The global carbon nanotubes market size was estimated at US$ 2 billion in 2022 and it is expected to hit around US$ 7.71 billion by 2032, growing at a registered CAGR of 14.50% over the forecast period 2023 to 2032.
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A carbon nanotube (CNT) is a tube which is made from carbon and its diameters typically measure a few nanometres. Various health hazards which are associated with the manufacturing of carbon nanotubes are affecting the market growth to a great extent. Apart from this the high manufacturing cost also hampers the growth prospects of the carbon nanotubes market. However the increase in commercialization of carbon nanotubes and improvement in the quality will surge the demand going upward during the forecast period.
China and U.S. are major auto manufacturers and exporters of carbon nanotubes. China and the US what affected drastically due to the COVID-19 pandemic. Due to consequent lockdowns and other restrictions the supply chain and logistics were greatly affected. Most of the industries were temporarily shut down. Major supply chain disruptions were one of the most important factors that reduced the production capacity of carbon nanotubes. Many production plans were shut down during the pandemic. As there were restrictions on travel the logistics were also greatly affected. It was extremely difficult to move finished products from one place to another. Also acquiring the required raw materials was difficult during the pandemic.
Report Scope of the Carbon Nanotubes Market
| Report Coverage | Details |
| Market Size by 2032 | USD 7.71 Billion |
| Growth Rate from 2023 to 2032 |
CAGR of 14.50% |
| Largest Market | Asia Pacific |
| Fastest Growing Region | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Technology, Application, Region |
| Companies Mentioned | ARKEMA S.A., CABOT CORPORATION, CHASM ADVANCED MATERIALS INC., SHOWA DENKO K.K., THOMAS SWAN AND CO. LTD., TOKYO CHEMICAL INDUSTRY CO. LTD., TORAY INDUSTRIES INC., CHEAP TUBES, HYPERION CATALYSIS INTERNATIONAL, LG CHEM, NANO-C, NANOCYL SA, NANOSTRUCTURED & AMORPHOUS MATERIALS INC., NOPO NANOTECHNOLOGIES, OSSILA LTD., JIANGSU TIANNAI TECHNOLOGY CO. LTD., KLEAN INDUSTRIES INC., KUMHO PETROCHEMICAL, RAYMOR INDUSTRIES INC. |
Growth Factors
Carbon nanotubes have electrical, physical and thermal properties which has varied application in many industries. The size of the carbon nanotubes it's a few nanometers and they have excellent properties like electrical conductivity, good amount of tensile strength and carbon nanotubes are particularly able to withstand great amount of temperature. In order to increase the strength and to provide lightweight polymers carbon nanotubes are used the reenforcing material in the polymers industry. Carbon nanotubes are also used in the manufacturing process of the turbine blades. The use of carbon nanotubes helps in improving the mechanical strength of these wind turbines. It provides a longer life for the wind turbines. Carbon nanotubes are also used for the manufacturing of electronic display screens for many electronic products. Carbon nanotubes are extensively used in the production of the display screens of television laptops, phones, computers etc as there is a great demand for electricals and electronics devices in many developing as well as the developed nations the demand for carbon nanotubes is expected to grow in these markets. The Asia Pacific region has a good amount of growth in the electrical and electronics industry.
Carbon nanotubes are extremely suitable for the electronics industry. Carbon nanotubes have great mechanical properties and electronic properties due to which they are preferred in the electronic applications. Due to the use of advancement in the technology and increasing development in this region the market is expected to grow during the forecast period. Well in the developing nations like Japan South Korea Singapore kind of China there is an increase in demand for the electronics items. Due to word demand for electronic items the manufacturing industries are procuring carbon nanotubes. There is a great demand for semiconductors in the electronics manufacturing industry. Due to the rapid technological advancements for the carbon nanotubes market and growing investments by many major market players the carbon nanotubes market is expected to have great demand in the coming years. Carbon nanotubes are finding its application in X rays. There's an increasing use of carbon nanotubes in the medical sector especially in case of tumors.
Product Insights
On the basis of product type the Multi-Walled Carbon Nanotubes (MWCNTs) segment revenue is expected to register a significantly robust growth rate in the coming period.
The Multi-Walled Carbon Nanotubes consist of multiple layers of concentric tubes developed with graphene, and they are a nanoscale additive that can be helpful in improving the mechanical properties, as well as electrical conductivity and thermal conductivity of products in which they are combined.
