The global Carbon Nanotubes Market is expected to surpass USD 970.9 million in 2023. Increasing product demand from application industries including electronics, plastics, and energy storage is expected to drive the industry over the forecast period.
Carbon nanotubes help in the early detection of diseases, thereby enabling effective management of the disease. The overall demand for the carbon nanotubes is projected to expand at a CAGR of 9.6% between 2023 and 2033, totaling around 2,428.1 million by 2033.
Carbon nanotubes are used in these polymers as strength and weight enhancers which in turn boosts the demand for polymers as reinforcing material. Also, governments are investing time and money to promote the application of carbon nanotubes at the domestic level which is generating new opportunities for the manufacturers. Its adoption is surging with new wind energy generation projects.
High demand for polymers in the electronics and electrical industry also accounts for market growth. Polymers might continue their market lead as end-user on the back of high demand for engineered plastics across leading end-use industries. On a different front, the chemical vapor deposition method for production might gain preference over other alternatives by 2033.
| Attribute | Details |
|---|---|
| Carbon Nanotubes Market Share (2022) | USD 894.0 million |
| Carbon Nanotubes Market Share (2023) | USD 970.9 million |
| Carbon Nanotubes Market Share (2033) | USD 2,428.1 million |
| Carbon Nanotubes Market Share (2023 to 2033) | 9.6% |
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Robust Mechanical Strength & Soaring Application in End-use Industry is Estimated to Boost the Market Growth
Excellent semiconducting properties are driving the market toward high-end applications. Probabilities of replacing existing computer chips are attracting market players. Also, carbon nanotubes are finding applications in plastic additives, given their flame-retardant and environment-friendly properties.
The newfound use of nanotubes in X-rays is opening a new door of opportunities. The application of carbon nanotubes in unconventional applications such as speakers is bolstering their demand.
In addition to the above, the adoption of carbon nanotubes is increasing in the medical field, where it is being used in biosensors for yeast infection diagnosis. Furthermore, its application to target tumors is increasing its penetration across the medical sector.
High Manufacturing Cost and Increasing Health Concerns May Challenge the Adoption of CNTs.
As per the recent analysis by Future Market Insights, CNTs have high economic value owing to their enhanced physical properties, broad appeal toward applications, and great difficulty in synthesis compared to their large-diameter counterparts. Thereby, the cost of manufacturing is high, combined with the need for an effective research and development base may pose a barrier to new market entrants.
Product innovation and strategic partnerships with buyers are projected to offer novel growth avenues for the players. However, the supremacy of established players governing the leading carbon nanotubes market share is further anticipated to discourage new entrants.
Toxic effects associated with the production of carbon nanotubes (CNT) are anticipated to hurt industry growth. Additionally, soaring demand for other nanomaterials including metal oxides, coupled with their low toxic nature than their carbon counterparts, is likely to restrain the industry growth.
Principal Consultant
The global carbon nanotubes market is bifurcated into products, applications, and regions. Based on the application segment, the highest-growing segment in the global carbon nanotubes is the polymer subtype, and the polymer demand is estimated to inflate at a significant rate over the coming years.
Polymers were the leading application segment in 2022, accounting for nearly 59.1% share of the market. Further, the mounting application of engineered polymers in the construction and automotive industries is anticipated to fuel demand for CNT. The increasing popularity of composites on account of their lightweight property is likely to enhance the product demand for polymers.
Superior conductivity and exceptional optoelectronic properties of the product are projected to promote its demand in electrical and electronics applications.
Moreover, the increasing importance of energy generation through alternate sources such as solar and wind energy is projected to encourage the role of solar cells and wind turbines. Also, increasing demand for solar cells and wind turbines is likely to promote the carbon nanotubes market growth over the forecast period.
The global demand for carbon nanotubes is projected to increase at a CAGR of 9.6% during the forecast period between 2023 and 2033, reaching a total of USD 2,428.1 million in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 6.3%.
The industry witnessed exceptional growth, driven by the expanding application scope of the construction and automotive industries in emerging economies including China, India, Brazil, and the Middle East during the historic outlook. However, stringent environmental regulations hampered the growth of the carbon nanotubes market.
