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2021

Carbon Nanotubes Market

Carbon Nanotubes Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type (, Technology and Application : Global Opportunity Analysis and Industry Forecast, 2021-2030

MC : Advanced Materials

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Author's: Pratik Mandon| Ashwin Ponnappan | Eswara Prasad
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The global carbon nanotubes market was valued at $15.3 billion in 2017, and is projected to reach $103.2 billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030.

Carbon nanotubes (CNTs) are one-dimensional allotropes of carbon made by rolling sheet of graphene, an advanced material that can be engineered for various applications. Its unique properties have attracted significant research interest since its initial discovery. Based on the number of graphene sheets used, CNTs are of two types, single-walled CNTs (SWCNTs) and multi-walled CNTs (MWCNTs). MWCNTs also consist of double-walled CNTs. They are used as structural polymer composites for automotive and aerospace components due to their superior mechanical properties, such as strength and flexibility. CNT reinforced fibers are stiffer than steel and resistant to external wear & tear. CNTs have high electrical conductivity, which makes them ideal for use in conductive polymer composites. They are used as conductive fillers in ESD materials, EMI shielding, and electronics packaging. Further, as they have high aspect ratio, lower addition of CNT is enough to obtain the desired electrical conductivity. CNTs are good electron field emitters for use in flat panel displays, touch screens, and various sensors. In addition, CNTs offer high charge carrying capacity and high surface area. They are the preferred material for use as electrodes in capacitors and batteries. 

Carbon-Nanotubes-Market,-2017-2030

The global carbon nanotubes market is driven by factors such as increase in need for lightweight structural polymer composites, conductive fillers for EMI shielding materials, antistatic packaging from automotive, electronics, energy, & industrial end users. Carbon nanotubes-based ESD materials are used in fuel pumps, fuel filter housings, connectors, reservoirs, line clips, and electronic housings. CNTs are used in the electrical & electronics industry to produce electromagnetic interference (EMI) shielding composites and antistatic packaging materials. Although several conducting particles have been studied, such as carbon black particles, carbon fibers, or metallic fibers, CNTs have demonstrated better EMI shielding properties due to their high aspect ratio, higher strength, flexibility, and low density; thus, making them ideal fillers.

Carbon nanotubes are promising replacement for silicon transistors due to their high carrier mobility. The demand for CNTs is on a significant rise in the aerospace & defense industry, owing to their superior properties and capability to facilitate designing of lightweight parts. Currently, CNTs are used in composite materials employed in external surface of aircraft to reduce the risk of damage and penetration during lightning strikes. In the wind energy sector, carbon nanotubes have been employed to develop supercapacitors and turbine blade reinforcements. CNT-based supercapacitors are lightweight and have faster response times than conventional heavy batteries. Wind turbine blades (WTBs) can be enhanced using CNTs that are embedded in a polymer matrix. Rise in environmental concerns due to increase in use of petroleum products and coal as a major energy source have increased the adoption of renewable energy sources.  Therefore, government organizations in various countries offer subsidies and funds to promote the usage of renewable energy sources such as wind, solar, and others.

The high cost of preparing suitable conditions for the carbon nanotube market growth and its ultimate commercial scale-up constraints increase the production costs of carbon nanotubes. The high cost of SWCNT limits its penetration in its application domain. Scaled-up CVD process faces challenges such as slow growth, poor yield, inconsistent material quality, and lack of real-time process control. Although there are several types of chemical vapor deposition (CVD) used in the carbon nanotube synthesis, the main challenge is to grow carbon nanotube with zero defects. More in-depth research is required to achieve the final step where perfect CNTs can be reproduced commercially in an eco-friendly way. In addition, inorganic nanotubes are cheaper and non-toxic compared to CNTs that are considered to have carcinogenicity. They offer the same properties as that of CNTs such as thermal conductivity and good electrical insulation. Boron nitride nanotubes (BNNTs) have a diverse range of industrial applications, including coatings, ceramic composites, lubricants, and insulators. Similarly, peptide nanotubes have various advantages over carbon nanotubes since they have higher biocompatibility, are water soluble, cheap, and can be easily synthesized. Furthermore, availability of substitutes is bound to hamper the demand for CNTs, thus limiting the growth of the global carbon nanotubes market during the forecast period. 

Developments in nanotechnology with respect to its manufacturing process and reinforcement with various materials are expected to lead to new applications of CNTs during the forecast period. The market players involved in the production of carbon nanotubes as well as research institutions actively pursue this field to find out new ways to incorporate carbon nanotubes. New application areas for carbon nanotubes are expected to increase the demand for carbon nanotubes, thereby profiting the market players in the long run. The carbon nanotubes industry is R&D oriented, which poses lucrative opportunities to the market players. The complex manufacturing process of CNTs increase the product’s final price; hence, focus is laid on designing new commercially viable processes. CNTs are poised to play a significant role in the biomedical industry such as drug delivery, cancer therapy, tissue engineering, body implants, medical devices, and dental filling materials. They are better drug carriers compared to the presently available drug carriers, such as liposomes, polymers, niosomes, microparticles, and nanoparticles, due to their characteristic properties. Carbon nanotube field-effect transistors (CNFETs) are more energy-efficient than silicon field-effect transistors that could build new types of three-dimensional microprocessors. However, due to manufacturing and technical constraints, the prototype was limited to academic laboratories. Further, a team of MIT researchers developed a process to produce CNFETs in a silicon manufacturing facility. The process as claimed by the team is a step closer to commercialization of transistors. This is a huge leap for the global semiconductor industry and is also a future business opportunity for CNTs.

The carbon nanotubes market analysis is done by type, technology, application, and region

On the basis of type, the global carbon nanotubes market is classified into single-walled carbon nanotubes (SWCNT) and multi-walled carbon nanotubes (MWCNT). 

On the basis of technology, the global carbon nanotubes market is divided into arc discharge, laser ablation, CVD, catalytic CVD, high pressure carbon monoxide, CoMoCAT, floating catalyst, and others.

On the basis of application, the market is segmented into electronics & semiconductor, energy storage, structural composites, chemical materials, medical & pharmacy, and others. 

The electronics & semiconductor is further sub-segmented into display, integrated circuits, transistors, industrial sensors, superconductors, and others. The energy storage segment consists of Li-ion battery, lead acid battery, fuel cells, solar PV cells, hydrogen storage, and electrochemical. Structural composites include aerospace, defense, sporting goods, wind turbine, automotive, construction, rubber & tires, and others.

Chemical materials include coatings, adhesives and sealants, catalyst, water filtration, polymers, fire retardants, and others. Medical & pharmacy consists of transdermal drug delivery, cancer treatment, proteomics, and others. 

On the basis of region, the market is studied across North America, Europe, Asia-Pacific, Middle East, Africa, and South America. Presently, Asia-Pacific accounts for the largest share of the market, followed by Europe and North America.

The major companies profiled in this report include Arkema SA, Cabot Corporation, CHASM Advanced Materials Inc., CHEAPTUBES, Hyperion Catalysis International, Jiangsu Tiannai Technology Co. Ltd., Klean Industries, Kumho Petrochemical, LG Chem, Nano-C, Nanocyl SA, Nanostructured & Amorphous Materials Inc., Nopo Nanotechnologies, OCSiAl, Ossila Ltd., Raymor Industries, Showa Denko K.K., Thomas Swan and Co. Ltd., Tokyo Chemical Industry Co. Ltd., and Toray Industries.

Carbon nanotubes market, by region 

The Asia-Pacific carbon nanotubes market size is projected to grow at the highest CAGR of nearly 17.5%, in terms of revenue during the forecast period. Presence of a vast manufacturing base in countries, such as China, Japan, Australia, and India, is expected to drive the demand for CNTs during the forecast period.

Carbon Nanotubes Market
By Region
2030
Asia-pacific 
North America
Europe
Middle East
Africa
South America

Asia-Pacific would exhibit a CAGR of 17.5% during 2021-2030

Carbon nanotubes market, by type

The single-walled carbon nanotube segment is projected to grow at a high CAGR of 20.9%, owing to its comparatively superior electronic properties, thereby making it ideal for ESD materials.

Carbon Nanotubes Market
By Type
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Single-Walled Carbon Nanotubes (SWCNT) is projected as the most lucrative segment.

Carbon nanotubes market, by technology

CVD method accounted for the largest market share, owing to commercial adoption of various CVD methods by key players. Other technology segment is projected to be the fastest growing segment, owing to proactive research and development in alternative techniques for synthesizing CNTs in larger quantities

Carbon Nanotubes Market
By Technology
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Other technology segment is projected as the most lucrative segment.

Carbon nanotubes market, by application

Structural composites segment accounted for the largest share in the global carbon nanotubes market, owing to the adoption of CNTs in automotive and aerospace sectors for structural composites. The medical & pharmacy segment is projected to grow at the fastest CAGR of 18.7%, owing to the increasing use of CNTs in drug delivery and biosensing applications

Carbon Nanotubes Market
By Application
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Medical & Pharmacy segment is projected as the most lucrative segment.

Key benefits for stakeholders

  • Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • It outlines the current carbon nanotubes market trends and future estimations from 2017 to 2030 to understand the prevailing opportunities and potential investment pockets.
  • The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
  • The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
  • The profiles of key players and their key strategic developments are enlisted in the report. 

