Global Carbon Nanotubes Market size was USD 5.7 Billion in 2023 and the market is projected to touch USD 22.4 Billion by 2032, at a CAGR of 16.1% during the forecast period. The demand for conductive fillers in EMI shielding materials, lightweight structure polymer composite materials, and antistatic packaging from end users in the automotive, electronics, energy, and industrial sectors are some of the drivers propelling the global market for carbon nanotubes. Fuel pumps, fuel filter housings, connections, reservoirs, line clamps, and electronic housings all use carbon nanotube-based ESD materials. In the electrical and electronics sector, carbon nanotubes (CNTs) are utilized to provide antistatic packaging materials and composite shielding against electromagnetic interference (EMI). While a number of conducting particles, including metallic fibers, carbon black particles, and carbon fibers, have been explored, CNTs have shown superior EMI shielding qualities because of their low density, high aspect ratio, increased strength, and flexibility, which makes them perfect fillers.
The high expense of setting up favorable conditions for the market's expansion and the eventual barriers to commercial scale-up drive up the price of carbon nanotube production. SWCNT's penetration in its application sector is limited by its high cost. The problems with a scaled-up CVD method include low yield, uneven material quality, slow development, and a lack of real-time process control. While several forms of chemical vapor deposition (CVD) are employed in the process of synthesizing carbon nanotubes, growing carbon nanotubes without any flaws remains the primary problem. To reach the ultimate stage, when flawless CNTs may be made commercially in an environmentally responsible manner, further thorough study is needed. Furthermore, inorganic nanotubes are less expensive and non-toxic than carbon nanotubes (CNTs), which are thought to be carcinogenic. They provide the same electrical insulating qualities and thermal conductivity as CNTs. Additionally, the availability of alternatives will undoubtedly reduce the demand for CNTs, which would restrict the expansion of the global market for carbon nanotubes throughout the course of the forecast period.
Carbon nanotubes (CNTs) are expected to find new applications during the projected time due to advancements in nanotechnology regarding their production method and reinforcement with other materials. Academic institutions and carbon nanotube producing companies are actively researching this area to find novel applications for carbon nanotubes. The long-term demand for carbon nanotubes is expected to increase due to new applications, that will benefit industry participants. Market participants can greatly benefit from the R&D-focused nature of the carbon nanotube companies. Since the complex manufacturing process of carbon nanotubes (CNTs) increases the final cost of the product, attention is focused on creating new, technically achievable processes. Additionally, a group of researchers at MIT created a method for making CNFETs in a silicon fabrication plant. According to the team, the approach brings transistors one step closer to becoming commercialized. This presents CNTs with a future economic opportunity and represents a significant advancement for the worldwide semiconductor industry.
Global Carbon Nanotubes report scope and segmentation.
Report Attribute |
Details |
Base Year |
2023 |
Forecast Years |
2024 – 2032 |
Estimated Market Value (2023) |
USD 5.7 Billion |
Projected Market Value (2032) |
USD 22.4Billion |
Segments Covered |
By Product, By Technology, By Application, & By Region. |
Forecast Units |
Value (USD Million or Billion) |
Quantitative Units |
Revenue in USD million/Billion and CAGR from 2024 to 2032. |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Australia, Brazil, Argentina, GCC Countries, and South Africa, among others. |
Global Carbon Nanotubes dynamics
The factors influencing the dynamics of the Global Carbon Nanotubes market include regulatory mandates, technological advancements, and increasing industrial safety awareness. The high carrier mobility of carbon nanotubes makes them a possible substitute for silicon transistors. Because of their excellent qualities and potential to make building lightweight parts easier, carbon nanotubes (CNTs) are becoming more and more in demand in the aerospace and defense industries. To lessen the chance of damage & penetration during lightning strikes, carbon nanotubes (CNTs) are being included into composite materials used on the exterior surface of airplanes. Carbon nanotubes have been used to create supercapacitors & turbine blade reinforcements in the wind energy industry. Compared to traditional hefty batteries, CNT-based supercapacitors are lighter and respond more quickly. Using CNTs incorporated in a polymer matrix, wind turbine blades (WTBs) can be improved. The consumption of renewable energy sources has expanded as a result of growing environmental concerns brought on by the rising use of coal and petroleum products as significant energy sources. As a result, governments across the globe provide funding and incentives to encourage the use of renewable energy sources including solar, wind, and other sources.
Global Carbon Nanotubes drivers
Growing Demand in Electronics and Semiconductor Industries
Carbon nanotubes are perfect for use in the electronics & semiconductor industries because of their exceptional mechanical strength and electrical conductivity. A growing number of transistors, conductive films, and various other electronic components are made with them because of their ability to improve performance while making devices smaller. CNTs are essential for promoting efficiency and innovation, which in turn drives market growth as the need for high-performance, downsized electronics grows on a global scale.
Advancements in Energy Storage Solutions
The industry is mostly driven by the application of CNTs in energy storage devices including supercapacitors and batteries. The energy storage devices' lifespan, efficiency, and capacity are all increased by the high surface area & conductivity of carbon nanotubes. CNTs are becoming into a crucial component in the development of next-generation batteries & energy storage technologies as the need for effective energy storage solutions expands in industries like renewable energy and electric vehicles (EVs). This demand drives up the market for carbon nanotubes.
