Carbon Nanomaterials Market to Cross $40 billion Revenue by 2030

Carbon Nanomaterials Market Overview

“The Carbon Nanomaterials Market Predictable at $3.2 billion in 2022, is estimated to increase at a CAGR of 26.57% from $8 billion in 2023 to $40 billion by 2030.”

The global market for carbon nanomaterials is driven by demand for lightweight structural polymer composites, conductive fillers for EMI shielding materials, and antistatic packaging in automotive, electronics, energy, and industrial sectors. Carbon nanotube-based ESD materials are used in fuel pumps, fuel filter housings, connectors, reservoirs, line clamps, and electronic housings. CNTs have superior EMI shielding qualities despite being researched with other conducting particles due to their high aspect ratio, higher strength, greater flexibility, and low density.

The carbon nanotube (CNT) battery market is expected to reach 70 kilotons per year, surpassing current capacity. Carbon nanotubes, with high thermal and electrical conductivity, large surface area, and one-dimensional tubular shape, are promising anode materials for lithium-ion batteries.

The lithium-ion battery market is expected to experience rapid growth due to factors such as increasing demand for plug-in vehicles, automation-driven material-handling equipment, smart device development, and renewable energy adoption. This growth is fueled by the need for continuous power supply from critical infrastructures post-COVID-19. However, this rapid growth may lead to more CNTs being released into the environment, increasing the risk of human exposure. CNTs are transported by aerosol and can end up in air, rivers, and streams.

Aside from issues with the environment and human health, there are concerns regarding the necessary protections for workers at facilities that produce nanomaterials, who are the ones who are most closely exposed to the substance during production.

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Key Takeaways

In terms of revenue share, the fullerenes category contributed 94% in 2022.

According to type, the carbon nanotube (CNT) segment is expected to expand between 2023 and 2030 at a phenomenal CAGR of 16.6%.

The medical and healthcare industry is expanding by end user between 2023 and 2030 at a CAGR of 17.2%.

In 2022, the Asia-Pacific area was worth USD 1.51 billion.

In 2022, 38% of global revenue came from Asia Pacific.

Market Dynamics

Growth Factors

Carbon nanomaterials are increasingly being utilized in the automotive industry for designing and building vehicle interiors and exteriors due to their lightweight nature and perfect mechanical qualities. They are used to reduce aluminum motor weight, improve grip, and reduce movement obstruction, while also improving lithium-ion batteries' elasticity and weight reduction, driving the global market for carbon nanomaterials.

Carbon nanostructures are widely used in medicine and pharmaceuticals for precise positioning of organic atoms, accurate imaging of infected tissues, and innovative therapies. They are used in restorative and indicative products for asthma, discomfort, sensitivity, illness, diabetes, and contaminations. These factors are expected to influence the market's growth over time.

Multi-walled carbon nanomaterials are commonly used due to their high strength and distance across length proportion. They offer improved mechanical, innovative, and gas obstruction properties compared to simple expansion in elastic combinations, and their properties have been enhanced in recent years.

The global market for carbon nanomaterials is expected to grow significantly due to their widespread use in various industries, including medical services, automotive, development, and bundling. Due to their exceptional electrical conductivity, they are expected to dominate in gadgets and energy storage devices. Additionally, their use in consumer products, water treatment, airplanes, nanomedicines, and durable primary materials is expected to further increase market interest.

Trends

Engineers at MIT created a contemporary microprocessor using carbon nanotubes.

MIT researchers have developed a modern microprocessor using carbon nanotubes, a faster and greener alternative to traditional silicon. They created Carbon Nanotube Field-Effect Transistors (CNFET) for future computers, which are predicted to be 10 times faster and have higher energy efficiency than silicon. The researchers also developed a new method to limit flaws and provide total operational control in CNFET fabrication.

Growth Drivers

Increased Aerospace Industry is anticipated to support market expansion

The aerospace industry is focusing on making aerospace components tougher, more durable, and stronger to reduce fuel use and operational expenses. Modern high-tech airplanes use various composite materials, including nanomaterials for better performance. Experts, including producers and engineers, are developing processes for creating composite materials suitable for aerospace use, as flying carries various risks.

MIT engineers have developed a process to create aerospace-grade composites using pressure tanks and ovens, accelerating wind turbine blade and airplane production. NASA and Nanocomp are collaborating to create nanotube-based fibers for the CNT Composite Overwrap Pressure Vessel (COPV), reducing mass and improving aerospace system performance. NASA's computer modeling suggests composites with reinforcement can reduce a launch vehicle's mass by 30%.

Growing Demand for Electronics & Electrical Products Could Support Market Growth

The electronics industry, particularly in printed circuit boards and semiconductors, is experiencing global growth due to increased production in China, South Korea, Japan, and Singapore, which is expected to benefit from rapid technological advancements and innovative product innovation.

Carbon nanotubes (CNTs) are highly effective in electronic applications due to their excellent mechanical and electronic properties. They are used in producing various electronic display panels for consumer electronics, with the demand for these devices expected to reach USD 426.1 billion in 2020.

Competitive Landscape of the Carbon Nanomaterials Market

• Arkema S.A.
• Cabot Corporation
• Chasm Advanced Materials Inc.
• Cheap Tubes
• Hyperion Catalysis International
• Jiangsu Tiannai Technology Co. Ltd.
• Klean Industries Inc.
• Kumho Petrochemical
• Lg Chem
• Nano-C
• Nanocyl SA

Recent Developments in Carbon Nanomaterials Market

January 2023: LG Chem announced that it has started supplying engineering plastics to Mitsubishi Motors for its powder-coated parts used as the front fenders of the RVR, Delica D:5, and Outlander models. LUCON TX5007, developed by LG Chem, is a compound material that combines modified polyphenylene ether (mPPE) and polyamide (PA66) alloys with carbon nanotubes (CNTs), which the company claims have excellent electrical conductivity and show strong mechanical properties.

In March 2021, Cabot Corporation reported the send-off of another item named ENERMAX™ 6 under its carbon section. Because of its properties, for example, high viewpoint proportion, it has been demonstrated to be the most conductive multi-walled CNT item in the organization's portfolio. This item series is supposed to improve battery execution at lower loadings, empowering a higher energy thickness of batteries successfully.

In August 2020, ChemSpec North America reported that it went into a non-selective appropriation concurrence with Belgium-based Nanocyl SA to advance and convey Nanocyl's different multiwall carbon nanotube ("MWCNT") items. ChemSpec will approach both the US and the Canadian modern assembling markets. ChemSpec will zero in its endeavors on developing MWCNT items in thermoplastic and elastomer compounding.

Regional Insights

Why has the Asia Pacific area dominated the market for carbon nanomaterials?

The APAC carbon nanomaterials market is expected to experience significant growth due to the increasing use of lithium-ion batteries in electric vehicles, which require composite materials and lithium-ion batteries. This shift towards better and profitable vehicles is fueled by the auto industry's focus on electric vehicles.

APAC, despite a slowdown in financial development, holds significant promise for nanomaterials due to its diverse industries including manufacturing, mining, semiconductors, and renewable energy, despite varying degrees of economic diversity and financial new development.

China's market growth is driven by increased interest in new manufacturing facilities in various industries, while Japan is the second-largest market for nanomaterials in APAC, promoting eco-friendly production methods like produced anger explanation and reactant substance seethe declaration.

Organizations are boosting their R&D in carbon nanomaterials due to advancements in science and innovation, as well as increasing interest from local end-use businesses, potentially affecting the market.

Segments Covered in the Carbon Nanomaterials Market

Carbon Nanomaterials Market By Type

• Carbon nanotubes
• Graphene
• Carbon Nanofibers
• Fullerenes
• Others

Carbon Nanomaterials Market By Method

• Arc Discharge
• Laser Ablation
• Chemical Vapor Deposition
• Catalyzed Chemical Vapor Deposition
• High-Pressure Carbon Monoxide Reaction
• Liquid Phase Carbon Nanotubes Purification

Carbon Nanomaterials Market By Application

• Paints & Coatings
• Wings
• Fuselages
• Engines
• Fuel component system
• Tires
• Therapeutics
• Drug Delivery
• Photovoltaics
• Li-Ion Batteries
• Transistors
• Sensors
• Tennis Rackets
• Sports Balls
• Racing Equipment
• Others 

Carbon Nanomaterials Market By End-Use

• Electronics & Semiconductors
• Energy & Storage
• Chemical Material & Polymers
• Medical
• Structural Composites Applications
• Others

Carbon Nanomaterials Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions:

What is the current size of carbon nanomaterials market?

The Carbon Nanomaterials Market Predictable at $3.2 billion in 2022, is estimated to increase at a CAGR of 26.57% from $8 billion in 2023 to $40 billion by 2030.

What will be the CAGR of global carbon nanomaterials market?

The global carbon nanomaterials market is poised to grow at a CAGR of 26.57% from 2023 to 2030.

Who are the prominent players operating in the carbon nanomaterials market?

The major players operating in the carbon nanomaterials market are Arkema S.A., Cabot Corporation, Chasm Advanced Materials Inc., Cheap Tubes, Hyperion Catalysis International, Jiangsu Tiannai Technology Co. Ltd., Klean Industries Inc., Kumho Petrochemical, Lg Chem, Nano-C, Nanocyl SA

Which are the driving factors of the carbon nanomaterials market?

The carbon nanomaterials market is expected to be driven by its possible applications in gadgets and energy stockpiling gadgets because of its excellent electrical conductivity.