Global Carbon Nanotubes Market Research Report: Forecast (2024-2030)

Market Definition

Carbon nanotubes (CNTs) are cylindrical molecules of carbon with sizes to the scale of nanometers, and feature a hexagonal pattern of hybridized carbon atoms created by rolling up graphene sheets. As such, they are widely employed in an array of industrial applications that span device modeling and energy storage systems to thin-film electronics manufacturing, electromagnet shields, integrated circuits, lithium batteries, solar photovoltaic (PV) cells, hydrogen storage units, and so on. Carbon Nanotubes possess elevated strength, temperature resistance, thermal conductivity, electrical conductivity, durability, and lightweight properties that exceed other conventional materials.

Market Insights & Analysis: Global Carbon Nanotubes Market (2024-30):

The Global Carbon Nanotubes Market size was valued at USD 3.05 billion in 2023 and is estimated to grow at a CAGR of around 17.4% during the forecast period, i.e., 2024-30. The market growth can be attributed to the extensive applications for carbon nanotubes in verticals, such as electronics, energy, textile, defense, aerospace, and automotive, along with surging growth in the medical industry and the growing usage of high-end technologies.

The electronics industry greatly benefits from the exceptional attributes of carbon nanotubes, which include their remarkable mechanical properties and electronic capabilities that make them an ideal choice for use in various electronic applications. Due to these significant properties, CNT demand in this industry is rising and its global market is expected to grow during the forecast period. In addition, countries such as Japan, South Korea, Singapore, and China are experiencing a surge in the desire for electronic products. The semiconductor sector within electronics manufacturing, particularly is facing an increasingly high requirement for CNT resources.

Additionally, to increase the strength and provide lightweight polymers, carbon nanotubes are used to reinforce material in the polymers industry. Thus, the usage of carbon nanotubes across different end-use industries has become a key trend to drive the carbon nanotubes market growth. Hence, the tech enterprise aims to expedite its objective of producing state-of-the-art carbon nanotubes for products that will transform the market in upcoming years.

Furthermore, the surge in worldwide energy needs will propel the overall expansion of the carbon nanotube business. The escalating focus on utilizing eco-friendly power sources is anticipated to augment the global adoption of carbon nanotubes (CNT). In addition, government initiatives advocating wind energy projects that generate renewable energies at larger scales would positively impact the CNT industry growth prospects.

Global Carbon Nanotubes Market Driver:

Increasing Electronics & Semi-conductors Demand to Fuel the Market Growth – The electronics industry is thriving in China, South Korea, Japan, and Singapore, which has catalyzed the Carbon Nanotubes Market expansion. With fast-paced technological advancements and fresh innovations driving the demand for electronics as well as semiconductor production industries to new heights, thus driving the market growth of CNTs. As this demand grows stronger, manufacturing industries seek to acquire carbon nanotubes that have become crucial components of electronics production.

Also, the surge of manufacturers focused on producing printed circuit boards and semiconductors has garnered higher CNT product utilization worldwide. Moreover, advancements in technology and rapid development in the gaming industry are likely to drive the consumer electronics demand, which, in turn, propels the market demand for the manufacturing of consumer electronics goods with carbon nanotubes effectively.

Global Carbon Nanotubes (CNTs) Market Opportunity:

MIT Engineers Built Modern Microprocessors Out of Carbon Nanotubes – In recent years, an innovative microprocessor has been constructed by MIT scientists utilizing transistors, which serve as an eco-friendly and swifter replacement for conventional silicon equivalents. Production of Carbon Nanotube Field-Effect Transistors (CNFET) caters to the building of next-generation computers across the globe. This would offer lucrative opportunities to the Carbon Nanotubes Market.

Additionally, according to recent research, CNFET is predicted to be 10 times more energy efficient and faster than silicone. MIT researchers have developed a new technique that uses traditional methods of fabricating silicon chips while minimizing defects and achieving complete operational control in the production of CNFETs. Moreover, increasing engineers' and manufacturers' expenses in R&D to develop advanced Carbon Nanotube Field-Effect Transistors, is anticipated to fuel the market's expansion in the forecast years.

