Carbon Nanotubes Market
Carbon Nanotubes Market Size, Share & Industry Analysis, By Type (Single-Walled Carbon Nanotubes, Multi-Walled Carbon Nanotubes), By Application (Electronics & Semiconductors, Energy & Storage, Structural Composites, Chemical Materials & Polymers, Others), By End-use Industry (Electronics, Aerospace & Defense, Automotive, Energy, Healthcare, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) - Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Report Highlights:
The global carbon nanotube market is predicted to grow at a 14.8% CAGR between 2024 and 2031. The market is expected to be valued USD 876.4 million in 2022 and $3,252.7 million in 2031. Asia-Pacific is predicted to lead the market throughout the forecast period.
Carbon nanotubes' market is expanding rapidly as demand grows in a range of industries, including electronics, aerospace, automotive, and healthcare. Carbon nanotubes' exceptional strength, electrical and thermal conductivity, and lightweight properties drive their novel applications. Expanding R&D efforts helps to broaden the potential applications of carbon nanotubes, hence driving market expansion.
NASA is using carbon nanotube technology in its Habitable Worlds Observatory (HWO), which will search for signs of life on planets orbiting distant stars. OCSiAl has established its first European graphene nanotube facility in Serbia. The facility runs entirely on hydroelectric power.
Market Dynamics:
Market Trend: growing acceptance in uses related to energy storage
The increasing use of carbon nanotubes (CNTs) in energy storage applications is changing the landscape of current energy solutions. CNTs are increasingly being used in energy storage devices such as supercapacitors, lithium-ion batteries, and other advanced storage systems due to their exceptional features. Their large surface area, good electrical conductivity, and mechanical strength increase energy density, allow for faster charge-discharge cycles, and lengthen the life of these devices.
This transition is being driven by increased demand for portable devices, renewable energy technologies, and electric cars, all of which require high-performance energy storage systems. Carbon nanotubes are establishing themselves as a critical component in addressing these rising demands, especially as the globe shifts to cleaner energy.
A groundbreaking discovery by a global team, including researchers from UMBC's Center for Advanced Sensor Technology (CAST), demonstrated that twisted carbon nanotubes may store up to three times more energy per unit mass than standard lithium-ion batteries. This advancement could pave the door for more lightweight, compact, and secure energy storage systems, which are critical for next-generation devices such as implants and sensors.
Carbice proposed a nanotech-based heat management material to be used on five satellites in July 2023, reinforcing the trend and underlining CNTs' rising significance in aerospace and energy storage. Engineers have also created aerospace-grade composites including CNTs, surpassing the constraints of traditional materials and demonstrating the adaptability and rising acceptance of CNTs in energy storage and related applications.
Market Driver: Increasing demand in sectors such aerospace and defense
Carbon nanotubes (CNTs) are becoming increasingly used in the aerospace and defense industries due to their superior mechanical qualities and lightweight nature. These innovative materials are being used to create high-strength, lightweight composites with superior durability and thermal management. CNTs are suited for use in military equipment, satellite components, and aircraft constructions, allowing for the development of smaller, more fuel-efficient vehicles and systems. The aerospace industry's emphasis on reducing fuel consumption and emissions is boosting demand for lightweight materials, with carbon nanotubes emerging as a crucial enabler of next-generation aircraft technology.
In August 2022, Bengaluru-based startup NoPo Nanotechnologies claimed a breakthrough in synthesizing carbon nanotubes, which are regarded as the "ideal material" for building lighter and safer rockets. Furthermore, the military's requirement for materials with improved ballistic protection and stealth characteristics drives up the need for carbon nanotubes. As the aerospace and defense sectors continue to develop and seek performance improvements, carbon nanotube use is projected to increase, reinforcing their place in these essential industries.
High production costs and scaling difficulties
Carbon nanotubes (CNTs) are facing substantial acceptance issues due to high production costs and scaling up manufacturing processes. Existing technologies, such as chemical vapor deposition and arc discharge, are complex, energy-intensive, and expensive, resulting in higher pricing than traditional materials. The difficulty in generating large numbers of high-quality CNTs with uniform properties further restricts their widespread application.
These issues are exacerbated by a lack of standardized production techniques and quality control systems, which limit the pricing of CNTs for specific applications and prevent their entry into budget-constrained sectors. To reach their full potential and compete with other materials in a variety of industries, the carbon nanotube market must overcome these production and scaling constraints. For example, CNTs with bigger diameters and worse characteristics can cost between $100 and $200 per kilogram, underlining the need for more efficient and cost-effective manufacturing methods.
