Carbon Nanotubes Market to Cross $82.57 billion Revenue by 2030

Carbon Nanotubes Market Overview

“The Carbon Nanotubes Market Predictable at $1.68 billion in 2022, is estimated to increase at a CAGR of 13.84% from $2.31 billion in 2023 to $6.78 billion by 2030.”

Carbon nanotubes are used in various applications due to their high strength, electrical conductivity, durability, lightweight characteristics, and thermal conductivity. They are used in integrated circuits, lithium batteries, fuel cells, medicine delivery, solar PV cells, hydrogen storage, and field emission displays. They also serve as antennas for electromagnetic and radio devices. The carbon nanotubes market growth is driven by rising commercialization, ramp-up of installed capacities, and technological advancements to improve product quality and create innovative goods.

The COVID-19 pandemic has severely impacted various regions, businesses, and aspects of life, particularly China and the United States, major carbon nanotube producers and exporters. Manufacturing plants were either reduced or temporarily shut down due to pandemic restrictions, causing supply chain disruptions. Mobility restrictions and trade restrictions, along with a limited workforce and freight container scarcity, have created logistical difficulties in obtaining raw materials and transferring finished items. The market is currently in its early stages, primarily focused on research.

Manufacturing organizations have strictly followed COVID-19 laws to protect personnel and maintain facilities. The introduction of a new, more contagious delta strain has increased trade uncertainty as the global economy recovers. The delta variant is causing a significant increase in COVID cases in the US. However, due to vaccination efforts and public awareness, the impact of rising cases on trade and industrial activities is likely less severe than the first wave.

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Market Dynamics

Growth Drivers

Increases in the Aerospace Industry are anticipated to aid market growth

The aerospace industry prioritizes weight reduction to reduce fuel consumption and operating costs. Modern airplanes use composite materials in their fuselage, with nanomaterials being used to enhance performance. The majority of specialists, including manufacturers and engineers, are working on methods to produce aerospace-grade composites to enhance the safety and durability of aircraft components.

MIT engineers have developed a method for producing aerospace-grade composites using pressure tanks and ovens, aiding in airplane and wind turbine blade production. NASA and Nanocomp are collaborating to create fibers using nanotubes for the CNT Composite Overwrap Pressure Vessel (COPV), which reduces mass and improves aerospace system performance. NASA's computer modeling studies show composites with reinforcement can reduce launch vehicle mass by 30%.

Rising Electronics and Electrical Demand Could Drive Market Growth

The electronics industry, particularly in printed circuit boards and semiconductors, is experiencing growth due to expansion in China, South Korea, Japan, and Singapore, driven by rapid technological advancements and product innovation.

Carbon nanotubes are highly effective in electronics due to their electrical and mechanical properties. They are used in various electronic display panels in consumer devices like televisions, mobile phones, and computers. The global consumer electronics industry is expected to reach USD 426.1 billion in 2020, driven by technological advancements and gaming industry development.

Trends

Patented procedures have been developed for producing Carbon Nanotubes with regulated dimensions and shapes, which outperform conventional semiconductor materials, making them suitable for solar cells, LEDs, and touch screens.

Carbon Nanotubes are utilized in various electronic components, including automobiles, smartphones, and display displays, to enhance fuel efficiency and weight savings.

Samsung is focusing on researching and developing new gadgets using Carbon Nanotubes to reduce production costs and enhance product performance.

The use of functional materials in electronics is on the rise, offering tailored solutions without compromising performance or reliability. This trend is expected to drive the Carbon Nanotubes market to grow at a CAGR of over 20% over the next decade.

The Carbon Nanotubes Market is driven by its potential applications in aerospace and military, with revenues expected to reach $24 billion in 2021. Companies aim to enhance aircraft capabilities, improve armor systems, and develop new military sensors, contributing to the market's growth.

Carbon nanotubes are expected to gain increased demand in the pharmaceutical industry due to their strong interactions with enzymes and membranes, making them ideal for drug delivery systems.

