Carbon Nanotube Market Size
The global carbon nanotube market was valued at USD 4.38 Billion in 2021 and is expected to reach around USD 13.55 Billion by 2030, at a CAGR of about 13.4% between 2022 and 2030.
Carbon Nanotube Market Overview
Carbon nanotubes (CNTs) are made up of sheets that have been wrapped up into a cylinder shape. These structures can have one wall that is smaller than 1 nm in diameter or many walls that are 100 nm in thickness. Exceptional electrical conductivity, lightness, thermal conductivity, and tensile strength are all attributes of carbon nanotubes that result from the strong interactions between carbon atoms. These characteristics therefore make CNTs very desirable for uses in the fields of electronics, optics, nanotechnology, material science, and composite materials.
The global market for CNTs is projected to grow with the expansion of the aerospace industry. Most aircraft manufacturers work to make aerospace components more stiff, durable, and robust due to the many dangers associated with flight. In order to improve fuel economy and minimize aircraft operating costs, the aerospace industry concentrates on lightening component weights. The fuselage of a modern, high-tech aircraft is constructed from several sheets of various composite materials, including nanomaterials, which are frequently employed in the aerospace industry for their increased characteristics and improved overall performance. Professionals working on making aerospace-grade composites include manufacturers and engineers.
COVID-19 Impact Analysis on Carbon Nanotube Market
Global consumer purchasing habits have changed as a result of the COVID-19 pandemic's negative effects on the economy and consequent GDP contraction in several economies. Due to a reduction in the workforce and limitations on manufacturing activities, the global automotive supply chain was disrupted, which resulted in a scarcity of crucial components needed in the production of automobiles. Additionally, a fall in consumer confidence that had an impact on consumer expenditure was caused by uncertainty about the economic circumstances throughout the predicted period. Vehicle sales are anticipated to decline as a result throughout the predicted period. The worldwide demand for electronic goods is showing a similar pattern, which has an effect on the semiconductor market. The market for CNTs is anticipated to diminish overall throughout the projection period due to a decline in industrial output brought on by partial operations, a labor and raw material constraint, and reduced operations. The activation of new renewable power projects, wind farms and tidal energy facilities, biofuel facilities, and investments in renewable heat sources might be delayed by financial instability in major nations.
Carbon Nanotube Market Dynamics
The increased need for lightweight structural polymer composites, conductive fillers for EMI shielding materials, and antistatic packaging from automotive, electronics, energy, and industrial end users are some of the drivers driving the worldwide market for carbon nanotubes. Fuel pumps, connections, reservoirs, fuel filter housings line clamps, and electronic housings all make use of carbon nanotube-based ESD materials. Electromagnetic interference (EMI) shielding composites and antistatic packaging materials are made with CNTs in the electrical and electronics sector. Despite the fact that a variety of conducting particles, including carbon black particles, carbon fibers, and metallic fibers, have been studied, CNTs have shown to have superior EMI shielding properties because of their high aspect ratio, higher strength, flexibility, and low density, making them the perfect filler.
Carbon Nanotube Market Drivers
- High growth of end-use industries, such as electrical & electronics and automotive
- Increasing demand for lightweight and low carbon- emitting vehicles
- Technological advancements and decreasing production cost
Carbon Nanotube Market Restraints
- Environmental concern and health & safety issues
- Increase in demand for inorganic and boron nitride nanotubes
Carbon Nanotube Market Opportunities
- Growth in emerging applications
- Increase in scope of applications for carbon nanotubes driven by R&D
Carbon Nanotube Market Segmental Analysis
Carbon Nanotube Market, By Type
The market for carbon nanotubes is dominated by the multi-walled carbon nanotubes (MWCNT) type segment. The market is anticipated to increase over the projected period as a result of rising demand for MWCNT in applications such as medical & healthcare, electrical devices, and optical devices. The need for MWCNT is also anticipated to be driven by the expanding electronics and semiconductor industries. MWCNT are utilized in conductive conductive heating films, transparent electrodes, conductive nano inks, chemical sensors, displays, super batteries, solar power cells, supercapacitors energy storages, thermal interface material, and other applications because of its strong electrical conductivity.
Carbon Nanotube Market, End Use Industry
The carbon nanotubes market is anticipated to expand most quickly in the medical sector during forecast period. One of the largest markets in the medical business for CNTs is transdermal medication administration. Drug carrier characteristics are exhibited by multi-walled and double-walled CNTs through skin and penetration enhancing effects. One of the most intriguing uses of nanotechnology is in the administration of drugs. For hydrophobic medicines, carbon nanotubes can be employed as a drug carrier system since they have a large loading capacity and improved transdermal penetration. The pharmacological characteristics of medicinal compounds are improved by carbon nanotubes. Additionally, they serve as a means of moving and transporting medicinal compounds. There is a huge need for the best medicine delivery technologies. When medications are administered to the body by the traditional route, a sizeable fraction of the drug molecules do not function on the intended biological systems, which results in decreased effectiveness and adverse effects.
Carbon Nanotube Market Regional Analysis
Asia Pacific dominates the market during forecast period. The growing end-use applications, such as lithium-ion batteries used in mobile phones and laptops, are likely to propel the CNTs market in APAC to rapid growth. The adoption of electric vehicles is a result of the automotive industry's drive towards green and sustainable automobiles. CNTs are used in composite materials and lithium-ion batteries, which are necessary for these electric cars. During the forecast period, these elements are anticipated to propel the CNTs market in APAC. Amidst a general downturn in the growth of the global economy, APAC has remained a high-potential market for CNTs.
Carbon Nanotube Market Key Players
- Arkema SA
- Arry International Group Limited
- Cabot Corporation
- Carbon Solutions, Inc
- Cheap Tubes, INC
- Chengdu Organic
- Hanwha Corporation
- Jiangsu Canon Technology Co., Ltd
- Klean Commodities
- Kumho Petrochemical Co., Ltd
- LG Chemical Limited
- Nanocyl Sa
- Nanoshel LLC
- Ocsial
- Showa Denko K.K
- Sumitomo Corporation
- Thomas Swan Co. Ltd
- Others
Carbon Nanotube Market Segmentation
Carbon Nanotube Market, By Type
- Multi-Walled Carbon Nanotubes (MWCNT)
- Single-Walled Carbon Nanotubes (SWCNT)
Carbon Nanotube Market, By Method
- Catalytic Chemical Vapor Deposition (CCVD)
- Chemical Vapor Deposition
- High-Pressure Carbon Monoxide Reaction
- Others
Carbon Nanotube Market, End Use Industry
- Chemical Material & Polymers
- Electronics & Semiconductors
- Energy & Storage
- Medical
- Structural Composites Applications
- Others
Carbon Nanotube Market, By Region
- North America
- S.
- Rest of North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East and Africa