Segment Overview:
Mostly dominating the market are multi-walled carbon nanotubes (MWCNTs).
Multi-Walled Carbon Nanotubes (MWCNTs) now dominate the carbon nanotube business, owing to their versatility and cheaper manufacturing costs than Single-Walled Carbon Nanotubes (SWCNTs). MWCNTs are made up of many layers of graphene cylinders nested inside one another, giving them strength, electrical conductivity, and thermal stability, making them useful for a variety of applications. Their multi-layer construction and wider diameter allow for easier scale production, contributing to their cost-effectiveness and widespread popularity across industries.
MWCNTs have a wide range of uses, including polymer composites, conductive coatings, energy storage systems, and structural materials. Their configurable properties, such as the ability to modify the number of walls and diameter, make them ideal for a variety of industries, including aerospace and electronics. In May 2021, LG Chem opened the world's largest MWCNT manufacturing plant in Korea, with a total capacity of 1,700 tons, cementing their dominance. As production techniques improve and new applications arise, MWCNTs are projected to maintain their market dominance, driving further expansion in the carbon nanotube sector.
Regional Outlook:
Lead in carbon nanotubes Asia-Pacific
The Asia-Pacific region dominates the global carbon nanotube (CNT) market, owing to fast industrialization and technological breakthroughs in countries such as China, Japan, and South Korea. The region's significant presence in electronics manufacturing, vehicle manufacture, and increased investments in renewable energy all help to drive up demand for carbon nanotubes. China has emerged as a major producer and consumer of CNTs, thanks to government-backed initiatives encouraging novel materials and nanotechnology.
Asia-Pacific's leadership is further strengthened by its concentration on R&D, the presence of significant market participants, and a strong industrial foundation. Furthermore, the expanding aerospace and defense industries in nations such as India and Japan provide fresh potential for carbon nanotube uses. Asia-Pacific's increasing investments in energy storage technologies, combined with a renewed emphasis on lightweight materials for the automotive and aerospace industries, position the region to continue its dominant position in the carbon nanotube industry in the future years.
A significant example is the opening of China Cone's new carbon nano-materials production line in Guangzhou, which commenced operations after two years of planning and development. This action demonstrates China's continuous commitment to increasing its carbon nanotube production capacity, reinforcing the region's global market leadership.
Competitive Landscape:
Strong competition and fast technical developments define the carbon nanotubes market. Important participants are emphasizing research and development to improve product quality, lower manufacturing costs, and increase application areas. Common approaches to stimulate creativity and market penetration include cooperation with academic institutions and end-user companies. To reach economies of scale and satisfy rising demand, companies are also spending in increasing manufacturing capacity.
The market scene is varied, combining specialist nanotechnology companies with big global companies. Mergers and acquisitions are projected to help to alter the competitive dynamics as the industry develops. Maintaining their competitive advantage in this changing market depends on businesses increasingly depending on differentiation via product customisation, technical support, and value-added services.
Major Players:
- Nanocyl SA
- Arkema SA
- Showa Denko K.K.
- Toray Industries Inc.
- Hanwha Chemical Corporation
- Carbon Solutions Inc.
- Arry International Group Limited
- Cheap Tubes Inc.
- OCSiAl
- Hyperion Catalysis International
Key Developments:
- Nanocyl SA boosted its production capacity for multiwalled carbon nanotubes in 2023 to meet the growing demand from the electronics and automotive sectors.
- OCSiAl launched a new generation of single-walled carbon nanotubes in 2022, featuring greater conductivity and purity for enhanced energy storage applications.
- In April 2024, Canatu and Denso unveiled a new carbon nanotube reactor at Canatu's factory in Finland.
- In April 2021, LG Chem inaugurated a carbon nanotube manufacturing plant in Korea with a capacity of 1,700 tons, solidifying its position as the top producer in the country.
- NoPo Nanotechnologies, a Bengaluru-based startup, discovered a method to produce carbon nanotubes in August 2022, which could be used to build lighter and safer rockets for non-astronauts traveling to Mars.
- In September 2024, NASA developed a carbon nanotube-based material that will aid in the search for exoplanets, some of which may potentially support life.