Technology Insights
On the basis of technology the chemical vapor deposition segment will have the largest market share in the future. The use of this technology helps in having carbon nanotubes which are better in quality. The chemical vapor deposition segment is also very helpful introducing the temperature of carbon decomposition. It is an important factor in the manufacturing of the carbon nanotubes.
Apart from the chemical vapor deposition segment the arc discharge segment will also show a good amount of growth rate during the forecast period. Arc discharge method helps in easy manufacturing of carbon nanotubes. With the help of Arc discharge method the complicated combination of components is created in a simpler way. The other technologies which are used in carbon nanotubes is the laser ablation of graphite, high pressure carbon monoxide and floating catalyst. due to continuous research and development work in this field for the techniques used in carbon nanotechnology the production of carbon nanotubes will increase in future.
Application Insights
Electronics & semiconductor segment is also estimated to register a good growth rate in the forecast period, due to an increasing demand to meet the needs from the various manufacturing industry across the globe. Also, CNTs are extensively used in the fabrication process of the diodes which is done with the help of polymer coating process and it is estimated to increase the revenue growth of this segment during the forecasted period. In the medical and pharmacy industry carbon nanotubes happen to be of great help in the diagnosis of cancer and its treatment. Carbon nanotubes happen to be a great antioxidant. With the use of carbon nanotubes the drugs can be delivered to the affected cells or tissues. All of these reasons or extremely important for the growth of the medical and pharmacy segment.
Regional Insights
Due to a growth in the automobile industry, construction industry, aerospace industry and electronics industry in specific nations like India, China, Japan and Malaysia in the Asia Pacific region will boost the market in the future. There is an increase in the manufacturing of electronic items in South Korea, Japan, China and Singapore and it is expected to help in the growth of the market. Increasing demand for circuit boards will increase the usage of this product. The consumer electronics market expected to grow in the Asia Pacific region and this will strengthen it's shared in the global market. India imported electronics worth U.S.$50 billion in the recent years. 5G smartphones worth 4 million and above were shipped. As there is a growing demand for carbon nanotubes in many end user industries there shall be a growth in the market
Developing nations in the Asia Pacific region are expected to drive the market during the forecast period. Nations like India China Japan and South Korea shall have the maximum market share during the forecast period. Low cost of Labor is one of the main reasons supporting the manufacturing of carbon nanomaterials in this region. Largely available raw materials in the Asia Pacific region we will drive the market growth. Asia Pacific region is seeing an increase in demand for electrical and electronics products. The automobile industries electronic industries instruction industries and the aerospace industries widely used carbon nanotubes in their manufacturing processes. The polymer industry is expected to have a good growth during the forecast period across many nations like Malaysia, Japan, India and China. Governments are investing on producing more and more solar cells which make use of carbon nanotubes. Increased production of the solar cells shall lead to the growth of the carbon nanotubes in this market.
Apart from the Asia Pacific region the North American region and the European region is expected to witness a significant growth rate in the future as many major manufacturers or located here as an increasing demand for manufacturing of polymers in the US market is expected to grow. In order to promote green energy, the governments in the European and North American region are imposing regulations which will help in the growth of the market. The second largest market for carbon nanotubes is the North American region. As many major market players in this industry are funding the research institutes in this region.
Key Market Players in the carbon nanotube Market
Key Market Developments
Professors from Rochester Institute of Technology (RIT) along with those of the University of Rochester Medical Center (URMC) were given the patent to send biomolecules into the cells through the use of carbon nanotubes. This technology will support inter-cell transfer of bio-therapies to the cells that are targeted and is developed by Ian Dickerson.
Arevo Developed an advanced technology which happens to be a breakthrough in 3D printing. 3D printing is used for objects which are reinforced with carbon nanotubes.
In the year 2021, IP Group Inc. and CoMotion launched nanotechnology startup Somalytics Inc., at the University of Washington. Paper carbon nanotubes capacitive sensor that is sensitive to the body along with being flexible is being developed by Somalytics. This will enable its use for industries and new consumers as the first miniature carbon nanotube. The company will be developing and producing it on a large scale. ChemSpec North America, a specialty chemical distribution organization, entered a non-exclusive distribution agreement in August 2020 with Nanocyl SA in order to promote and distribute carbon nanotube products in the United States and Canada.
LG Chem is aiming to meet the increasing demand of CNT by expanding its production output of carbon nanotubes (CNT) 1,200 ton at its Yeosu plant in South Korean region.
Segments covered in the report
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By Product Type
By Technology
By Application
By Geography
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