Carbon Nanotubes Market Size, Share, Growth Report 2032

Industry Perspective:

The global carbon nanotubes market size was evaluated at $10.01 Billion in 2022 and is slated to hit $20.10 Billion by the end of 2030 with a CAGR of nearly 8.1% between 2023 and 2030.

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The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketspace. The carbon nanotubes industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the carbon nanotubes market report explores the investor and stakeholder space to help companies make data-driven decisions.

Carbon Nanotubes Market: Overview

Carbon nanotubes are cylindrical large molecules made up of nanocarbon substances and comprise a hexagonal arrangement of hybridized carbon atoms formed by rolling a sole sheet of graphene or by rolling up many sheets of graphene. Reportedly, these products are new nanocarrier systems finding a slew of applications in the science & engineering domain. In addition to unique nanostructures, these products demonstrate excellent features. Apart from this, the ability of the products to act as carriers of therapeutic molecules along with their capability of manipulating their surfaces as well as their physical dimensions has increased their penetration in thermal conductivity. This has enhanced its use in the killing of cancer tissues.

Key Insights

• As per the analysis shared by our research analyst, the global carbon nanotubes market is projected to expand annually at an annual growth rate of around 8.1% over the forecast timespan (2023-2030)
• In terms of revenue, the global carbon nanotubes market size was evaluated at nearly $10.01 billion in 2022 and is expected to reach $20.10 billion by 2030.
• The global carbon nanotubes market is anticipated to record massive growth over the forecast period owing to growing renewable energy trends that are predicted to increase the demand for carbon nanotubes.
• Based on the type, the multi-walled segment is predicted to contribute majorly toward the global market share over the forecast timeline.
• In terms of the end-use, the medical segment is projected to dominate the global market size over 2023-2030.
• On the basis of the method, the catalytic chemical vapor decomposition segment is projected to account for a major share of the global market in 2023-2030.
• Region-wise, the Asia-Pacific carbon nanotubes market is projected to register the highest CAGR during the assessment period.

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Carbon Nanotubes Market: Growth Factors

A surge in renewable energy trends to boost the growth of the global market

Growing renewable energy trends are predicted to increase the demand for carbon nanotubes across the globe. Furthermore, escalating demand for wind turbines for power generation has augmented the popularity and use of carbon nanotubes in the power generation industry. In addition to this, favorable government policies such as offering subsidies for power generation ventures will accelerate the global market demand. The thriving construction sector coupled with the humongous use of carbon nanotubes in construction activities will boost the expansion of the global carbon nanotubes market.

The rapidly expanding automotive sector will further contribute to the sizable growth of the carbon nanotubes market globally. In addition to this, carbon nanotubes are utilized in applications requiring huge strength, electric conduction, lightweight features, and thermal conduction. Furthermore, the huge demand for carbon nanotubes in lithium batteries, drug delivery systems, integrated circuits, solar PV cells, field emission displays, and hydrogen storage will spur global market trends.

Carbon Nanotubes Market: Restraints

Growing health hazards caused by coming in contact with carbon nanotubes can hinder the global industry expansion

The easy availability of substitute products can hinder the global carbon nanotubes industry demand. Apart from this, growing environmental concerns and health hazards can pose a big threat to the growth of the global industry.

Carbon Nanotubes Market: Opportunities

Surging product penetration in flat panel displays & hydrogen storage equipment open new growth opportunities for the global market

The immense demand for products in chemical sensors, fibers & composites, flat panels, and hydrogen storage equipment will open novel growth opportunities for the global carbon nanotubes market. In addition to this, surging product penetration in various sectors subject to a reduction in costs and a rise in production capacity will shape the global market demand.

Carbon Nanotubes Market: Challenges

The growing necessity for high-quality products generates a big challenge for the global industry

The need for maintaining high quality along with a decline in the processing costs of various products will create a big challenge for the carbon nanotubes industry growth across the globe.

Carbon Nanotubes Market: Segmentation

The global carbon nanotubes market is sectored into type, end-use, method, and region.  