1. INTRODUCTION
1.1. Market Definition
1.2. Study Scope
1.3. Currency Conversion
1.4. Study Period (2022- 2031)
1.5. Regional Coverage
2. RESEARCH METHODOLOGY
2.1. Primary Research
2.2. Secondary Research
2.3. Company Share Analysis
2.4. Data Triangulation
3. EXECUTIVE SUMMARY
3.1. Global Carbon Nanotubes Market (2018 – 2022)
3.2. Global Carbon Nanotubes Market (2023 – 2031)
3.2.1. Market Segment By Type (2023 – 2031)
3.2.2. Market Segment By Application (2023 – 2031)
3.2.3. Market Segment By End-use Industry (2023 – 2031)
3.2.4. Market Segment By Region (2023 – 2031)
4. MARKET DYNAMICS
4.1. Market Trends
4.1.1. Increasing adoption in energy storage applications
4.1.2. Rising use in advanced electronics
4.1.3. Growing applications in water treatment
4.2. Market Drivers
4.2.1. Growing demand in aerospace and defense industries
4.2.2. Expanding applications in healthcare
4.2.3. Increasing focus on lightweight materials in automotive sector
4.3. Market Restraints
4.3.1. High production costs and scalability challenges
4.3.2. Environmental and health concerns
4.4. Porter's Five Forces Analysis
4.4.1. Threat of New Entrants
4.4.2. Bargaining Power of Buyers/Consumers
4.4.3. Bargaining Power of Suppliers
4.4.4. Threat of Substitute Products
4.4.5. Intensity of Competitive Rivalry
4.5. Supply Chain Analysis
4.6. Pricing Analysis
4.7. Regulatory Analysis
4.8. Pipeline Analysis
5. BY TYPE (MARKET VALUE (US$ MILLION) – 2022-2031*)
5.1. Single-Walled Carbon Nanotubes (SWCNTs)
5.2. Multi-Walled Carbon Nanotubes (MWCNTs)
6. BY APPLICATION
6.1. Electronics & Semiconductors
6.2. Energy & Storage
6.3. Structural Composites
6.4. Chemical Materials & Polymers
6.5. Others
7. BY END-USE INDUSTRY
7.1. Electronics
7.2. Aerospace & Defense
7.3. Automotive
7.4. Energy
7.5. Healthcare
7.6. Others
8. GEOGRAPHY
8.1. North America
8.1.1. United States
8.1.2. Canada
8.1.3. Mexico
8.2. South America
8.2.1. Brazil
8.2.2. Argentina
8.2.3. Rest of South America
8.3. Europe
8.3.1. Germany
8.3.2. United Kingdom
8.3.3. France
8.3.4. Italy
8.3.5. Spain
8.3.6. Russia
8.3.7. Rest of Europe
8.4. Asia-Pacific
8.4.1. China
8.4.2. Japan
8.4.3. India
8.4.4. Australia
8.4.5. South Korea
8.4.6. Rest of Asia-Pacific
8.5. Middle-East
8.5.1. UAE
8.5.2. Saudi Arabia
8.5.3. Turkey
8.5.4. Rest of Middle East
8.6. Africa
8.6.1. South Africa
8.6.2. Egypt
8.6.3. Rest of Africa
9. COMPETITIVE LANDSCAPE
9.1. Key Developments
9.2. Company Market Share Analysis
9.3. Product Benchmarking
10. SWOT ANALYSIS
11. COMPANY PROFILES
11.1. Nanocyl SA
11.2. Arkema SA
11.3. Showa Denko K.K.
11.4. Toray Industries Inc.
11.5. Hanwha Chemical Corporation
11.6. Carbon Solutions Inc.
11.7. Arry International Group Limited
11.8. Cheap Tubes Inc.
11.9. OCSiAl
11.10. Hyperion Catalysis International
11.11. Nano-C Inc.
11.12. Kumho Petrochemical Co., Ltd. (*LIST NOT EXHAUSTIVE)
12. MARKET OPPORTUNITIES
By Type:
- Single-Walled Carbon Nanotubes (SWCNTs)
- Multi-Walled Carbon Nanotubes (MWCNTs)
By Application:
- Electronics & Semiconductors
- Energy & Storage
- Structural Composites
- Chemical Materials & Polymers
- Others
By End-use Industry:
- Electronics
- Aerospace & Defense
- Automotive
- Energy
- Healthcare
- Others
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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