Competitive Landscape of the Carbon Nanotubes Market

• OSSILA LTD.
• JIANGSU TIANNAI TECHNOLOGY CO. LTD.
• KLEAN INDUSTRIES INC.
• KUMHO PETROCHEMICAL
• RAYMOR INDUSTRIES INC.
• ARKEMA S.A.
• 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
• HYPERION CATALYSIS INTERNATIONAL
• LG CHEM
• NANO-C
• NANOCYL SA
• NANOSTRUCTURED & AMORPHOUS MATERIALS INC.
• NOPO NANOTECHNOLOGIES

Recent Developments in Carbon Nanotubes Market

Professors from Rochester Institute of Technology (RIT) along with those of the University of Rochester Medical Center (URMC) were given the patent to send biomolecules into the cells through the use of carbon nanotubes. This technology will support inter-cell transfer of bio-therapies to the cells that are targeted and is developed by Ian Dickerson.

Arevo Developed an advanced technology which happens to be a breakthrough in 3D printing. 3D printing is used for objects which are reinforced with carbon nanotubes.

In the year 2021, IP Group Inc. and CoMotion launched nanotechnology startup Somalytics Inc., at the University of Washington. Paper carbon nanotubes capacitive sensor that is sensitive to the body along with being flexible is being developed by Somalytics. This will enable its use for industries and new consumers as the first miniature carbon nanotube. The company will be developing and producing it on a large scale. ChemSpec North America, a specialty chemical distribution organization, entered a non-exclusive distribution agreement in August 2020 with Nanocyl SA in order to promote and distribute carbon nanotube products in the United States and Canada.

LG Chem is aiming to meet the increasing demand of CNT by expanding its production output of carbon nanotubes (CNT) 1,200 ton at its Yeosu plant in South Korean region.

March 2021 - Cabot Corporation launched a new ENERMAX 6 carbon nanotube series. The product is a high-performance CNTs with its high aspect ratio and is proven to be the most conductive multi-walled CNT product in Cabot’s portfolio.

June 2021 - Johnson Matthey, a sustainable technology company, in collaboration with CPI, an independent technology innovation center, and Thomas Swan, UK’s independent chemical manufacturers, to explore how to optimize battery technology. The ICE-Batt project receives funding support from the Faraday Battery Challenge, managed by Innovate UK. The UK’s innovation agency is likely to enable the investigation of how innovative CNTs and graphene nanoplatelets (GNPs) can improve battery performance.

April 2020 - Cabot Corporation completed the acquisition of Chinese nanotube maker Shenzhen Sanshun Nano New Materials in USD 115 million. This acquisition will combine both the firm’s business in making nanostructures and carbon blacks for energy storage. The business will be integrated into Cabot’s Performance Chemicals Segment.

Segments Covered in the Carbon Nanotubes Market

Carbon Nanotubes Market By Product Type

• Single-Walled Carbon Nanotubes (SWCNTs)
• Multi-Walled Carbon Nanotubes (MWCNTs)

Carbon Nanotubes Market By Technology

• Laser Ablation of Graphite
• Arc Discharge
• Chemical Vapor Deposition
• Catalytic CVD
• High Pressure Carbon Monoxide
• Floating Catalyst
• Others

Carbon Nanotubes Market By Application

• Electronics and Semiconductor
• Energy Storage
• Structural Composites
• Aerospace and Defense
• Chemical Materials
• Medical and Pharmacy
• Others

Carbon Nanotubes Market By Region

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

Frequently Asked Questions:

What is the current size of carbon nanotubes market?

The Carbon Nanotubes Market Predictable at $1.68 billion in 2022, is estimated to increase at a CAGR of 13.84% from $2.31 billion in 2023 to $6.78 billion by 2030.

What will be the CAGR of global carbon nanotubes market?

The global carbon nanotubes market is expected to drive growth at a CAGR of 13.84% from 2023 to 2030.

Who are the major players operating in the carbon nanotubes market?

The major players operating in the carbon nanotubes market are ARKEMA S.A., 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, HYPERION CATALYSIS INTERNATIONAL, LG CHEM, NANO-C, NANOCYL SA, NANOSTRUCTURED & AMORPHOUS MATERIALS INC.

Which are the driving factors of the carbon nanotubes market?

Carbon nanotubes are extensively used in the production of the display screens of television laptops, phones, computers etc as there is a great demand for electricals and electronics devices in many developing as well as the developed nations the demand for carbon nanotubes is expected to grow in these markets.