Carbon Nanotubes Market is Expected to Reach $103.2 Billion by 2030

According to a new report published by Allied Market Research, titled, "Carbon Nanotubes Market by Type, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2030,"

The global carbon nanotubes market was valued at $23.1 billion in 2020, and is projected to reach $103.2 billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030.

Carbon nanotube is an advanced carbon material formed by rolling up a single sheet of graphene (single-walled carbon nanotubes) or by rolling up multiple sheets of graphene (multi-walled carbon nanotubes).

They have attracted significant research interest due to their outstanding physical, chemical, and electronic properties. CNTs have been widely used for several applications such as conductive polymer composites, Li-ion battery electrodes, and others. The carbon nanotubes market is R&D oriented, which provides tremendous scope for growth of market players. Industry players have heavily invested to develop new products and reduce the overall production costs of SWCNTs and MWCNTs.

Presently, the global carbon nanotubes market is driven by the global automotive industry that is constantly on the lookout for lightweight structural components that offer excellent strength and wear & tear properties. Lighter materials consequently result in better fuel efficiency, thereby improving the final product’s carbon footprint. The main applications of carbon nanotubes include CNT-based plastics, adhesives, structural composites, and battery electrodes. The carbon nanotubes industry has witnessed massive capacity expansion in the last decade. However, the penetration of carbon nanotubes has increased moderately across various end-user industries, owing to the high price of SWCNTs and limited applications of MWCNTs. Therefore, the high price of CNTs is a major restraint for the global carbon nanotubes market growth.

R&D activities in carbon nanotechnology are estimated to play a major role in the future growth of the global carbon nanotubes market. The manufacturing process of CNTs that is commercially viable is projected to increase the end-use demand. In addition, developing CNT for specific applications by varying its molecular build-up leads to new products and formats of CNTs. Increase in the biocompatibility of CNT is expected to enable it to be used in the biomedical industry such as drug delivery, cancer therapy, tissue engineering, body implants, medical devices, and dental filling materials.

The global carbon nanotubes market is segmented on the basis of type into single-walled carbon nanotubes (SWCNTs) and multi-walled carbon nanotubes (MWCNTs). In 2020, the MWCNTs segment acquired the largest share in the overall market, and is expected to maintain its lead during the forecast period. The SWCNTs segment is projected to grow at a high CAGR of 20.9%, owing to its comparatively superior electronic properties, thereby making it ideal for ESD applications.

On the basis of technology, the global carbon nanotubes market is segmented into arc discharge, laser ablation, CVD, catalytic CVD, high pressure carbon monoxide, CoMoCAT, floating catalyst, and others.

On the basis of application, the market is segmented into electronics & semiconductor, energy storage, structural composites, chemical materials, medical & pharmacy, and others.

The structural composites segment accounted for the largest carbon nanotubes market share in 2020. Structural composites made from CNTs are majorly used in aerospace, defense, sporting goods, wind turbine, and automotive sectors among others.

The electronics & semiconductor is further sub-segmented into display, integrated circuits, transistors, industrial sensors, superconductors, and others. The energy storage segment consists of Li-ion battery, lead acid battery, fuel cells, solar PV cells, hydrogen storage, and electrochemical. Structural composites include aerospace, defense, sporting goods, wind turbine, automotive, construction, rubber & tires, and others. Chemical materials include coatings, adhesives and sealants, catalyst, water filtration, polymers, fire retardants, and others. Medical & pharmacy consists of transdermal drug delivery, cancer treatment, proteomics, and others.

On the basis of region, the market is studied across North America, Europe, Asia-Pacific, Middle East, Africa, and South America. The Asia-Pacific carbon nanotubes market size is projected to grow at the highest CAGR of nearly 17.5%, in terms of revenue during the forecast period. Presence of a vast manufacturing base in countries, such as China, Japan, Australia, and India, is expected to drive the demand for CNTs during the forecast period.

Key findings of the study

• By region, Asia-Pacific is projected to grow at the highest CAGR of nearly 17.5%, in terms of revenue, during the forecast period.
• By type, the single-walled carbon nanotubes (SWCNTs) segment is anticipated to witness the high growth rate of 20.9%, in terms of revenue, during the forecast period.
• By technology, the others segment is anticipated to witness the high growth rate of 19.7%, in terms of revenue, during the forecast period.
• By application, the Medical & Pharmacy segment is anticipated to witness the high growth rate of 18.7%, in terms of revenue, during the forecast period.

Impact Of Covid-19 On The Global Carbon Nanotubes Market

• The COVID-19 pandemic has negatively affected the global economy, thereby changing consumer spending patterns globally.
• The global automotive supply chain has been severely affected due to the pandemic. On the supply side, lack of workforce and restrictions on manufacturing operations led to a shortage in key components required in automotive manufacturing. Further, uncertainty over the economic conditions during the forecast period has led to a decline in consumer confidence, thereby affecting consumer spending. This is expected to decrease vehicle sales during the forecast period.
• In terms of end-use industries, the industrial end-user drives the demand for CNTs; therefore, COVID-19 situation has directly affected the ongoing demand as lockdown in several parts of the world led to a decrease in manufacturing output.
• Financial turbulence in the leading economies may delay commissioning of new renewable electricity projects, wind mills & tidal energy farms, biofuel facilities, and renewable heat investments.
• In addition, the renewable sector in most of the countries is largely dependent on imports from other countries, notably from China. China, the known source of this pandemic, has been the most affected in terms of material supply and material transport due to COVID-19.
• However, to secure constant supply of critical components, countries are expected to focus on uplifting their regional and local manufacturing networks.
• The above factors are expected to impact the global carbon nanotubes market growth during the forecast period.