USD 34 billion
Report ID: SQSG15E2054 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 91 | Figures: 76
Carbon Nanotube Market size was valued at USD 34 billion in 2021 and is poised to grow from USD 38.52 billion in 2022 to USD 97.64 billion by 2030, growing at a CAGR of 13.25% in the forecast period (2023-2030).
In comparison to other traditional materials, carbon nanotubes are employed in applications that demand high strength, electrical conductivity, durability, lightweight characteristics, and thermal conductivity. Integrated circuits, lithium batteries, fuel cells, medicine delivery, solar PV cells, hydrogen storage, and field emission displays all have high demand. They serve as antennas for electromagnetic and radio equipment. Conductive carbon nanotubes are employed in commercial electric motor brushes because they increase thermal and electrical conductivity as they stretch through the brush's plastic matrix. The important factors driving the carbon nanotubes market growth include rising commercialization and ramping up of installed capacities, as well as technological advancements to enhance overall product quality and build more innovative goods.
In order to protect their personnel and keep their production facilities functioning, the majority of manufacturing enterprises have been reported to have faithfully obeyed COVID-19 legislation. As the global economy began to recover from the pandemic's losses and gain traction, the advent of a new, more virulent delta strain greatly increased the amount of uncertainty in trade activities. In the United States, the delta variation is generating a large increase in COVID cases. However, because of widespread vaccination efforts and widespread public awareness, the impact of increasing cases on commerce and industrial activity is expected to be less severe than the first wave.
US Carbon Nanotube Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 34 billion
Multi-Walled Carbon Nanotubes (MWCNT)
Single-Walled Carbon Nanotubes (SWCNT)
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Carbon Nanotubes Market is segmented based on the type, method, end-user, and region. Based on Type, the market is segmented Single-Walled Carbon Nanotubes (SWCNT), Multi-Walled Carbon Nanotubes (MWCNT). Based on Method, the market is segmented into Chemical Vapor Deposition, Catalytic Chemical Vapor Deposition, High-Pressure Carbon Monoxide Reaction, and Others. Based on End-User, the market is categorized into Plastics & Composites, Electrical & Electronics, Energy, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Carbon Nanotube Market Analysis by Type
Multi-Walled Carbon Nanotubes MWCNT dominates the market and is anticipated to remain so for the foreseeable future. Hollow carbon allotropes are cylindrical in shape and have a high aspect ratio. They are commonly used in conductive transparent electrodes, electrical conductivity, conductive heating films, displays, nanodevices, supercapacitors, solar industries, batteries, and a broad range of other applications. MWCARBON NANOTUBES is very conductive when properly included into a composite structure.
The high molecular complexity of graphene in multi-walled carbon nanotubes increases tensile strength, which is useful in electronics, energy, and engineered polymers applications. They are also fortified with engineered polymers, which dissipate static electricity and increase repellency against airborne contamination. It is also used in biomedical engineering and is extensively researched in biosensing and drug delivery methods for disease monitoring and treatment.
Carbon Nanotube Market Analysis by End-User
Plastics and composites are expected to dominate the market during the forecast period due to the increasing use of engineered polymers in the automotive and construction industries. The increased use of composites due to their lightweight properties is expected to boost polymer market demand.
Carbon nanotubes are materials with chemical and physical properties, and many researchers have recently used plastic polymers to create these nanotubes. When these nanotubes are combined with epoxy resins to form nano composites, they reduce product weight while increasing strength.
Electrical and electronics segment is expected to grow rapidly during the forecast period. It has electrical properties that allow it to be used in the fabrication of electronic devices such as diodes and field-effect transistors. Excellent optoelectronic and conductivity properties could benefit the electrical and electronics industries.
Wind and solar energy, which are becoming increasingly important as alternative energy sources, will drive market demand for wind power and solar cells. The demand for wind turbines and solar cells will drive the growth of this market.