In terms of type, the global carbon nanotubes market is sectored into single-walled and multi-walled segments. Furthermore, the multi-walled segment, which contributed to the largest share of the global market in 2022, is projected to establish its segmental dominance in the forecast timespan. The segmental growth in the coming eight years can be owing to escalating demand for multi-walled carbon nanotubes in healthcare, optical equipment, and electric equipment. The flourishing electronics & semiconductor sector is expected to steer the demand for multi-walled carbon nanotubes in the forthcoming years. In addition to this, these products find large-scale applications in nano inks, electrodes, displays, nanodevices, heating films, super batteries, supercapacitors, solar cells, and thermal interface metals.

Based on the end-use, the carbon nanotubes industry across the globe is divided into electronics & semiconductors, chemical materials & polymers, structural composites, medical, and energy & storage segments. Moreover, the medical segment, which garnered nearly 60% of the global industry share in 2022, is projected to dominate the global industry expansion even in the forecasting timespan. The growth of the segment in the ensuing years can be due to the rise in the use of carbon nanotubes in transdermal drug delivery systems that are used prominently in the medical sector.

On the basis of the method, the global carbon nanotubes market is sectored into chemical vapor deposition, high-pressure carbon monoxide reaction, and catalytic chemical vapor decomposition segments. Moreover, the catalytic chemical vapor decomposition segment, which accounted for a major share of over 57% of the global market in 2022, is predicted to lead the global market share in the forecasting timeline. The segmental expansion over the projected timeframe can be due to its economic viability for manufacturing carbon nanotubes on a large scale along with integrating carbon nanotubes into different devices.

Recent Breakthroughs:

• In the first half of 2021, a U.S.-based specialty chemicals & performance materials firm referred to as Cabot Corporation introduced a new ENERMAX 6 carbon nanotube series. Reportedly, the product is high-performing carbon nanotubes having a huge aspect ratio and it is in the range of most multi-walled carbon nanotubes products in the product portfolio of Cabot.
• In the first half of 2021, LG Chem Ltd., a chemical firm based in South Korea, established a carbon nanotube production unit in South Korea. Moreover, the firm aims at producing carbon nanotubes that will be used for producing cathodes for electric cars.
• In the second quarter of 2020, Cabot Corporation acquired Shezhen Sanshun Nano New Materials, a major China-based nanotube manufacturer, for nearly USD 115 million. The move will contribute majorly to the expansion of the global carbon nanotube industry.

Carbon Nanotubes Market: Report Scope

Carbon Nanotubes Market: Regional Insights

North America Carbon Nanotubes market to accrue massive revenues over the forecast timeline

North America, which accounted lucratively towards the global carbon nanotubes market revenue in 2022, is anticipated to continue its dominance over the analysis timeframe. The regional market expansion over 2023-2030 can be due to large-scale funding of research projects researching composites & polymers. Apart from this, a rise in the number of production units in the countries such as the U.S. will prompt regional market growth.

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Furthermore, the carbon nanotubes industry in Asia-Pacific, which recorded lucrative growth in 2022, is set to register the highest CAGR of about 17.3% over the anticipated timespan. The factors that are anticipated to bolster the growth of the regional market include the presence of a large number of product manufacturers in India, China, Australia, and Japan.

Carbon Nanotubes Market: Competitive Space

The carbon nanotubes market profiles key participants such as:

• Cheap Tubes Inc.
• Klean Carbon Inc.
• Carbon Solutions Inc.
• Nanocyl S.A.
• Nanolab Inc.
• Nanothinx S.A.
• Southwest Nanotechnologies Inc.
• Toray Industries Inc.
• Hanwha Chemical Co. Ltd.
• Arry International Group Limited
• Among Others.

The global carbon nanotubes market is segmented as follows:

By Type

• Single-Walled
• Multi-Walled

By End-Use

• Electronics & Semiconductors
• Structural Composites
• Medical
• Chemical Materials & Polymers
• Energy & Storage

By Application

• Chemical Vapor Deposition
•  High-Pressure Carbon Monoxide Reaction
•  Catalytic Chemical Vapor Decomposition

 By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa