growing electronics and construction sectors in countries such as India, South Korea, Taiwan, Japan, and China. For instance, the Government of India aims to reach USD 300 million worth of electronics production by 2026, whereas China is working toward strengthening the electronics sector and boosting innovation. The growing intervention to establish favorable regulatory structures for supporting groundbreaking developments to eliminate current barriers will also influence the regional industry growth.
Carbon Nanotubes Market Share
Some of the leading companies in the global carbon nanotubes market include :
- LG Chem
- TimesNano
- Showa Denco
- Cabot Corporation (SUSN)
- HXNANO
- C-nano Technology
- Nanocyl Arkema.
These industry players are implementing strategic initiatives such as, collaborations and joint ventures to consolidate the market lead while scaling their revenue sales.
Impact of COVID-19 Pandemic
The COVID-19 pandemic had a moderate impact on the carbon nanotubes industry with an influx of new challenges and opportunities. The supply chain disruptions caused across a broad spectrum of end-user sectors including automotive, aerospace, and defense negatively influenced the demand for carbon nanotubes. Meanwhile, promising breakthroughs in carbon nanotube-based biosensors for the detection of COVID-19 infection offered new business prospects for the market participants. Thus, CNT sensors gained massive momentum in the wake of the pandemic as an effective rapid diagnostic tool to deal with the virus. Furthermore, the growing advancements in carbon nanomaterials enabled virus inactivation and detection using CNT arrays also added to the market expansion.
This carbon nanotubes market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons and revenue in USD million from 2018 to 2032 for the following segments:
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By Product
- Single-Wall Carbon Nanotubes
- Multi-Wall Carbon Nanotubes
By Technology
- Floating Catalyst
- Laser Ablation of Graphite
- Chemical Vapor Deposition
- Catalytic CVD
- High Pressure Carbon Monoxide
- Arc Discharge
- Others
By Application
- Batteries
- Automotive
- Aerospace and Defense
- Medical
- Chemical & Polymers
- Energy
- Electricals & Electronics
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Russia
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Malaysia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- GCC
- South Africa
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