Global Carbon Nano Materials Market Expected to Reach $31.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Global Carbon Nano Materials Market," The global carbon nano materials market was valued at $2.9 billion in 2021, and is estimated to reach $31.6 billion by 2031, growing at a CAGR of 27.7% from 2022 to 2031.

Carbon nanoparticles are a unique class of materials that have widespread application in biomedical fields, such as drug delivery, biomedical imaging, biosensors, tissue engineering, and cancer therapy. Carbon nanomaterials can have numerous forms, including nanodiamonds, nanotubes, and graphene. These materials can be customized for a particular purpose owing to their diverse electrical, chemical, and magnetic properties as well as their exceptional structural strength.

The distinct structural and functional characteristics of carbon nanostructures make them perfect for imaging-based diagnostics. Graphene is the best material for scaffolds for tissue regeneration, whereas carbon nanotubes are simple to functionalize for stimuli-responsive, targeted drug delivery. Carbon nanodiamonds are perfect for biological functionalization, as their surface contains facets with various electrostatic fields. Functionalization, for instance, with chemotherapeutics, proteins and peptides, and/or nucleic acids, can provide a number of benefits simultaneously and produce potent theragnostic instruments.

Carbon nanomaterials are widely employed in medicine and pharmaceuticals for the sensitive detection of essential biological molecules, more accurate and safer imaging of sick tissues, and innovative forms of treatment, owing to their electrical, optical, mechanical, and chemical capabilities, Some therapeutic and diagnostic compounds based on carbon nanomaterials have been developed for the treatment of asthma, pain, allergy, cancer, diabetes, and infections; these factors are anticipated to drive market expansion throughout the forecast period.

Rapid urbanization and rise in investments in the construction and medical industries, especially in the emerging countries of China and India, are projected to present opportunities for carbon nanomaterials in the future. However, high processing costs and strict environmental laws are anticipated to hamper market expansion.

A growing range of industries, including biomedical, energy, electronics, and wastewater treatment, are increasingly using carbon nanomaterials, and the U.S. market for these materials is expected to develop at the greatest rate in the area. The U.S. government makes significant investments in nanotechnology to lead global technological advancement. By means of the National Nanotechnology Initiative (NNI) initiative, it coordinates development on carbon nanomaterials.

Factors such as the anticipated increase in number of people exposed to these carbon nanoparticles, occupational exposure, and the projected evolution of potentially detrimental consequences in the coming years are expected to drive the establishment of stringent regulations. As a result, the predicted progressive strictness in carbon nanomaterials and nanotechnology regulations is expected to create a hurdle to industrial expansion in the future.

Japan is anticipated to be the major provider of carbon nanomaterials, followed by China and South Korea during the forecast period. Major end-use sectors, such as electronics, automotive, and defense, increase regional product demand. Increase in discretionary spending, particularly in India and China, also contributes to the expansion of the industry.

The global carbon nanomaterials market is segmented into form and region. Depending on form, the market is classified into graphene, carbon nano fibers, fullerenes and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major players operating in the global carbon nanomaterials market are Arkema, Bayer AG, DuPont, G6 Materials Corp, Graphenea, Hollingsworth & Vose, Hydale Graphene Industries Plc, Hyperion Catalysis International, Inc., Jiangsu Cnano Technology Co., Ltd., LG Chem, MTR Ltd., Nano-C, Nanocyl SA, Otto Chemie Pvt. Ltd., SES Research Inc., Showa Denko K.K, Thomas Swan & Co. Ltd., and Tokyo Chemicals Industry UK Ltd.

Other players operating in the carbon nanomaterials market are Nanostructured & Amorphous Materials Inc., Nopo Nanotechnologies, Ocsial, Ossila Ltd., and Raymor Industries Inc.

Key findings of the study

• The report outlines the current carbon nanomaterials market trends and future scenario of the market from 2022 to 2031 to understand the prevailing opportunities and potential investment pockets.
• The market size is provided in terms of revenue and volume.
• On the basis of form, the fullerenes segment is expected to grow at a CAGR of 27.7%, in terms of revenue, during the forecast period.
• By region, Asia-Pacific dominated the market with highest revenue shares of $1115.7 million in 2021.
• Rapid industrialization and increased investments in the medical and automotive industries in the emerging economies of South Korea, and Japan, these countries are anticipated to be the fastest-growing market.
• Companies have intensified R&D in carbon nanomaterials in response to increasing demand from several end-use sectors in the area of Japan and China, which is projected to have a favorable effect on the carbon nanomaterials market.

IMPACT OF COVID-19 ON THE GLOBAL CARBON NANOMATERIALS MARKET

• The COVID-19 pandemic has affected the global imports and exports of several goods.
• Multiple governments have enacted export restrictions that have a considerable impact on supply.
• In addition, carbon nanomaterial makers are experiencing difficulties in getting raw materials, which causes further delays in shipments to customers.
• Furthermore, the quality of some raw materials has deteriorated significantly, and orders for shipments are being greatly impacted by the lack of boats and blank sails, which has a significant impact on the growth of the carbon nanomaterials market.
• As the industries that require carbon nanoparticles for producing products, including as automotive and aviation, are shutting down, the demand for carbon nanomaterials has declined dramatically, restricting the market growth of carbon nanomaterials during the pandemic.