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The carbon nanotube market size is forecast to increase by USD 6.07 billion, at a CAGR of 22.66% between 2023 and 2028. The carbon nanotube market is experiencing significant growth due to several key factors. Firstly, the miniaturization of semiconductor components drives the demand for carbon nanotubes as they offer superior electrical conductivity and thermal properties. Secondly, the use of carbon nanotubes as additives in structural reinforcement applications enhances the strength and durability of materials, making them ideal for various industries such as aerospace and automotive. Lastly, the increasing demand for lightweight and durable materials in consumer electronics, energy storage, and construction further fuels the market growth. Carbon nanotubes' unique properties, including their high aspect ratio, large surface area, and excellent mechanical strength, make them a valuable addition to numerous industries and applications.
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In the dynamic landscape of electronic products and aerospace and defense, the integration of advanced materials like single-walled CNTs and multi-walled CNTs into structural polymer composites and ESD materials enhances EMI shielding and electronics packaging. These innovations bolster efficiency and reliability in critical sectors such as rail and wind energy, where nano-biotechnological byproducts are employed to minimize toxicity and maximize reactivity. In the wind energy sector, the utilization of armchair carbon nanotubes and zigzag carbon nanotubes ensures optimal performance and longevity. Beyond industrial applications, these advancements also influence fields like healthcare and textiles, fostering sustainable practices and driving progress in renewable energy solutions. The convergence of nanotechnology with various industries underscores its pivotal role in shaping the future of technology and sustainability.
The use of carbon nanotubes as an additive in structural reinforcement applications is notably driving market growth. The rising need for structural reinforcement is a key driver for the carbon nanotube market. Structural reinforcement is required to strengthen roads, bridges, buildings, complexes, and several other infrastructures. Carbon nanotubes can be mixed with concrete and asphalt to increase the durability and strength of roads, bridges, flyovers, foundations, and load-bearing columns in walls. Further, several countries are focusing on improving their infrastructure, including building better roadways, bridges, and several other types of public infrastructure.
Moreover, to achieve this, there is an increasing need to use high-quality materials that can be used to build such infrastructure across countries. Carbon nanotubes that are used along with structural reinforcement are one of the major drivers of the demand for carbon nanotubes, which, in turn, will boost the growth of the carbon nanotube market during the forecast period.
The replacement of silicon transistors with carbon nanotubes is an emerging trend shaping market growth. A silicon transistor is a semiconductor device that is used to amplify signals and electrical power. Carbon nanotubes have several uses, one of which is the increasing possibility of replacing silicon as a transistor in computer chips. Silicon is becoming outdated as the performance of silicon-based transistors is limited. Hence, replacing silicon transistors with carbon nanotubes will reduce energy consumption and also improve the performance of computers. These carbon nanotube transistors will help in the development of supercomputers, which will aid scientists in solving complex problems.
However, several challenges must be addressed for the development of commercial carbon nanotube transistor-based devices. Once high-volume manufacture of carbon nanotubes is achieved, there will be a significant demand for the production of carbon nanotube transistors, which will accelerate the demand for carbon nanotubes.
The high cost of production of carbon nanotubes is a significant challenge hindering market growth. The commercialization of carbon nanotubes and other electrically conductive nanoparticles, including polymeric nanoparticles, is hampered by the high cost and minuscule supply of carbon nanotubes. The manufacturing of carbon nanotubes requires high capital expenditure as a firm requires various kinds of manufacturing equipment, microscopes, power sources, probes, and clean rooms to produce these materials. The procurement of resources required for nanotechnology research and the production of carbon nanotubes, which are charged at exorbitant prices, limit the growth of the market.
Moreover, as the market is in the research phase, trained professionals are required to work at production facilities. Further, these professionals need to be compensated with best-in-the-market salaries. Hence, there is a high cost involved in getting a skilled workforce for the production of carbon nanotubes. Therefore, these factors are expected to limit the growth of the carbon nanotube market during the forecast period.
The market share growth by the MWCNT segment will be significant during the forecast period. Multi-walled carbon nanotubes (MWCNTs) consist of several cylindrical-shaped tubes that are easier to produce in large quantities compared with SWCNTs. The diameter of an MWCNT is around 30 nm, whereas SWCNTs are typically in the range of 0.7 nm-2.0 nm.
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The MWCNT was the largest segment and was valued at USD 1.13 billion in 2018. MWCNTs have been commercialized extensively, and they are mainly used for the manufacture of chemicals, plastics, composites, electronics, energy devices, batteries, capacitors, air and liquid filtration devices, and others. The lack of technical know-how regarding the manufacture of SWCNTs has resulted in the growth of the demand for MWCNTs as several manufacturing facilities support the high-volume production of MWCNTs, and further investments toward building a greater number of facilities for MWCNT production are driving the growth of the market during the forecast period.
