Carbon Nanotubes Market Size & Share, by Type (Single Walled, Multi Walled); Technology (Arc Discharge, Laser Ablation, Catalytic CVD, High-Pressure Carbon Monoxide, CoMoCAT, Floating Catalyst); End Users (Electronics & Semiconductors, Plastic & Composites, Energy & Storage, Medical) – Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035
Buy Now Report ID: 4956 | Published Date: May 22, 2023
Carbon Nanotubes Market size was USD 800 Million in 2022 and is estimated to reach USD 4.5 Billion by the end of 2035, growing at a CAGR of 20% from 2023 to 2035. Carbon nanotubes (CNTs) can be used to produce geometrical, irregular, or intricate shapes and designs at a low cost, hence they are implemented in the automotive industry to create long-lasting anti-corrosive bodies.
Moreover, the rising demand for lithium-ion batteries is augmenting the carbon nanotubes market growth. Carbon nanotubes are great anode material for Li-ion batteries since they have unique electrical and mechanical properties. Further, the open & chiral structure of CNT improves the electrical conductivity in these batteries.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 20% |
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Base Year Market Size (2022) |
~ USD 800 Million |
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Forecast Year Market Size (2035) |
~ USD4.5 Billion |
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Regional Scope |
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Growth Drivers
Challenges
End Users (Electronics & Semiconductors, Plastic & Composites, Energy & Storage, Medical)
The plastic & composites segment is expected to garner a significant carbon nanotubes market share of around 35% by 2035. Carbon nanotubes are rapidly being employed in several plastic and composite materials for SE due to their exceptionally high electrical conductivity.
These CNT-infused plastics find uses in electronic devices sensors, conductive coatings, and others. On the other hand, it also improves the thermal conductivity of the composites by almost 104% and is used in heat sinks, electronic cooling, and thermal interface materials.
Type (Single Walled, Multi Walled)
The multi-walled segment is poised to gain the largest market share of about 38% in the year 2035. The multi-walled segment has various applications, including solar industries, batteries, nanodevices, displays, electrodes, power conductivity, and others.
Additionally, the presence of graphene in multi-walled carbon nanotubes provides extra tensile strength when utilized in various applications.
Our in-depth analysis of the carbon nanotubes market includes the following segments:
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Type |
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Technology |
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End Users |
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APAC Market Forecast
The carbon nanotubes market share in Asia Pacific is projected cross 32% by 2035. Rising government initiatives to reduce carbon emission is likely to drive the market growth.
For instance, fuel efficiency standards have been established by the Ministry of Industry and Information Technology (MIIT) to alleviate fuel supply and demand imbalances, reduce pollutants, and improve the atmospheric environment. CNT is used as a support material in a fuel conversion process in a fuel cell or catalytic converters.
North American Market Statistics
The North American carbon nanotubes market will be the second largest, registering a share of more than 26% by the end of 2035. The expansion of the industry is ascribed to rising investment in various polymers upcycling and research. Carbon nanotubes are also produced from plastic waste which also enhances the economic feasibility of the waste management process.
Furthermore, the plastic derived CNT is used as a strengthening material in various industries. The United States Department of Energy (DOE) stated that it will invest USD 25 million in basic research to create the framework for technology that finds uses for plastic waste.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Increasing demand for electronics and rising demand for higher fuel efficiency are the major factors driving the market growth.
Ans: The market size of carbon nanotubes is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2023 – 2035.
Ans: The high cost of making appropriate situations for preparing CNT and the adverse impact on humans are estimated to be the growth-hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Mechnano, 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, Inc., Hyperion Catalysis International, Inc., And Lg Chem.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, technology, end-user, and by region.
Ans: The multi-walled segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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