Global Carbon Nanotubes (CNT) Market Insights Forecasts to 2032
- The Global Carbon Nanotubes (CNT) Market Size was valued at USD 1,238 Million in 2022.
- The Market Size is Growing at a CAGR of 16.8% from 2022 to 2032
- The Worldwide Carbon Nanotubes (CNT) Market Size is expected to reach USD 5,850 Million by 2032
- North America is expected to grow the fastest during the forecast period
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The Global Carbon Nanotubes (CNT) Market Size is expected to reach USD 5,850 Million by 2032, at a CAGR of 16.8% during the forecast period 2022 to 2032. The demand for compact structural polymer composite materials conductive components for EMI shielding materials, and antistatic packaging in automotive, electronics, energy, and commercial consumer markets is driving the worldwide carbon nanotubes market.
Carbon nanotubes (CNTs) are cylinder-shaped molecules with large dimensions made up of a hexagonal structure of combined carbon atoms that can be created by rolling up a single sheet of graphene (SWCNTs) or multiple sheets of graphene (MWCNTs). Their mechanical tensile strength exceeds that of steel, and the conductivity of their thermal energy exceeds that of the diamond. In addition, CNTs are extremely chemically resistant and can withstand almost any chemical impact until subjected to high temperatures and oxygen at the same time. Because of these characteristics, carbon nanotubes are an excellent choice for a wide range of applications, including electronic devices such as transistors, electron-field emitters, chemical/electrochemical sensors, biosensors, lithium-ion batteries, hydrogen storage cells, supercapacitors, and electrical shielding devices. Furthermore, because of their strength and flexibility, carbon nanotubes have the potential to be used in directing other nanoscale structures, implying that they will play a major part in the development of nanotechnology.
The major key players in the Global Carbon Nanotubes (CNT) Market include Showa Denko K.K., LG Chemical Limited, Cabot Corporation, Jiangsu Cnano Technology Co., Chengdu Organic Chemicals Co. Ltd., Nanocyl S.A., Arkema S.A., CHASM™ Advanced Materials, Nanocyl, and others. The majority of these enterprises are adopting strategies such as partnership, collaboration, joint venture, and development of new products to grow their range of products and expand their reach worldwide.
Global Carbon Nanotubes (CNT) Market Report Coverage
|Market Size in 2022 :||USD 1,238 Million|
|Forecast Period 2022-2032 CAGR:||16.8%|
|2032 Value Projection:||USD 5,850 Million|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Type, By Technology, By End-use Application, By Region|
|Companies Covered:||Showa Denko K.K., LG Chemical Limited, Cabot Corporation, Jiangsu Cnano Technology Co., Chengdu Organic Chemicals Co. Ltd., Nanocyl S.A., Arkema S.A., CHASM™ Advanced Materials, Nanocyl, OCSiAl, Nanoshell LLC, Klean Commodities, Carbon Solutions, Inc.|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
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Global product utilization has increased due to the growing electronics industry, particularly in printed circuit boards and semiconductors. In the electrical and electronics industries, carbon nanotubes (CNTs) are utilized to make EMI (electromagnetic interference) shielding composites and antistatic packaging products. Carbon nanotubes are in high demand in the aerospace and military industries due to their exceptional characteristics as well as their capacity to assist the creation of lightweight equipment. In addition, the upsurge in environmental concerns as a result of the increased usage of petroleum-based goods and coal as a key energy source has increased the application of alternative sources of energy. As a result, governments in various nations provide incentives and funding to encourage the use of renewable energy sources such as wind, solar, and others. Moreover, carbon nanotubes are currently used in the wind energy sector to build supercapacitors and turbine blade reinforcements. CNT-based supercapacitors are lighter and respond faster than traditional hefty batteries.
The carbon nanotubes are further in plentiful supply in emerging fields such as lithium-ion batteries, chemical sensor technology, flat-panel screens, hydrogen storage, and fibers and composites. Because of lower prices and increased production capacity, the usage of CNTs in developing applications is likely to rise. The carbon nanotubes sector is focused on R&D, which provides market participants with profitable risks. Carbon nanotube market participants and research institutions are aggressively pursuing this subject to find novel techniques for integrating the materials into products. Furthermore, advantageous laws and regulations established by various governments to promote nanotechnology at the national stage are projected to boost the growth of the carbon nanotubes market over the forecast period.
However, producing higher-quality and ultra-high clarity CNT is a demanding process, limiting the overall market expansion. Furthermore, large-scale CNT production raises the likelihood of long-term health conditions among workers due to continuous exposure to nanoparticles, posing a significant barrier for businesses seeking to maintain production levels.
By Type Insights
The Multi-Walled Carbon Nanotubes (MWCNT) segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the Global Carbon Nanotubes (CNT) Market is segmented into the Single-Walled Carbon Nanotubes (SWCNT) and Multi-Walled Carbon Nanotubes (MWCNT). Among these, the Multi-Walled Carbon Nanotubes (MWCNT) segment is dominating the market with the largest revenue share of 58.6% over the forecast period. This dominance can be due to their superior qualities, which include five times the mechanical strength, electrical conductivity, and thermal conductivity of copper, among others. The increasing popularity of multi-walled carbon nanotubes in applications such as medical and healthcare, electrical devices, and optical devices is likely to drive market expansion over the estimated time frame. These structures are essential in the production of a wide range of products, including batteries, supercapacitors, plastics, and construction materials. The expanding electronics and semiconductor industries will further fuel the demand for multi-walled carbon nanotubes.