Global Carbon Nanotubes (CNTs) Market Challenge:

Increasing Health & Environment Concerns to Hinder the Adoption Rate of CNTs –  Growing concerns over the environmental impact of the CNT have prompted stringent regulatory measures, posing challenges for nanotube manufacturing companies. This market analysis examines the implications of environmental regulations and health risks associated with CNTs on the industry landscape. The agglomerates create potential risks to human beings as well as the environment. This has negatively impacted the CNT market and created hindrances in its adoption rate.

Global Carbon Nanotubes Market Trend:

Rising Aerospace Industry to Aid the Market Development – The Carbon Nanotubes Market is poised with optimism due to the notable expansion of the aerospace industry worldwide. CNTs are contributing to their adoption having widespread application in aircraft components such as wings and fuselages, providing protection against aircraft icing, weight reduction for satellites, and safeguarding lighting systems from damage.

Moreover, flying entails various risks, and as a result, aircraft manufacturers aim to enhance the resilience, durability, and robustness of aerospace components. This predominantly involves reducing weight and fuel consumption while prolonging the life span of an aircraft in operation by decreasing operating costs. A modern and advanced airplane’s fuselage is made from multiple sheets of various composite materials such as nanomaterials like CNTs, used in the aerospace sector for improving the overall aircraft performance.

As carbon nanotubes fulfill all the requirements for manufacturing aircraft, manufacturers and engineers, are utilizing CNT methods for producing aerospace-grade composites. These trends ultimately boost the global carbon nanotubes market.

Global Carbon Nanotubes Market (2024-30): Segmentation Analysis

The Global Carbon Nanotubes (CNTs) Market study by MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024-2030 at the global level. In accordance to the analysis, the market has been further classified as:

Based on Type:

• Multi-walled Carbon Nanotubes (MWCNT)
• Single-walled Carbon Nanotubes (SWCNT)

MWCNT is anticipated to maintain its dominance with a substantial market share in the Global Carbon Nanotubes Market. Its applications are extensive and include conductive transparent electrodes, electrical conductivity systems, displays, nano-devices for supercapacitors as well as solar industries and batteries.

When integrated into a composite structure correctly, it exhibits high conductivity levels leading to increased demand in various industry sectors. Furthermore, the molecular complexity of Graphene is heightened in multi-walled carbon nanotubes resulting in enhanced tensile strength and making it suitable for various applications such as electronics and energy.

Based on End Use Industry:

• Energy & Storage
• Chemical Materials & Polymers
• Structural Composites
• Medical
• Others

During the projected period, Chemical Materials & Polymers are expected to maintain their highest market share due to a surge in the usage of engineered polymers within the automotive and construction sectors. The demand for polymer-based products will see an upward trend as lightweight materials become more prevalent in various industries.

Moreover, Plastic polymers have also been utilized by numerous researchers in the production of CNTs, which exhibit both chemical and physical characteristics. Integrating these nanotubes into epoxy resins to create nanostructured, enhanced strength, and reduced product weight is achieved, thus significantly impacting the Global Carbon Nanotubes Market.

Global Carbon Nanotubes (CNTs) Market (2024-30): Regional Projection

Geographically, the Global Carbon Nanotubes (CNTs) Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

During the projected period, the Asia-Pacific Carbon Nanotubes Market is anticipated to hold a significant proportion of the overall market size. The CNT market is expected to experience an upsurge in the future, fueled by expansion within the automobile industry, construction sector, aerospace domain, and electronics sphere throughout Asia-Pacific. This escalation can be attributed to the rising demand for polymer applications within China, India, Malaysia, and Japan. Additionally, an increase in government investments in solar cell manufacturing along with escalated production output of solar power shall contribute substantively to this regional industry growth surge.

Global Carbon Nanotubes Industry Recent Development:

• 2022: LG Chem constructed its 4^th carbon nanotube plant, featuring the world's largest single-line production of CNT. The new facility is expected to increase this type of capacity by 20% per capita.

Gain a Competitive Edge with Our Global Carbon Nanotubes Market Report:

• Global Carbon Nanotubes (CNTs) Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Carbon Nanotubes Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.