High Production Costs
Carbon nanotubes, especially high-purity CNTs, are made using expensive and time-consuming procedures such chemical vapor deposition (CVD) or laser ablation. The high energy usage, specialized machinery, and labor-intensive nature of these processes add to the high cost of producing CNTs. These high expenses impede the market's expansion and prevent CNTs from being widely used, especially in areas where cost is a factor.
Health and Environmental Concerns
The possible toxicity and environmental effects of carbon nanotubes are major concerns. According to research, cutaneous, respiratory, and other health issues may arise from humans’ exposure to carbon nanotubes (CNTs) over processing and manufacturing. Concerns about sustainability are also raised by their effects on the environment, particularly the fact that they are not biodegradable. Stricter laws may result from these health and environmental issues, which could limit the application of CNTs across industries and slow down industry expansion.
Rising Demand in Electronics and Energy Storage
CNTs' remarkable mechanical and electrical conductivity make them a promising material for the electronics & energy storage industries. Carbon nanotubes can increase the energy storage capacity as well as effectiveness of batteries, supercapacitors, & fuel cells, hence increasing their efficiency. CNTs are also utilized in conductive films, sensors, and flexible electronics. The growing need for electronic gadgets and advanced energy solutions is anticipated to propel the market expansion as CNTs find more applications in these fields.
By Product, The Carbon Nanotubes market is segmented into Single-Wall Carbon Nanotubes, and Multi-Wall Carbon Nanotubes. The chemical vapor deposition sector is expected to hold the most market share in the future, based on technological advancements. Utilizing this method contributes to the production of higher-quality carbon nanotubes. The section on chemical vapor deposition is also very beneficial in introducing the carbon breakdown temperature. It plays a significant role in the production of carbon nanotubes.
In addition to the chemical vapor deposition segment, the arc discharge segment is expected to exhibit a commendable rate of growth over the projection period. The carbon nanotube production process is made easier by the arc discharge approach. The complex component combination is made in a more straightforward manner with the aid of the arc discharge process. Other processes utilized in the production of carbon nanotubes include floating catalyst, high pressure carbon monoxide, and laser ablation of graphite. Future carbon nanotube output will rise as a result of ongoing research and development efforts in this area for the methods employed in carbon nanotechnology.
By Technology, The Carbon Nanotubes market is segmented into Floating Catalyst, Laser Ablation of Graphite. The need to meet the demands of the many manufacturing industries worldwide is expected to drive expansion in the electronics and semiconductor category, which is also projected to rise at a strong rate throughout the projection period. Additionally, CNTs are widely employed in the polymer coating process, which is used to fabricate diodes. This technique is expected to boost this segment's revenue growth during the projected time. Within the pharmaceutical and medical fields, carbon nanotubes have proven to be extremely beneficial for both cancer diagnosis and treatment. One excellent antioxidant is carbon nanotubes. Drugs can be administered to afflicted cells or tissues through the use of carbon nanotubes. These factors are all crucial to the expansion of the pharmaceutical and medical industries.
Global Carbon Nanotubes Overview by Region
The global market for carbon nanotubes was led by Asia Pacific. In the near future, Asia Pacific which has been dominated by China, India, South Korea, and Japan is anticipated to hold the lion's share of market share. The Chinese market continues to support carbon nanomaterials because of the accessibility of raw materials & their affordable manufacture. The construction, automotive, aerospace, and electronics sectors in China, India, Malaysia, & Japan are predicted to have a growing demand for polymers, which will drive industrial expansion. Regional industry growth will be aided by rising government spending on solar cell production and improved solar power generation.
North America is home to the majority of manufacturers, hence during the projected period, the market is anticipated to increase rapidly. The growth of the sector in this region will be aided by a few polymer production bases, mostly in the United States, and significant financing for research on polymers and composites. The increasing need for polymer production to enhance the mechanical, thermal, & electrical qualities of bulk products will start to propel regional expansion. Moreover, laws supporting green energy are probably going to contribute to the expansion of the market as a whole. Similarly, the Canadian government's environmental criteria did not include carbon nanotubes.
Global Carbon Nanotubes market competitive landscape
Leading companies such as Arkema, Cabot Corporation, CHASM, Chengdu Organic Chemicals Co. Ltd (Timesnano), Showa Denko KK (Resonac Holdings Corporation), Jiangsu Cnano Technology Co. Ltd, Kumho Petrochemical, LG Chem, Meijo Nano Carbon, Nano-C, Nanocyl SA. and Showa Denko KK (Resonac Holdings Corporation). The leading market players have a concentrated and competitive share of the global carbon nanotube market. To improve their product offering and broaden their company's worldwide reach, the majority of businesses are developing strategies through joint ventures, collaborations, partnerships, and new product creation. High production costs leading to low business viability is probably a worrying factor for industry players. The producers' motivation, however, will come from the regulatory predisposition to support nanotechnology.
Scope of global Carbon Nanotubes report
Global Carbon Nanotubes report segmentation
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