By Technology Insights
The catalytic CVD segment is witnessing significant CAGR growth over the forecast period.
On the basis of technology, the Global Carbon Nanotubes (CNT) Market is segmented into chemical vapor deposition, catalytic CVD, and arc discharge. Among these, the catalytic CVD segment is witnessing significant CAGR growth over the forecast period. Because of its versatility and compliance with minimal temperatures and ambient pressures, the catalytic CVD approach has acquired prominence in CNT manufacturing. Furthermore, new floating catalyst chemical vapor deposition (FCCVD) technologies are enabling the fabrication of quality CNTs with easy processing and suitable flexibility. With the increasing technological advances and research within the field of synthetic fibers, there will be an enormous demand for the production of CNT fibers utilizing FCCVD.
By End-Use Application Insights
The electronics & semiconductors segment accounted for the largest revenue share of more than 37.2% over the forecast period.
On the basis of end-use application, the Global Carbon Nanotubes (CNT) Market is segmented into automotive, electronics & semiconductors, energy & storage, chemical material & polymers, medical & pharmacy, structural composites applications, and others. Among these, the electronics & semiconductors segment dominates the market with the largest revenue share of 37.2% over the forecast period. This is due to the high conductivity and exceptional optoelectronic capabilities of the material in applications in electronics and electrical engineering. It has electrical properties that are useful in the construction of electronic devices such as diodes and field-effect transistors. In addition, carbon nanotubes are employed in the fabrication of diodes and field-effect transistors through chemical doping and polymeric coatings, which is expected to fuel revenue growth in the semiconductor industry. Furthermore, the medical and pharmaceutical segments are predicted to increase at the quickest rate during the forecast period. CNTs are employed in medicine and pharmacy because of their ability to absorb a wide range of diagnostic substances, including antibodies, vaccinations, medicines, and others.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with more than 45.7% market share over the forecast period. This can be ascribed to growing end-use applications, such as lithium-ion batteries utilized in mobile phones and laptops, as well as a movement in the motor vehicle sector favoring environmentally friendly and sustainable vehicles, which has resulted in the widespread utilization of electric vehicles. These battery-powered vehicles necessitate the usage of nanomaterials and lithium-ion batteries, both of which CNTs can be found. Furthermore, a plentiful supply of raw materials, as well as low labor and manufacturing expenses in countries such as China, India, and South Korea, are adding to the regional market's revenue growth. China is the most significant consumer in the Asia-Pacific region and the world's second-largest market. China's market growth is being supported by increased investments in modern production facilities for automotive, aerospace and military, rail, aerospace, wind, and infrastructure improvement. Moreover, the increase in government spending on solar energy cell manufacturing, together with increased solar power generation, will boost regional industrial growth.
North America, on the contrary, is expected to grow the fastest during the forecast period. This is mostly owing to the rising demand for CNT-based polymers used for enhancing the thermal, electrical, and mechanical qualities of many different products. The rising popularity of CNTs from end-use industries such as medical services, electronics & semiconductors, energy, and others, as well as government policies promoting green energy, are projected to boost the North American carbon nanotube market over the forecast period.
List of Key Market Players
- Showa Denko K.K.
- LG Chemical Limited
- Cabot Corporation
- Jiangsu Cnano Technology Co.
- Chengdu Organic Chemicals Co. Ltd.
- Nanocyl S.A.
- Arkema S.A.
- CHASM™ Advanced Materials
- Nanoshell LLC
- Klean Commodities
- Carbon Solutions, Inc.
Key Market Developments
- On February 2023, Toyocolor, the colorants and functional materials division of Japan's Toyo Ink Group, announced that its Lioaccum conductive carbon nanotube (CNT) dispersions have been chosen by the world's largest battery manufacturer CATL (Contemporary Amperex Technology Co., Limited) for use in CATL's next-generation high capacity li-ion batteries (LiB).
- On April 2023, NEC Corporation has created the world's first high-sensitivity uncooled infrared image sensor, which employs high-purity semiconducting carbon nanotubes (CNTs) for infrared sensing. NEC's unique extraction technique was used to accomplish this.
- On May 2023, LG Chem Ltd. announced the groundbreaking of its fourth carbon nanotube (CNT) plant in South Korea, which will more than the treble output of the crucial industrial material in the coming years. The CNT 4 factory, which will be built in LG Chem's Daesan site in Seosan, will increase the chemical company's overall CNT production capacity to 6,100 tons by the time it opens in 2025. The present output capacity of the country's largest chemical business is 2,900 tons.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Carbon Nanotubes (CNT) Market based on the below-mentioned segments:
Carbon Nanotubes (CNT) Market, Type Analysis
- Single-Walled Carbon Nanotubes
- Multi-Walled Carbon Nanotubes
Carbon Nanotubes (CNT) Market, Technology Analysis
- Chemical Vapor Deposition
- Catalytic CVD
- Arc Discharge
Carbon Nanotubes (CNT) Market, End-use Application Analysis
- Electronics & Semiconductors
- Energy & Storage
- Chemical Material & Polymers
- Medical & Pharmacy
- Structural Composites Applications
Carbon Nanotubes (CNT) Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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