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Asia Pacific dominated the global carbon nanotubes market. Asia Pacific, dominated by China, India, South Korea, and Japan, is expected to hold the majority of share in the near future. Carbon nano materials continue to be backed by the Chinese market due to the availability of raw materials and low production costs. Increasing demand for polymers in the automobile, aerospace, electronics, and construction industries in China, India, Malaysia, and Japan is expected to propel industry growth. The increase in government expenditures on solar cell production, as well as increased solar power output, will increase regional industry growth.
Since the majority of manufacturers are based in North America, the market is expected to grow quickly during the forecast period.
Significant funding for polymer and composites research, as well as a few polymer manufacturing bases, primarily in the United States, will support industry growth in this region. The growing demand for polymer manufacturing to improve bulk product mechanical, thermal, and electrical properties will begin to drive regional growth. Furthermore, government regulations promoting green energy are likely to aid overall market growth. Carbon nanotubes, likewise, were not included in the Canadian government's environmental guidelines.
During the forecast period, the European market may experience significant growth. The majority of European countries are concerned about the dangers of carbon nanotubes to the environment and human health. As a result, the European Commission has imposed stringent regulations on carbon nanotubes usage and production, in addition to conducting a wide range of surveys on nanotechnology research, key market development, and innovations.
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Carbon Nanotube Market Driver
Flying entails a variety of risks, and most aircraft manufacturers strive to make aerospace components that are more tangible, durable, and strong. Reduced weight is a priority in the aerospace industry in order to reduce fuel consumption and extend aircraft operating costs. The fuselage of a contemporary and advanced aircraft is made up of multiple sheets of various composite materials. In the aerospace industry, nanomaterials are used to improve properties that improve overall aircraft performance. The majority of professionals, including manufacturers and engineers, are working to develop methods for producing aerospace-grade composites.
Carbon Nanotube Market Restraint
Growing worries about the environmental effect of carbon nanotubes have resulted in stringent government regulation standards, primarily for these nanotube production enterprises. The agglomerates pose potential threats to both humans and the environment. Because the substance is fibrous in nature, inhaling it might cause major health problems in people. The toxicity of carbon nanotubes is expected to have an impact on human health, including increased kidney damage and the risk of high blood pressure. Humans are becoming more exposed to nanomaterials and nanoparticles. Cosmetics, paints and varnishes, aerospace and automotive components, fuel catalysts, and advanced fabrics are all items that incorporate nanoparticles.
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Manufacturers are collaborating with universities to increase market share and maintain their presence in the industry. Most businesses are developing partnerships, collaborations, joint ventures, and new product development methods to increase their product portfolios and worldwide reach. Low business viability due to high production costs is likely to be a source of worry for industry participants. However, the governmental push to promote nanotechnology will be the driving force for producers.
Carbon Nanotube Market Top Player's Company Profiles
Carbon Nanotube Market Recent Developments
Nanotubes are being developed because they are more biocompatible, water soluble, inexpensive, and quickly produced. Because of their unique features, they are superior drug carriers than currently existing drug carriers such as liposomes, polymers, niosomes, microparticles, and nanoparticles. Carbon nanotube field-effect transistors (CNFETs) use less energy than silicon field-effect transistors and might be used to create new sorts of three-dimensional microprocessors. The prototype, however, was confined to university laboratories due to manufacturing and technological restrictions. A team of MIT researchers also devised a method for producing CNFETs at a silicon manufacturing facility.
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According to our Carbon Nanotubes Market Analysis, physical property advantages, the ability to substitute other materials, and an increase in manufacturing capacity are significant drivers of market expansion. The market growth is being hampered by efficiency concerns between carbon nanotubes and metallic components, decrease in its performance with metallic carbon nanotubes and difficulty aligning Carbon Nanotubes in chips. North America is the world's second-largest market. Various private investors in North America sponsor many research institutes in the region.
|Market size value in 2021||USD 34 billion|
|Market size value in 2030||USD 38.52 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
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For the Global Carbon Nanotube Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Carbon Nanotube Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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