Carbon Nanotubes Market Size To Reach $7.13 Billion By 2030

Carbon Nanotubes Market Growth & Trends

The global carbon nanotubes market size is estimated to reach USD 7.13 billion by 2030, expanding at a CAGR of 14.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing the application scope of carbon nanotubes (CNT) in end-use industries including polymers, electronics, energy, marine, aerospace, and automotive is anticipated to drive market growth over the forecast period. The government of China, Japan, the U.S., and India have increased funding aimed at promoting nanotechnology at the domestic level which is expected to open new avenues for the market over the next seven years.

Polymers were the largest application segment, accounting for over 60% of the global market volume in 2014. CNT are increasingly being fortified in polymers such as composites and plastic derivatives for improving the electrical, thermal, and mechanical strength of the end product. The growing application of polymers in the construction, automotive, and consumer goods industry is anticipated to have a positive impact on CNT market over the forecast period.

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Carbon Nanotubes Market Report Highlights

• The global carbon nanotubes market size was valued at USD 2.87 billion in 2023 and is projected to grow at a CAGR of 14.0% from 2024 to 2030.

• MWCNTs dominated the market and accounted for a revenue share of 94.5% in 2023. Lower price in comparison to other CNT products is expected to promote market growth.

• The Asia Pacific carbon nanotubes market accounted for a leading revenue share of 48.5% in 2023. Growing plastic and composite industries in China and India on account of increasing domestic demand coupled with low manufacturing cost as compared to North America and countries of EU is anticipated to augment CNT market. Positive electronics industry outlook in China, South Korea, Singapore, Taiwan, and Japan is expected to significantly impact the carbon nanotubes market over the next seven years.

• The global CNT market was dominated by four companies, Showa Denko, Nanocyl, CNano Technology, and Future Carbon, accounting for the lions share in 2014. Product innovation through increased R&D expenditure is anticipated to remain a key critical success factor for the carbon nanotubes market over the forecast period. High manufacturing cost is expected to remain a key challenge for CNT market players.

Carbon Nanotubes Market Segmentation

Grand View Research has segmented the global carbon nanotubes market based on product, application, and region:

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

• MWCNTs

• SWCNTs

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

• Polymers

• Energy

• Electrical & Electronics

• Others

Carbon Nanotubes 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

List of Key Players in Carbon Nanotubes Market

• Resonac Holdings Corporation

• Hanwha Solutions Chemical Division Corporation

• Arry International Group Limited

• Carbon Solutions, Inc.

• Jiangsu Cnano Technology Co., Ltd

• Arkema

• CHASM

• Cabot Corporation

• Nanocyl SA

• Continental Carbon Nanotechnologies, Inc.