Carbon Nanotubes Market Size Report | Industry & analysis 2028

Carbon Nanotubes Market Forecast to 2028 - Global Analysis By Type (Multi-Walled Carbon Nanotubes and Single-Walled Carbon Nanotubes) and Application (Electronics & Semiconductors, Energy Storage, Structural Composites, Aerospace & Defense, Medical, and Others)

Publication Month : May 2023

  • Report Code : TIPRE00004215
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 181
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[Research Report] The carbon nanotubes market size is expected to grow from US$ 5,658.00 million in 2022 to US$ 13,981.58 million by 2028; it is estimated to register a CAGR of 16.3% from 2022 to 2028.

Market Insights and Analyst View:

Carbon nanotubes are extremely small cylindrical structures made up of carbon atoms. They are known for their unique properties, such as high tensile strength, good electrical conductivity, and thermal stability. They are of two types, single-walled carbon nanotubes and multi-walled carbon nanotubes, single-walled carbon nanotubes are made up of a single layer of carbon atoms rolled into a tube, while multi-walled carbon nanotubes consist of several concentric tubes. Carbon nanotubes are used as reinforcement materials in composite materials, energy storage in batteries, sensing materials in sensors, catalysts in chemical reactions and for biomedical applications. In medical industry it is used for drug delivery, imaging, biosensors, and tissue engineering and in electronics industry it is also employed as transistors, interconnects, displays, energy storage, sensors, etc.

Growth Drivers and Challenges:

Carbon nanotubes are carbon nanostructures with characteristic electrochemical and mechanical properties such as low density, high strength and rigidity, high heat conductivity, and electrical conductivity. The aforementioned 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 in order 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. For instance, in 2020, NAWA Technologies developed an ultra-fast carbon electrode, based on its patented Vertically-Aligned Carbon Nanotube (VACNT) technology, which is a vertical alignment of 100 billion nanotubes per square centimeter. In 2022, JiangSu Cnano Technology Ltd announced the plan to build battery materials, including conductive paste and carbon nanotubes, manufacturing plants in China and Germany. The company announced an investment of US$ 180 million for the establishment of the Zhenjiang plant in China and is projected to manufacture 450 tons of single-walled carbon nanotube products per year. In 2022, scientists from Lawrence Livermore National Laboratory, the US, developed Vertically-Aligned CNTs on metal foil for energy storage and electronic applications. This project was financially assisted by the Chemical and Biological Technologies Department of the Defense Threat Reduction Agency.

The utilization of CNTs as a conductive additive in the production of batteries improves the conductivity by 10% compared to carbon black, thus reducing the use of conductive additives by 30%. Further, the growing demand for CNTs for electric vehicle battery materials has influenced carbon nanotube manufacturers to expand production facilities. For instance, in 2022, LG Chem Ltd invested in the establishment of a CNT single-line production facility in South Korea. The aim of the company was to produce 3,200 tons of carbon nanotubes per year to cater to the demands of the electric vehicle market. According to the International Energy Agency, the global production capacity of batteries is projected to increase from 200 GWh in 2019 to more than 1,200 GWh by 2024, owing to rising electric vehicle sales. Thus, the increasing demand for CNTs for energy storage applications, as well as the rising global battery production capacity, are driving the carbon nanotubes market.

 CNTs are widely produced and utilized due to its large-scale application in various industries such as electronics, electrical, aerospace, and automotive. Carbon nanotubes have extensive application areas due to their simplicity of synthesis and characteristics such as high strength and diameter to length ratio. However, the disposal of CNTs in the environment is a major concern. The increased production and disposal of CNTs can cause environmental pollution, as CNTs form colloidal solutions as well as bind with pollutants such as heavy metals. CNTs, in both their original and oxidized form, discharged in water bodies can scatter light effectively, thus forming a colloidal solution. The particles of a colloidal solution have high mobility in aquatic systems, thus increasing the exposure risk and toxicity. Further, several research have revealed that CNTs possess good uranium uptake capacity. The presence of CNTs in water bodies can influence the mobility of hydrophobic organic contaminants and heavy metals. Thus, CNTs can adversely affect planktonic microorganisms present in soil surfaces. CNT toxicity in microbes has the potential to negatively affect plant production, organic matter catalysis, nutrient recycling, and groundwater purification. Therefore, environmental pollution caused by CNT disposal can restraint carbon nanotubes market growth.

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Carbon Nanotubes Market: Strategic Insights

Market Size Value inUS$ 5,658.00 million in 2022
Market Size Value byUS$ 13,981.58 million by 2028
Growth rateCAGR of 16.3% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Report Segmentation and Scope:

The “Global Carbon Nanotubes  Market” is segmented based on type, application, and geography. Based on type, the carbon nanotubes market is segmented into multi-walled carbon nanotubes and single-walled carbon nanotubes. Based on application, the market is classified into electronics and semiconductors, energy storage, structural composites, aerospace and defense, medical, and others. The carbon nanotubes market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)

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Segmental Analysis:

Based on type, the carbon nanotubes market is segmented into multi-walled carbon nanotubes and single-walled carbon nanotubes. Multi-walled carbon nanotubes are a special type of carbon nanotubes in which multiple SWNTs are placed over one another to form multiple layers. They consist of multiple concentric cylinders of carbon atoms, resembling a stack of rolled-up graphene sheets. The diameter of MWNTs ranges from 2 to 100 nanometers, and the length ranges from a few micrometers to several millimeters. Moreover, due to their high strength and stiffness, high electrical conductivity, and high thermal conductivity, they are used in various applications such as nanoelectronics, nanocomposites, and energy storage. One of the key advantages of multi-walled carbon nanotubes over single-walled carbon nanotubes is their ability to withstand higher mechanical stresses due to their multiple layers. According to the research published in September 2022, agro wastes could be considered as a potential candidate for the production of eco-friendly and economical carbon nanotubes. Multi-walled carbon nanotubes have a larger surface area than single-walled carbon nanotubes, which can be advantageous for certain applications. However, the production of multi-walled carbon nanotubes can impose potential health and safety risks, as they are classified as nanomaterials and may have toxic effects on human health.

