Carbon Nanotubes Market Size, Share & Trends Analysis Report By Product (MWCNTs, SWCNTs), By Application (Polymers, Energy, Electrical & Electronics, Others), By Region, And Segment Forecasts, 2024 - 2030

Report Overview

The global carbon nanotubes market size was valued at USD 2.87 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 14.0% from 2024 to 2030. Carbon nanotubes (CNTs) are microscopic tubes formed entirely from carbon atoms and possess remarkable properties, including exceptional mechanical strength, superior electrical conductivity, lightweight, and outstanding thermal stability. These unique attributes make them extremely sought-after for several applications across major industries. The market is witnessing a growing trend of commercialization of CNT-based products. As manufacturing costs decrease and production capacities increase, CNTs are expected to become more readily available for numerous real-world applications in the coming years.

CNTs exhibit exceptional strength-to-weight ratios that exceed those of steel. It allows the development of lighter yet stronger components in industries such as aerospace and automotive, leading to improved fuel efficiency and construction and better structural integrity. The unique structure of CNTs enables efficient electron transport that aids in creating next-generation electronic products with faster processing speeds and improved energy efficiency in sectors including consumer electronics and renewable energy. CNTs possess remarkable thermal conductivity, efficiently dissipating heat. These features contribute to developing heat sinks with superior performance, which is crucial for various industries' miniaturization and thermal management of electronic components.

CNTs can be incorporated into composite materials, significantly enhancing their strength, conductivity, and thermal properties. This provides an opportunity to create lighter and more durable materials in applications such as sporting goods, automotive parts, and infrastructure development. Additionally, carbon nanotubes are increasingly recognized as a revolutionary material with the potential to significantly advance the defense industry. Their unique combination of physical properties, including exceptional strength and durability, enhanced ballistic performance, and easy incorporation into military vests and uniforms, offers substantial advantages for various defense applications.

Product Insights

MWCNTs dominated the market and accounted for a revenue share of 94.5% in 2023. This segment’s dominance can be attributed to several key factors, such as MWCNTs being generally less expensive to manufacture. This is due to the simpler production processes and higher yields achievable with Multi-Walled Carbon Nanotubes (MWCNT) production methods such as chemical vapor deposition (CVD). Manufacturing techniques for MWCNTs are more readily scalable, allowing larger-volume production to meet growing market demands. This scalability is crucial for their widespread commercialization and cost reduction. They are extensively utilized during the formulation of polymers to enhance their conductivity and strength, among other attributes. Moreover, there is a substantial demand in the electronics sector to replace conventional semiconductors and silicon components. Additionally, MWCNTs exhibit good mechanical strength and thermal conductivity, making them suitable for various composites, electronics, and energy storage applications.

The demand for single-walled carbon nanotubes (SWCNTs) is expected to remain strong in the coming years. These types of CNTs possess unique electronic properties, making them suitable for applications such as electronic miniaturization and as a conductor in the nanotechnology industry. Additionally, SWCNTs have high flexibility and strength, are lightweight, and possess substantial thermal and electrical conductivity, making them useful across specific applications. However, their low rate of production results in high costs, making them impractical for use across many industries. As a result, they are expected to have a much smaller contribution to the overall market during the forecast period.

Application Insights

Based on application, polymers accounted for the largest revenue share in 2023. This is attributed to the combined effect of CNTs and polymers that result in the development of nanocomposites that provide augmented benefits. For instance, CNTs act as robust reinforcements within the polymer matrix, substantially increasing the composite's tensile strength, stiffness, and toughness. This translates to superior performance in applications requiring high load-bearing capabilities. The combination of CNT reinforcement and the inherent lightweight nature of polymers results in the formation of high-performance and lightweight composites. Such components are specifically utilized in the automobile and aerospace industries.

Meanwhile, the electrical and electronics segment is anticipated to witness the fastest CAGR during the forecast period, owing to the notable electrical properties of CNTs that find extensive use in this sector. For instance, they possess exceptional electrical conductivity that surpasses traditional materials such as copper in certain configurations. This makes them ideal for several applications in this industry, where efficient current flow is critical. CNTs, due to their nanoscale size and exceptional properties, enable the development of smaller, faster, and more efficient electronic devices, fueling further growth.

Regional Insights

The Asia Pacific carbon nanotubes market accounted for a leading revenue share of 48.5% in 2023. The growth is attributed to the region's well-established and rapidly growing electronics manufacturing base. This translates to a high demand for advanced materials such as CNTs, which offer significant performance enhancements in various electronic components. Governments, particularly in China and South Korea, are investing in the nanotechnology sector's research and development (R&D), including CNTs. These initiatives encourage innovations and accelerate the commercialization of CNT-based products. Additionally, rapid advancements in the automotive and aerospace industries fuel the demand for high-performance materials. CNTs, with their exceptional strength and lightweight properties, offer significant advantages in these sectors.

