Industrial Carbon Nanotubes Market is Expected to Reach $10.3 Billion by 2030

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

The global industrial carbon nanotubes market was valued at $2.3 billion in 2020, and is projected to reach $10.3 billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030.

Industrial-grade carbon nanotubes are the most commercially adopted form of CNT, owing to its comparatively low cost than highly-purified CNTs. Unlike, high purity CNTs, industrial CNTs are produced in bulk quantities and are also available in masterbatches and composites. Industrial CNTs have been widely used for several applications such as conductive polymer composites, Li-ion battery electrodes, and others.

The entire carbon nanotubes market is R&D oriented, which provides tremendous scope for the 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 industrial carbon nanotubes market is driven by the developments in the automotive industry that is constantly on the lookout for lightweight structural components that offer excellent strength and wear & tear properties. Demand for composite materials in the automotive as well as aerospace industries is projected to benefit the market demand. Epoxy-based CNT composites are used in wind turbine blades. Moreover, lighter weight of turbine blades will mean high power output. Hence, as the wind energy markets mature over the coming years, there will be more focus on CNT-based turbine blades. On the contrary, the penetration of carbon nanotubes has increased only 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 industrial carbon nanotubes market growth.

The challenge of manufacturing costs could be solved by maximizing production volumes. R&D activities in carbon nanotechnology also play a major role in the future growth of the global industrial carbon nanotubes market. The manufacturing process of industrial 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.

The global industrial 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 industrial 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 18.9%, in terms of revenue, during the forecast period.