Carbon Nanotube Market Outlook 2031
The carbon nanotubes market size was USD 960 Million in 2022 and is anticipated to reach USD 3.32 Billion by 2031 expand at a robust CAGR 14.8% during the forecast period, 2023-2031. Carbon nanotubes are cylindrical molecules that contains rolled-up sheets of single-layer carbon atoms (graphene). They can be single-walled with a diameter of less than 1 nanometer or multi-walled, consisting of several concentrically interweaved nanotubes with diameters of more than 100 nm.
Their length can reach several micrometers or even many millimeters. CNTs are compatible for virtually any application requiring high strength, durability, electrical conductivity, thermal conductivity and lightweight properties compared to conventional materials. As of now, CNTs are mostly used in synthetic materials as additives. The CNT powder is now available commercially.
When CNTs are untangled and evenly dispersed in the substrate, they will release their respective properties. The substrate, which can be a plastic material, must also be chemically bonded with the components. Functionalized carbon nanotubes serve this purpose.
Carbon Nanotube Market Trends, Drivers, Restraints, and Opportunities:
- Growing Adoption of carbon nanotubes in the electronics Industry is estimated to drive the market growth.
- Carbon nanotubes are mainly used in polymers, energy, electrical & electronics applications. They are widely used to improve properties of strength and weight in polymers as reinforcing material. Additionally, CNTs have smaller diameter and superior electrical conductivity and have the ability to replace steel for various applications.
- The burgeoning electrical and electronics industry across the globe coupled with growing inclination towards renewable energy shall augment the carbon nanotubes market growth during the review period.
- Growing government initiatives towards wind energy generation shall further boost the carbon nanotubes demand during the forecast period. However, the high cost associated with the production of carbon nanotubes is likely to be a major restraining factor during the forecast period.
- The presence of environmental regulations coupled with health effects associated with prolonged exposure are other factors restraining the carbon nanotubes market value.
Scope of The Carbon Nanotube Market Report:
The report on carbon nanotubes market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Carbon Nanotube Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 - 2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Single-walled Carbon Nanotubes (SWCNT) and Multi-walled Carbon Nanotubes (MWCNT)) Methods (Chemical Vapor Deposition, Catalytic Chemical Vapor Deposition, High-Pressure Carbon Monoxide Reaction, and Others), End-Users (Electronics & Semiconductors, Energy & Storage, Chemical Material & Polymers, Medical, Structural Composites Applications, and Others)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East and Africa
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Report Coverage
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Market opportunity, analysis, share, competitive analysis, growth facts, limits, chances, and revenue forecast
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Key Players Covered
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Chengdu Organic Chemicals Co. Ltd., Cabot Corporation, Jiangsu Cnano Technology Co., Ltd., Showa Denko KK, and LG Chem
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Carbon Nanotubes Market Segment Insights:
Single-walled carbon nanotubes segment held a substantial market share
On the basis of types, the carbon nanotubes market can be segmented into single-walled carbon nanotubes and multi-walled carbon nanotubes. The single-walled carbon nanotubes segment held a substantial market share in 2020 and is projected to expand at a CAGR of 21% during the forecast period. Single-wall carbon nanotubes are one dimensional allotropes of carbon that possess high aspect ratio and surface area.
These are made of carbon rolled into cylindrical shapes with diameters ranging from 1nm to 1.5nm. The nanoscale structure of single-wall CNT exhibits superior electrical, thermal, mechanical and optical properties. The unique combination of these properties has led to increase in demand for single-wall carbon nanotubes in various applications such as packaging, solar cells, composites, displays and coatings.
Polymer segment accounted a significant market share
Based on applications, the market can be divided into polymers, energy, electrical & electronics, and others The polymers segment accounted for a significant market share and is projected to expand at a CAGR of 21% during the forecast period. Growing demand for polymers across the construction as well as automotive industry is projected to be a major factor for the market segment.
Carbon nanotubes exhibit excellent mechanical properties such as high tensile strength and high elastic modulus. This makes them ideal for reinforcing applications. These nanotubes composites’ are five times lighter and 100 times stronger than steel. Thus, increasing demand for engineered plastics along with escalating polymer demand across numerous end-user industries is expected to boost the market segment growth.
Chemical vapor deposition segment is estimated to register a high CAGR during the forecast period
Based on methods, can be segmented into chemical vapor deposition, catalytic chemical vapor deposition, high-pressure carbon monoxide reaction and others. The chemical vapor deposition segment is estimated to register the highest growth during the forecast period. It is also projected to be the largest and fastest-growing segment in the coming five years.
The growth of this segment is attributed to the fact that CVD of hydrocarbons over metal catalytic agents is a traditional technique that has been employed by various manufacturers to manufacture carbon nanotubes. It is also the economical method, and it is anticipated that the price will further narrow down globally in the times to come.
Asia Pacific to constitute a major market share during the forecast period
In the terms of regions, the carbon nanotubes market can be divided into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific accounted for a large market share and expected to continue the trend during the forecast period. Rapid growth of industries such as automobile, aerospace, and electronics, especially in Japan, China, India, and Malaysia is projected to boost the demand for polymers in the region.
Segments
By Types
- Single-walled Carbon Nanotubes (SWCNT)
- Multi-walled Carbon Nanotubes (MWCNT)
By Methods
- Chemical Vapor Deposition
- Catalytic Chemical Vapor Deposition (CCVD)
- High-Pressure Carbon Monoxide Reaction
- Others
By End-Users
- Electronics & Semiconductors
- Energy & Storage
- Chemical Material & Polymers
- Medical
- Structural Composites Applications
- Others
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
Competitive Landscape
Key players in the Carbon Nanotubes market include Chengdu Organic Chemicals Co. Ltd., Cabot Corporation, Jiangsu Cnano Technology Co., Ltd., Showa Denko KK, and LG Chem, among others. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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