Carbon nanotubes are used to manufacture chemicals, plastics, and composites (CPC). They can be found in several products, which have been listed below: Armor Bicycle components Conductive plastics Marine paints Flat panel displays Sports equipment (such as golf clubs) One of the major drivers for the growth of this market segment is the increasing adoption of composites across several industries. Carbon nanotubes have also been used to improve the tensile strength of several commodities of daily use, such as golf clubs and bicycle tires. Another driver for the growth of the segment is the increasing use of carbon nanotubes for manufacturing surface coatings. Thus, the increase in the use of carbon nanotubes in chemicals, plastics and composites drives the growth of the carbon nanotube market during the forecast period.
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APAC is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The presence of a substantial number of carbon nanotube manufacturers in APAC is the key reason for the region's dominance in the market. Carbon nanotubes can be used to manufacture supercapacitors, which can be integrated into electric vehicles and used to power satellites and several other applications. China is one of the top countries when it comes to graphene- and carbon nanotube-related research. This is possible mainly because of favourable government policies, funding, and world-leading academic research conducted in the country.
Additionally, the growing plastic and composite industries in China and India, owing to the increasing domestic demand, are expected to drive the demand for carbon nanotubes. The high growth potential of carbon nanotubes is encouraging industry participants to enter strategic partnerships to explore the untapped potential of the market in this region during the forecast period.
The Carbon Nanotube Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Carbon Nanotube Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Arkema Group - The company offers carbon nanotubes namely Graphistrength that helps to achieve remarkable electrostatic dissipation properties at very low concentration rates.
Cabot Corp.- The company offers carbon nanotubes namely ENERMAX 6 that enhance battery performance at lower loadings enabling a higher energy density of the battery.
Carbon Solutions Inc. - The company offers carbon nanotubes such as AP SWNT, P2 SWNT and P3 SWNT.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
In the realm of mobility and manufacturing plants, the utilization of nanoscale particles revolutionizes production processes, though concerns about nanoparticle toxicity and agglomerates persist. Understanding the toxic effects on human health, industries like sporting goods and bulletproof jackets navigate the use of composite materials and epoxy resin to ensure safety. Enhanced chemical conductivity and mechanical conductivity in polymers lead to innovations in anti-static packaging and flexibility, driving weight reduction efforts. Materials like single-walled carbon nanotubes exhibit superior electrical properties and mechanical properties, benefiting diverse sectors including metals and ceramics. Embracing eco-friendly technology, industries prioritize purity in materials like graphite tubes and carbon fibers, essential in turbine blade reinforcements for renewable energy sources. From the aerospace defense industry to the biomedical industry, applications span drug delivery, cancer therapy, and medical devices, demonstrating the vast potential of carbon nanotubes in shaping technology and improving lives.
Moreover, single-walled carbon nanotubes (SWCNTs) are cylindrical structures with remarkable properties, including a high elastic modulus comparable to steel. These nanotubes find applications in various fields such as electronics (including carbon nanotube field-effect transistors), semiconductor devices, and industrial sensors due to their exceptional conductivity. Researchers, including those at MIT, explore methods like arc discharge, laser ablation, and chemical vapor deposition (CVD), including catalytic CVD and high-pressure carbon monoxide techniques like CoMoCAT and floating catalyst to produce them. In energy storage, SWCNTs enhance Li-ion batteries, lead acid batteries, fuel cells, and solar PV cells by improving electrochemical properties and hydrogen storage. They also benefit display technologies, integrated circuits, and superconductors. Additionally, SWCNTs are vital in medical applications such as tissue engineering, body implants, and dental filling materials, leveraging their biocompatibility and structural strength. From water filtration to fire retardants and proteomics, SWCNTs demonstrate versatility in modern chemical materials and pharmaceutical advancements, contributing to emerging technologies like 5G and quantum computing through their role in semiconductor fabs, display fabs, and EV manufacturing plants at the nanometer, micrometer, and millimeter scales.
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Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 22.66% |
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Market Growth 2024-2028 |
USD 6.07 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
22.03 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 54% |
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Key countries |
US, China, India, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Arkema Group, Cabot Corp., Carbon Solutions Inc., CHASM Advanced Materials Inc., Continental Carbon Co., Hanwha Corp., Hyperion Catalysis International Inc., JiangSu Cnano Technology Ltd., Klean Industries Inc., LG Chem Ltd., Nano C Inc., Nanocyl SA, Nanoshel LLC, Nanostructured Materials Inc., NoPo Nanotechnologies India Pvt. Ltd., OCSiAl, Ossila Ltd., Raymor Industries Inc., Resonac Holdings Corp., and Toray Industries Inc. |
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Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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