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Regional Analysis:

Based on geography, the carbon nanotubes market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The global carbon nanotubes market was dominated by Asia Pacific which accounted for US$ 2,196.48 Million in 2021. Europe is a second major contributor holding more than 25% share in the global market. North America is expected to register the considerable growth at a CAGR of over 22% over the forecast period. The carbon nanotubes market in North America is segmented into the US, Canada, and Mexico. The regional market has been growing steadily over the past few years due to the region’s strong research and development capabilities and increasing demand for high-performance materials. The aerospace, automotive, defense, and electronics industries are among the key consumers of carbon nanotubes. The US is the largest market for carbon nanotubes in North America. The country has several established companies and research institutions such as Rice University, Houston, Texas; Nanocomp Technologies, Merrimack, New Hampshire; and Zyvex Technologies, Columbus, Ohio that focus on their development and commercialization.

Covid-19 Impact:

The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the chemicals and materials industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Due to the pandemic-induced economic recession, consumers became more cautious and selective in their purchasing decisions. Non-essential purchases were significantly reduced by consumers due to lower incomes and uncertain earning prospects, especially in developing regions. Many manufacturers in the carbon nanotubes market faced decline in profits due to reduced consumer demand during the initial phase of pandemic. However, by the end of 2021, many countries were fully vaccinated, and governments announced relaxation in certain regulations including lockdowns and travel bans. The start of operations in the manufacturing units positively impacted the carbon nanotubes market. Further, manufacturers could overcome the demand and supply gap by operating at total capacity. Moreover, the export and import volumes in the chemicals & materials industry are projected to increase significantly due to the relaxation of border and trade restrictions.

Competitive Landscape and Key Companies:

Some of the prominent players operating in the global carbon nanotubes market include Nanoshel LLC, NanoLab Inc, Kumho Petrochemical Co Ltd, Klean Industries Inc, LG Chem Ltd, Raymor Industries Inc, Nanocyl SA, Arkema SA, Tokyo Chemical Industry Co Ltd, and Cabot Corp among others.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
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

Frequently Asked Questions

What are the key drivers for the growth of the global carbon nanotubes market?

Technological advancements and next-generation microscale applications in the electrical & electronics sector need efficient and high-functionality materials such as carbon nanotubes (CNTs). Further, CNT-based composites technology is widely utilized in aerospace, defense, automotive and infrastructure industries. Moreover, 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. These benefits increase the applications of carbon nanotubes in the energy storage applications and structural composites industry, thereby driving market growth.

What is the scope of carbon nanotubes in the global market?

Carbon nanotubes are used as reinforcement materials in composites, energy storage in batteries, sensing materials in sensors, catalysts in chemical reactions and for biomedical applications. In medical industry, it is used for drug delivery, imaging, biosensors, and tissue engineering and in electronics industry, it is employed as transistors, interconnects, displays, energy storage, sensors, etc. Carbon nanotubes have outstanding electrical and mechanical properties, making them suitable for electronic and energy storage applications. Thus, the growing demand for lightweight substitutes of metal with superior thermal, electrochemical, and mechanical characteristics is projected to offer lucrative opportunities for carbon nanotubes in aerospace, structural composites, electronics and semiconductors’ industries.

Which is the largest region for the global carbon nanotubes market demand?

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.

What is the scope of the multi-walled carbon nanotubes segment in the global carbon nanotubes market?

Multi-walled carbon nanotubes are a special type of carbon nanotubes in which multiple SWNTs are placed over one another to form multiple layers. They consist of multiple concentric cylinders of carbon atoms, resembling a stack of rolled-up graphene sheets. Multi-walled carbon nanotubes have been used and studied extensively as polymer additives to improve mechanical characteristics and features, fire retardancy, electromagnetic shielding, and thermal conductivity.

Can you list some of the major players operating in the global carbon nanotubes market?

The major players operating in the global carbon nanotubes market are Arkema SA; LG Chem Ltd; Cabot Corp; Kumho Petrochemical Co Ltd; Tokyo Chemical Industry Co Ltd; Nanoshel LLC; NanoLab Inc; Klean Industries Inc; Raymor Industries Inc; and Nanocyl SA among many others.

Based on application, why is the medical segment expected to grow at the highest rate during the forecast period?

Carbon nanotubes are widely used in medicine and pharmaceutical industries due to their high surface area, high aspect ratio, and excellent biocompatibility; they are capable of conjugating with a wide variety of therapeutic and diagnostic agents such as drugs, vaccines, genes, antibodies, and biosensors.

The List of Companies - Carbon Nanotubes Market 

  1. Arkema SA
  2. LG Chem Ltd
  3. Cabot Corp
  4. Kumho Petrochemical Co Ltd
  5. Tokyo Chemical Industry Co Ltd
  6. Nanoshel LLC
  7. NanoLab Inc
  8. Klean Industries Inc
  9. Raymor Industries Inc
  10. Nanocyl SA   

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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