China Carbon Nanotubes Market Trends

China is expected to dominated the regional market and is expected to maintain its dominance throughout the period. The country has implemented robust manufacturing infrastructure processes and witnessed a significant domestic demand for this product. The Chinese government's constant push towards advanced manufacturing has created a strong base for adopting CNTs in various industries. Additionally, several leading CNT manufacturers, such as Jiangsu Cnano Technology, are headquartered in China, further solidifying its position within the regional market.

Europe Carbon Nanotubes Market Trends

Europe accounted for a significant market share in 2023 and is expected to grow significantly over the forecast period. Awareness regarding the functional benefits of CNTs is increasing in Europe, leading to a noticeable rise in investments in R&D and pilot production facilities across economies such as Germany, France, and the UK. European companies strategically target high-value applications for CNTs, such as aerospace, automotive, and clean energy, where they can leverage their expertise and command premium pricing. Regional research institutions and companies collaborate to develop innovative and cost-effective CNT production methods.

Germany accounted for the highest revenue share in the regional market owing to its highly developed automotive industry, coupled with its advancements in the healthcare and electronics sectors. For instance, in the automotive industry, CNTs are used to improve the mechanical properties of various parts and components. CNT-reinforced composites are extensively used in fenders, bumpers, and structural reinforcements to improve vehicular durability and reduce crash impact. Additionally, the presence of local and international manufacturers has increased due to government initiatives to improve manufacturing processes, creating high potential for this market in the coming years.

North America Carbon Nanotubes Market Trends

North America accounted for a significant revenue share in 2023 and is projected to witness a substantial CAGR in the global market. This is owing to the presence of a well-established research infrastructure in the region, with leading universities and research institutions actively engaged in CNT development. This strong R&D focus has boosted innovation and enabled the creation of novel applications for CNTs. Moreover, government funding and incentives for research and development in nanotechnology, including CNTs, have accelerated innovations and facilitated the commercialization of CNT-based products.

The U.S. carbon nanotubes market dominated the North American region in 2023. This is attributed to the presence of leading companies such as Carbon Solutions, Unidym Inc., and Continental Carbon Company that are involved in the research, development, production, and commercialization of CNTs. Such a high level of expertise and resources creates a robust ecosystem for the advancement of CNT technology. Additionally, a strong focus on developing high-value applications for CNTs, particularly in sectors such as aerospace, defense, healthcare, and electronics, further drives market growth in the country.

Key Companies & Market Share Insights

Some key companies in the carbon nanotubes market include Resonac Holdings Corporation; Hanwha Solutions Chemical Division Corporation; and Arry International Group Limited, among others.

• Arry International produces single-walled, double-walled, and multi-walled carbon nanotubes (CNTs). The company leverages scalable chemical vapor deposition (CVD) technology to achieve a daily production capacity of 1.5kg of SWCNTs and 10kg of MWCNTs, with diameters ranging from 8nm to 15nm. This efficient process allows for easy expansion of production facilities to meet growing market demands.

• Resonac Holdings Corporation specializes in developing and producing VGCF (Vapor Grown Carbon Fiber), a unique form of CNT known for its exceptional properties. VGCF has superior electrical conductivity, making it ideal for applications requiring efficient charge transfer and excellent dispersibility within composite materials. This ensures uniform distribution and maximizes its benefits. It is specifically used in Li-ion batteries and composite materials.

Recent Developments

• In March 2024, CHASM Advanced Materials announced its partnership with Ingevity Corporation to expand its carbon nanotube (CNT) supply for gigafactories in Europe and North America. This initiative constitutes a major step towards meeting the steadily increasing demand for CNTs and addressing these regions' rapidly growing electric vehicle sector.

• In October 2023, Birla Carbon announced that it had acquired Nanocyl SA, a Belgium-based company specializing in producing multi-wall carbon nanotubes (MWCNTs). The acquisition helped expand Birla Carbon’s footprint in the Energy Systems sector. Nanocyl develops and manufactures MWCNT and MWCNT-based formulated solutions catering to the transport, energy, and electronics markets.

• In January 2023, Showa Denko Materials Co., Ltd. and Showa Denko K.K. merged into a newly integrated organization, Resonac. Through this development, Resonac combined Show Denko Materials' semiconductor and electronics material business with Showa Denko K.K.'s petrochemicals, basic chemicals, and graphite electrodes business.

Carbon Nanotubes Market Report Scope

Global Carbon Nanotubes Market Report Segmentation

This report forecasts revenue and volume growth at the global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the carbon nanotubes market report based on product, application, and region.

• Product Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

  • MWCNTs

  • SWCNTs

• Application Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

  • Polymers

  • Energy

  • Electrical & Electronics

  • Others

• Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • India

    • China

    • South Korea

  • Latin America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia