Carbon Nanotubes Market - Size, Industry Share, Growth Trends and Forecasts (2024 - 2031)

By Type:

The market is bifurcated based on types into Single-Walled Carbon Nanotubes (SWCNTs) and Multi-Walled Carbon Nanotubes (MWCNTs).

Trends in the type:

• A rising trend in this market is focused on making CNTs more soluble and compatible with different matrices.
• Recent research has opened up new opportunities for CNT in cancer therapies as well as use in plant biotechnology.

Multi-walled carbon nanotubes (MWCNTs) accounted for the largest revenue share of 74.29% in the carbon nanotubes market in 2023.

• The production costs of multi-walled CNTs are comparatively less expensive since their synthesizing process is simpler and can be scaled up with ease.
• MWCNTs have varied applications, due to their multiple concentric layers. This makes them ideal for structural composites, conductive polymers, etc.
• These types of CNTs have been in this market for a long time and have a more refined synthesizing process. This renders MWSCNTs with a higher adoption rate in industries such as energy storage.
• For instance, a 2023 journal, ‘Sensors & Diagnostics' talks about how bioengineered MWCNTs biosensors can detect analytes in food, monitor the environment, and can also help in clinical diagnosis.
• Therefore, as per the analysis, MWCNTs minimal complexity makes it the largest revenue-gathering segment in the carbon nanotubes market growth.

Single-walled carbon nanotubes (SWCNTs) are expected to have the fastest-growing CAGR in the carbon nanotubes market during the forecasted period.

• Single-walled CNTs have excellent material properties, like high electrical conductivity and tensile strength because of their single-layer structure.
• SWCNTs are suitable for employment in high-tech avenues due to their superior thermal, electrical, and chemical conductivity.
• These types of CNTs are compatible with biomedical lines as their rarefied properties allow them to have accurate drug delivery systems.
• For instance, a professor from Meijo University developed a new way to synthesize high-quality SWCNTs using cobalt (Co) and iridium (Ir) as nanoparticle catalysts. This could scale up SWCNTs for industrial purposes.
• Thus, as per the carbon nanotubes market analysis, SWCNTs offer user-friendly solutions, such as diminishing less sustainable materials and replacing heavy metals, they are set to have fast progression in the future.

By Method of Synthesis:

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:

• A recent and unique CNT synthesis method is to use biomass waste that can help solve the environmental concerns regarding biomass accumulation and purify water.
• CNTs synthesized through the CVD method can be utilized for next-generation IoT, wearable electronic devices, TSVs, interconnects, etc.

Chemical vapor deposition (CVD) accounted for the largest revenue share in the carbon nanotubes market in 2023.

• Chemical vapor deposition is a cost-effective and scalable way of synthesizing CNTs, making it ideal for adoption in industrial applications where CNT is required in large numbers.
• CVD offers high purity and very minimal structural defects, making it ideal for electronics or energy storage systems.
• This synthesis method can produce varied types of CNT, be it single-walled or multi-walled.
• Thus, as per analysis, the CVD offers precise control over the customization of CNTs, making it the largest revenue-generating segment in this market.

Laser Ablation is expected to have the fastest-growing CAGR in the carbon nanotubes market during the forecasted period.

• Laser ablation allows the manufacturing of high-quality single-walled CNTs with fewer defects and increased purity.
• The nanotubes produced through this method are in high demand in optoelectronics as they have a uniform structure.
• This method is also used in research and development as it can produce high-purity CNTs in limited quantities.
• For instance, near-infrared (NIR) can purify, alter the structure, and ablate carbon nanotubes. This is because CNTs are promising photothermal materials with wide optical absorbance and stability. A low-crystalline and vertically aligned CNT is produced as a result.
• Therefore, as per the analysis laser ablation is poised to have the fastest growth in the future owing to its capability of producing high-performance CNTs for various industries.

By Application:

The market is segmented based on its applications into chemical & polymers, energy storage, structural composites, medical, and others.

Trends in the Application:

• CNTs can be used to produce high-quality sporting goods, like rackets, tennis balls, etc.
• As per trend based on growing consciousness about the environment, CNTs are also used for environmental remediation as they produce fewer carbon footprints.

Structural Composites accounted for the largest revenue share in the carbon nanotubes market in 2023.

• The mechanical properties of CNTs make them highly tensile, flexible, and durable. When such properties are integrated with composite materials, CNTs make composites suitable for structural applications.
• CNT-infused structural composites are important in the aerospace sector as well as the automotive sector. This is primarily because lightweight yet sturdy materials are required in these industries to achieve e-fuel efficiency.
• They are used in the manufacturing of construction components like beams, columns, etc because CNT-infused structural composites are corrosion-resistant and have longevity.
• For instance, NASA has been focusing its research on developing an extremely lightweight material that can used instead of metal or fiber composites. The project, Super Lightweight Aerospace Composites (SAC) aimed to scale up the manufacturing of CNT-imposed composites in aerospace structures.
• Thus, structural composites' versatile nature and adaptability made them the largest revenue-generating carbon nanotubes market share.

Energy Storage is expected to have the fastest-growing CAGR in the carbon nanotubes market during the forecasted period.

• CNT is used in lithium-ion batteries which are then used in electric vehicles (EVs) to enhance capacity and reduce charging duration, making them efficient and sustainable.
• CNTs are lightweight but have high strength, making them suitable for portable electronics and wearable devices.
• Advancements made in nanotech have resulted in the enhancement of the structural properties of CNTs. Such improvements like solid-state batteries are propelling the adoption of CNTs in the energy storage sector.
• Therefore, as CNTs are more suitable for a wide range of activities, their adoption in energy storage systems would make this the fastest-growing sector in the future.

By End-User:

The market is segmented based on end-users into Automotive, Aerospace, Electronics, Energy, Healthcare, and others.

Trends in the end-user:

• CNTs can be very versatile and can be utilized as flame retardants, and have use in X-rays, as well as speakers.

Electronics accounts for the largest revenue share in the carbon nanotubes market in 2023.

• CNTs can carry higher electric currents with ease and with minimal heat generation. Such excellent electrical conductivity makes CNTs ideal for developing high-quality electronic devices.
• CNTs have nanoscale dimensions yet have a high surface area which enables the production of compact as well as more effective electronic components.
• They also allow an increase in the efficiency of energy storage devices like lithium-ion batteries, which are important components in electronics.
• For instance, in 2023, researchers from the University of California in partnership with Taiwan Semiconductor Manufacturing Company refined a new CNT. This new variant is metal-oxide-semiconductor field-effect transistors (MOSFETs). Even though these transistors are in their nascent stages, they could lead to the creation of compact and high-performance electronics based on 1D CNTs in the future.
• Therefore, electronics are the largest revenue-generating segment of the CNT market as the demand for miniaturization and flexibility makes the use of nanotubes imperative.

The energy sector is expected to have the fastest-growing CAGR in the carbon nanotubes market during the forecasted period.

• CNTs are crucial in improving energy density, charge and discharge rates, and the life span of batteries. This meets the demands for energy storage in renewable energy systems.
• They reduce carbon footprints, making them energy-efficient and sustainable to meet the goal of producing less environmental waste.
• CNTs have the potential to improve the capabilities of large-scale grid energy storage systems.
• In 2022, researchers from the Korea Institute of Material Science (KIMS) along with Inha University developed a multi-functional CNT fiber that has a large energy storage capacity without compromising on strength.
• Thus, as per the analysis, the energy sector gains from the enhancements made by CNTs, and thus is expected to have the fastest growth in the future.

Regional Analysis:

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.

• In May 2023, LG Chem (South Korea), announced the building of the fourth carbon nanotube plant at Daeson Complex, Seoul. It is expected to double the chemical company's CNT annual production rate.

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.

• For instance, Bradford Research Group, US, is dedicated to the development of ultra-high aspect ratio CNTs and then producing textile-like structures from the manufactured CNTs.

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.