Id: CBI_ 1480 | Pages: 317 | Format : PDF | Published : | Author : Amit Sati
Carbon Nanotubes Market size is estimated to reach over USD 13.85 Billion by 2031 from a value of USD 4.39 Billion in 2023 and is projected to grow by USD 4.99 Billion in 2024, growing at a CAGR of 15.4% from 2024 to 2031.
Carbon nanotubes (CNTs) are spherical molecules that are made up of graphene atoms (single-layer carbon atoms) folded into sheets. They are grouped under the structural family of fullerenes. There are different types of CNTs and based on length they vary from few micrometers to centimeters. They have nanoscale widths, ranging from 1 to 50 nanometers. CNTs are of two primary types, single-walled CNT (SWCNT) and multi-walled CNT (MWCNT). Their properties range from high elasticity to high strength. CNTs also have a high aspect ratio to high surface area and exceptional thermal, chemical, and electrical conductivity, etc. These unique properties of CNTs render them beneficial for enhancing the properties of other materials, improving energy storage capacity, and balancing environmental sustainability. CNT's usage can be found in various industries such as biomedical and energy sectors, aerospace and architecture industry, electronics and semiconductor industry, etc.
CNTs allow a seamless flow of electrons and offer little to no resistance. This exceptional electrical property makes CNTs desirable in the electronics sector for building components such as conductive films, transistors, etc. Unlike silicon-based transistors, CNTs are compact, fast, and extremely energy-efficient. It makes CNTs a crucial component for the production of cutting-edge electronics. Not only electronics but also the semiconductor industry finds CNTs important, as conventional copper interconnects pose electromigration and high-electrical resistance. CNTs rectify the challenge faced by copper interconnects with their excellent high-conductivity properties by improving the functioning of microchips.
Therefore, as the need for better and more micro-minimized electronics and semiconductors grows, there is carbon nanotubes market expansion.
CNTs require significant primary investment during the setup of facilities for their production. This initial expense is unavoidable as the synthesis method necessitates the usage of raw materials such as hydrocarbons or graphite. These raw materials are then processed through methods like CVD or laser ablation. The entire production process needs specialized equipment as high temperatures are required. Even after going through the entire process, the scalability factor of CNTs is challenging. This is because maintaining uniformity and quality while producing industrial-scale levels ends up being expensive. There is also the challenge of low yields that CNT production faces. This signifies that at certain times, raw materials are not converted into CNTs that can be used resulting in higher per-unit production costs.
Thus, as per the analysis, high production costs make CNTs prices high, which limits its adoption in cost-sensitive industries.
The excellent electrical conductivity of CNTs makes them ideal for usage in supercapacitors as well as batteries. For example, in batteries, they are used as conductive additives in electrodes to improve electron mobility. This helps in the improvement of the battery's overall performance. CNTs are also known to have high porosity making them effective for energy storage.
Therefore, as energy storage capacity and conversion experience expansion, they are increasingly giving carbon nanotubes market opportunity to grow.
The market is bifurcated based on types into Single-Walled Carbon Nanotubes (SWCNTs) and Multi-Walled Carbon Nanotubes (MWCNTs).
Trends in the type:
Multi-walled carbon nanotubes (MWCNTs) accounted for the largest revenue share of 74.29% in the carbon nanotubes market in 2023.
Single-walled carbon nanotubes (SWCNTs) are expected to have the fastest-growing CAGR in the carbon nanotubes market during the forecasted period.
The market is segmented based on the method of synthesis into Chemical Vapor Deposition (CVD), Arc Discharge, and Laser Ablation.
Trends in the Method of Synthesis:
Chemical vapor deposition (CVD) accounted for the largest revenue share in the carbon nanotubes market in 2023.
Laser Ablation is expected to have the fastest-growing CAGR in the carbon nanotubes market during the forecasted period.
The market is segmented based on its applications into chemical & polymers, energy storage, structural composites, medical, and others.
Trends in the Application:
Structural Composites accounted for the largest revenue share in the carbon nanotubes market in 2023.
Energy Storage is expected to have the fastest-growing CAGR in the carbon nanotubes market during the forecasted period.
The market is segmented based on end-users into Automotive, Aerospace, Electronics, Energy, Healthcare, and others.
Trends in the end-user:
Electronics accounts for the largest revenue share in the carbon nanotubes market in 2023.
The energy sector is expected to have the fastest-growing CAGR in the carbon nanotubes market during the forecasted period.
The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific region was valued at USD 1.76 Billion in 2023. Moreover, it is projected to grow by USD 2.01 Billion in 2024 and reach over USD 5.78 Billion by 2031. Out of this, China accounted for the maximum revenue share of 44.6%.
Asia Pacific (APAC) region, particularly in nations like China, South Korea, and Japan there is a large consumer base as well as a manufacturing base for CNTs. These regions are global hubs for electronics and semiconductor industries where CNTs are frequently used in the building of conductive films, transistors, etc.
North America is estimated to reach over USD 3.57 Billion by 2031 from a value of USD 1.10 Billion in 2023 and is projected to grow by USD 1.26 Billion in 2024.
The region of North America, especially the US and Canada has a robust market for CNTs. The countries in this region focus highly on research and development which has led to advancement in nanotechnology and thus propelled innovation in the CNTS market. This innovation has led to the growth of carbon nanotubes market demand in industries such as aerospace, construction, healthcare, energy storage, etc.
Thus, the global carbon nanotubes market benefits substantially from the R&D efforts of the institutions in this region.
In Europe, the carbon nanotubes market trend is robust because of their increasing interest in employing CNTs in biomedical applications such as medical imaging, production of biosensors, etc.
The Middle East and Africa (MEA) region has been experiencing a growing trend of infrastructure development, especially in regions like Saudi Arabia, Qatar, etc. The demand for enhanced construction material has increased and that in turn advanced the growth of the carbon nanotubes market there.
Latin America has been employing smart agriculture techniques to increase crop yields, water management, and precision in farming. CNT-based filters can help in water treatment by removing contaminants from water, remediate the soil, and rarefy the air.
The carbon nanotubes market is highly competitive with major players providing smart homes to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the carbon nanotubes market. Key players in the carbon nanotubes industry include:
Product Launches:
Mergers and Acquisitions:
Partnerships and Collaborations:
Report Attributes | Report Details |
Study Timeline | 2018-2031 |
Market Size in 2031 | USD 13.85 Billion |
CAGR (2024-2031) | 15.4% |
By Type |
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By Method of Synthesis |
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By Application |
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By End-User |
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By Region |
|
Key Players |
|
North America | U.S. Canada Mexico |
Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
Middle East and Africa | GCC Turkey South Africa Rest of MEA |
LATAM | Brazil Argentina Chile Rest of LATAM |
Report Coverage |
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Carbon Nanotubes Market size is valued at USD 4.39 Billion in 2023 and is growing at a CAGR of 15.4% from 2024 to 2031.
The carbon market is segmented into type, method of synthesis, application, and end-user industry.
Asia Pacific is the fastest-growing region in the nanotubes market.
The major players in the market include Jiangsu Cnano Technology Co, Ltd. (China), Arkema (France), Nanoshell LLC (US), Cabot Corporation (US), NoPo Nanotechnologies (India), Klean Commodities (Canada), Carbon Solutions, Inc. (US), Resonac Holdings Corporation (Japan), Nanocyl SA (Belgium), Hyperion Catalysis International (US), OCSiAl (Luxembourg), KUMHO PETROCHEMICAL (South Korea), RAYMOR INDUSTRIES INC. (Canada).