Over the years, CNTs have observed extensive application of lithium-ion batteries in the grid and renewable energy storage, coupled with rising product penetration in the application industry. This, in turn, is projected to fuel product demand over the forecast period. Furthermore, favorable government regulations to reduce greenhouse emissions and promote renewable energy are projected to drive the industry.
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Mushrooming Electronics Industry to Propel the Demand for CNTs
In terms of geographic divisions, North America held the largest share, accounting for 27.9% share in the carbon nanotubes market in 2022. According to Future Market Insights analysis, the region is estimated to witness a significant growth over the forecast period.
Key developments in nanotechnology might impart a significant market position in North America in the coming years. Further, the high adoption rate of advanced technologies is going to work in favor of regional market growth.
The further growth of the regional market is attributed to the high demand for polymer manufacturing to improve the thermal, electrical, and mechanical properties of bulk products. In addition, regulations imposed by the government to encourage green energy are expected to aid industry growth over the forecast period.
Spurring Sales of Electronics & Soaring Demand for Energy are Likely to Proliferate Demand for CNTs
Based on Future Market Insight’s recent analysis, Europe is the second-largest region in terms of revenue share, accounting for nearly 21.8% share of the carbon nanotubes market. Nations in Europe like Germany and the United Kingdom are projected to hold vital opportunities and generate the high revenue share in terms of the carbon nanotubes market.
CNT finds their extensive end-usage as either metals or semiconductors owing to their exceptional mechanical strength as well as interesting electrical properties, depending on geometrical variations. They have captured the imagination of many for their potential use in an enormous variety of novel applications.
European researchers sought to develop inexpensive channel spark ablation (CSA) technology to produce high-quality single-walled CNTs (SWCNTs) by the tonne through funding of the Nanospark project. Owing to this factor, the region is estimated to experience upsurged adoption of carbon nanotubes. Besides, the increasing manufacturing of electronics in Germany is estimated to further boost the regional market for carbon nanotubes.
Increasing Manufacturing of Electrical Products in China to Remain a Key Driver for Regional Growth
According to Future Market Insights, Asia Pacific is one of the most significant regions based on the development of the carbon nanotubes market and is estimated to witness impressive growth throughout the forecast period.
The burgeoning automotive, construction, and electronics industries in Asia Pacific is going to open a doorway of growth prospects for manufacturers in the regional market. Players are strengthening their presence in emerging Asia Pacific economies to benefit from the abundant raw material supplies. Moreover, key players are collaborating with small players to expand their regional footprint.
The economic boom in Japan, India, China, and Malaysia might largely contribute to the market growth of Asia Pacific. The market in these countries is propelled by increased demand for carbon nanotubes in applications such as capacitors and batteries.
China is the leading market accounting for 8.1% global market share in 2022 in this region due to government funding in the 12th five-year plan for the development of carbon nanotubes. Apart from China, Japan, South Korea, and Taiwan are leading producers of CNTs.
How key Players are Opening Frontiers for Future Growth?
What are the Leading Players in the Carbon Nanotubes Market Up to?
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East & Africa (MEA) |
| Key Countries Covered | The United States, Canada, Germany, The United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASIAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered | Product, Application, Region |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The growth potential of the market is 9.6% through 2033
North America holds high lucrativeness.
High manufacturing cost limits the growth potential.
Boost in energy demand drives CNT demand surge in Europe.
Robust mechanical strength boots the market growth.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Multi-Walled (MWCNT) 5.2. Single-Walled (SWCNT) 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Application in Polymers 6.2. Application in Energy 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Nanocyl S.A 17.2. CNano Technology Ltd. 17.3. Showa Denko K.K. 17.4. Arkema S.A. 17.5. Bayer MaterialScience AG 17.6. Chasm Advanced Materials Inc. 17.7. Raymor Industries Inc. 17.8. Klean Industries Inc. 17.9. Toray Industries Inc. 17.10. Cheap Tubes 18. Assumptions & Acronyms Used 19. Research Methodology
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Carbon Nanotubes Market
