The carbon nanotubes market size is projected to reach US$ 18.01 billion by 2031 from US$ 6.45 billion in 2023. The market is expected to register a CAGR of 13.7% during 2023–2031. The incorporation of CNTs in nanocomposite ink for 3D printing can enhance the functionality of advanced printing process and impart electrostatic dissipative properties.
Carbon Nanotubes Market Analysis
The growing demand for lightweight substitutes of metal with superior thermal, electrochemical, and mechanical characteristics has resulted in burgeoning research directed toward finding composites and composite materials. Technological advancements and next-generation microscale applications in the electrical & electronics sector need efficient and high-functionality materials such as CNTs. Further, CNT-based composites technology is widely utilized in aerospace, defense, automotive, and infrastructure industries. National Aeronautics and Space Administration (NASA) funded a five-year Space Technology Research Institute (STRI) called US-COMP, which commenced in 2017, for research and development of CNT-based composites. The research is focused on the innovation of lightweight ultra-high strength material for application in exploration vehicles. Moreover, in 2020, Toray Industries Inc developed a wireless communication process with a printed Radio-Frequency Identifier using semi-conductive CNT-based composites, partially supported by Japan’s Ministry of the Environment. The company’s CNT composite semiconductor offers a mobility of 182 cm2/V-s, compared to low-cost integrated circuits and printed semiconductors, which offer a mobility of 20 cm2/V-s.
Carbon Nanotubes Market Overview
Carbon nanotubes are extremely small cylindrical structures made of carbon atoms. They are known for their unique properties, including high tensile strength, thermal stability, and good electrical conductivity. Single-walled carbon nanotubes and multi-walled carbon nanotubes are two types of carbon nanotubes. Single-walled carbon nanotubes are made of a single layer of carbon atoms rolled into a tube, whereas multi-walled carbon nanotubes consist of several concentric tubes. Carbon nanotubes are used as reinforcement materials in composite materials, sensing materials in sensors, energy storage in batteries, catalysts in chemical reactions, and for biomedical applications. In the medical industry, it is used for drug delivery, biosensors, imaging, and tissue engineering. In the electronics industry, carbon nanotubes are employed as transistors, interconnects, sensors, displays, energy storage, etc.
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Carbon Nanotubes Market: Strategic Insights
Market Size Value in US$ 5,658.00 million in 2022 Market Size Value by US$ 13,981.58 million by 2028 Growth rate CAGR of 16.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Carbon Nanotubes Market: Strategic Insights
| Market Size Value in | US$ 5,658.00 million in 2022 |
| Market Size Value by | US$ 13,981.58 million by 2028 |
| Growth rate | CAGR of 16.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Carbon Nanotubes Market Drivers and Opportunities
Increasing Demand for Carbon Nanotubes (CNTs) for Energy Storage Applications
Carbon nanotubes are carbon nanostructures with characteristic electrochemical and mechanical properties such as high strength and rigidity, low density, high heat conductivity, and electrical conductivity. The properties of CNTs are leveraged for the research and development of energy storage systems. Single-walled and multi-walled CNTs are utilized as conductive additives in Li-ion batteries and to develop battery electrodes to enhance battery performance. The rising demand for energy systems, along with its increasing cost, has influenced government organizations and researchers to develop efficient energy systems to fulfill global energy targets.
Adoption of Carbon Nanotubes for Cancer Treatment
The recent advancements in drug delivery and cancer treatment involve the utilization of nanocarriers such as CNTs, solid lipid nanocapsules, magnetic nanoparticles, gold nanoparticles, and liposomes. The electrical, optical, chemical, and mechanical properties of CNTs are employed in drug delivery systems, biomedical imaging, and antimicrobial technology. Therefore, CNT-based anticancer drug delivery technology is gaining popularity, especially due to its selective targeting and controlling of drug delivery. Scientists have developed a novel technology to directly introduce the anticancer drug—doxorubicin—through CNTs from spherical sacs of phospholipid molecules (liposomes) via the cell plasma membrane. A report published by the US Department of Energy in 2022 revealed that CNTs merge liposomes and cancer cells, initiating the merger of liposomal membranes and cancer cells. This fusion process allows the drug to pass freely from the liposome to the cell. This results in the effective delivery of doxorubicin, eliminating up to 90% of disordered cells. Thus, the adoption of CNTs in cancer treatment can create lucrative opportunities for the carbon nanotubes market during the forecast period.
Carbon Nanotubes Market Report Segmentation Analysis
Key segments that contributed to the derivation of the carbon nanotubes market analysis are type and application.
- Based on type, the carbon nanotubes market is divided into multi-walled carbon nanotubes and single-walled carbon nanotubes. The multi-walled carbon nanotubes segment held a larger market share in 2023.
- By application, the market is segmented into electronics and semiconductors, energy storage, structural composites, aerospace and defense, medical, and others. The structural composites segment held the largest share of the market in 2023.
Carbon Nanotubes Market Share Analysis by Geography
The geographic scope of the carbon nanotubes market report is mainly divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South America/South & Central America.
Asia Pacific dominated the carbon nanotubes market. The Asia Pacific market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Asia Pacific has emerged as a major market for carbon nanotubes due to the growing demand for high-performance materials in various industries such as aerospace, automotive, electronics, and energy. The region has become a major hub for carbon nanotubes production, with several leading manufacturers operating in countries such as China, Japan, and South Korea. Moreover, China is one of the largest markets for carbon nanotubes in Asia Pacific, and the country reports significant investments in research and development and increasing adoption of carbon nanotubes in various applications. Several Chinese companies such as Shenzhen Nanotech Port Co. Ltd., Chengdu Organic Chemicals Co. Ltd., and Suzhou NanoGrid Technology Co. Ltd. are involved in the production and commercialization of carbon nanotubes.
Carbon Nanotubes Market Report Scope
Carbon Nanotubes Market News and Recent Developments
The carbon nanotubes market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders:
- In Sep-2020, Arkema partnered with the Korea Association of Carbon-Nano Industry. Partnering with the association will help Arkema to improve its product offerings.
- In August 2020, ChemSpec North America announced a non-exclusive distribution agreement with Belgium-based Nanocyl SA to promote and distribute Nanocyl's various multiwall carbon nanotube ("MWCNT") products in the US and Canada.
- In August 2022, LG Chem announced the expansion of its carbon nanotubes (CNTs) investment with the construction of the world’s largest single-line CNT manufacturing plant.
- In March 2023, Canatu Oy (Vantaa, Finland), a carbon nanomaterial developer, announced an upgrade in its carbon nanotube (CNT) film manufacturing to fulfil the rising demand for ADAS heater products in the automotive industry. Canatu stated that it improved its step-and-repeat (SAR) CNT film production line by adding new reactor capacity and ramping up automation level.
- In April 2020, OCSiAl announced that it can commercialize up to 100 tonnes annually of its TUBALL single-wall carbon nanotubes in Europe due to the company’s upgraded dossier under the EU’s “Registration, Evaluation, Authorization and Restriction of Chemicals” (REACH) legislation, being additionally compliant with the new Annexes on nano forms.
Carbon Nanotubes Market Report Coverage and Deliverables
The “Carbon Nanotubes Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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