Impact Of Covid-19 On The Global Carbon Nanotubes Market

  • The COVID-19 pandemic has negatively affected the global economy and subsequent shrinking of the GDP in global economies, thereby changing consumer spending patterns globally.
  • The global automotive supply chain got disrupted due to decrease in workforce and restrictions on manufacturing operations that led to a shortage in key components required in automotive manufacturing. Further, uncertainty over the economic conditions during the forecast period led to a decline in consumer confidence, thereby affecting consumer spending. This is expected to decrease vehicle sales during the forecast period. A similar trend is observed in the global demand for electronic goods, thereby impacting the semiconductor industry.
  • Overall, decline in manufacturing output as a result of partial operations and shortage of workforce & raw materials is expected to decrease the demand for CNTs during the forecast period. 
  • Financial turbulence in leading economies may delay commissioning of new renewable electricity projects, wind mills & tidal energy farms, biofuel facilities, and renewable heat investments. 
  • In addition, the renewable sector in most of the countries is largely dependent on imports from other countries, notably from China. China, the known source of this pandemic, has been the most affected one in terms of material supply and material transport due to COVID-19. 
  • The above factors are expected to impact the global carbon nanotubes market growth during the forecast period.

Carbon Nanotubes Market Report Highlights

Aspects Details
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By Type
  • Single-Walled Carbon Nanotubes (SWCNTs)
  • Multi-Walled Carbon Nanotubes (MWCNTs)
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By TECHNOLOGY
  • Arc Discharge
  • Laser Ablation
  • CVD
  • Catalytic CVD
  • High Pressure Carbon Monoxide
  • CoMoCAT
  • Floating Catalyst
  • Others
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By Application
  • Electronics & Semiconductor
  • Energy Storage
  • Structural Composites
    • Aerospace Application
    • Defense Application
    • Sporting goods
  • Chemical Materials
  • Medical & Pharmacy
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • Middle East  (Saudi Arabia, Qatar, UAE, Rest of Middle East)
  • Africa  (EGYPT, South Africa, Rest of Africa)
  • South America  (Brazil, Chile, Rest of South America)
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Key Market Players

OSSILA LTD., OCSiAl, NOPO NANOTECHNOLOGIES, LG CHEM, TOKYO CHEMICAL INDUSTRY CO. LTD., CABOT CORPORATION, ARKEMA S.A., NANOCYL SA, THOMAS SWAN AND CO. LTD., JIANGSU TIANNAI TECHNOLOGY CO. LTD., CHASM ADVANCED MATERIALS INC., NANO-C, NANOSTRUCTURED & AMORPHOUS MATERIALS INC., KLEAN INDUSTRIES INC., CHEAP TUBES, RAYMOR INDUSTRIES INC., KUMHO PETROCHEMICAL, HYPERION CATALYSIS INTERNATIONAL, TORAY INDUSTRIES INC., SHOWA DENKO K.K.

Analyst Review

Currently, a vast number of industries such as electronics, drug delivery, automotive, aerospace, and optics rely on carbon nanotubes due to desired features in CNTs such as structural strength and superior thermal and electrical conductivities. However, the present production capabilities are expected to create a major supply demand gap in the future, paving the way for high prices of CNTs. Thus, R&D in nanotechnology in the long run will benefit the growth of the global carbon nanotubes market via production boost ups and quality improvements. Commercial synthesis of carbon nanotubes to suit individual application is also estimated to increase the product demand.

Technological updates, such as 5G, quantum computing, and availability of fuel cells surges the demand for better conductors, which can be met by carbon nanotube-based parts. Thus, the demand potential of CNTs is at an all-time high and this positive trend is anticipated to increase during the forecast period.

The carbon nanotubes market is segmented on the basis of type, technology, application, and region. The single walled carbon nanotubes segment is expected to grow at the fastest CGAR of 20.9%

Author Name(s) : Pratik Mandon| Ashwin Ponnappan | Eswara Prasad
Frequently Asked Questions?

Demand for lightweight but strong composite materials in automotive, aerospace, and energy sectors is the key factor boosting the carbon nanotubes market growth

The global carbon nanotubes market was valued at $23.1 billion in 2020, and is projected to reach $103.2 billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030.

Arkema SA, Cabot Corporation, CHASM Advanced Materials Inc., CHEAPTUBES, Hyperion Catalysis International, Jiangsu Tiannai Technology Co. Ltd., Klean Industries, Kumho Petrochemical, LG Chem, Nano-C, Nanocyl SA, Nanostructured & Amorphous Materials Inc., Nopo Nanotechnologies, OCSiAl, Ossila Ltd., Raymor Industries, Showa Denko K.K., Thomas Swan and Co. Ltd., Tokyo Chemical Industry Co. Ltd., and Toray Industries. are the main companies operating in the global carbon nanotubes market

Electronics, automotive, aerospace, and medical industries are projected to increase the demand for carbon nanotubes during the forecast period

The global carbon nanotubes market covers carbon nanotubes based on type, technology, application, and regjon

Factors such as improving economic viability by optimizing & developing production techniques, and finding new applications for carbon nanotubes will greatly influence the growth of carbon nanotubes

The electronics, structural composites, and medical segments is expected to drive the adoption of carbon nanotubes

Being a capital intensive technology, the COVID-19 has severely hit the demand for carbon nanotubes

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Carbon Nanotubes Market

Global Opportunity Analysis and Industry Forecast, 2021-2030