The carbon nanotube market is projected to grow at a CAGR of 17.64% to reach a market size of US$12.022 billion by 2027, up from US$3.856 billion in 2020. Carbon nanotubes are minuscule allotropes of nanometer size and possess properties such as good thermal and electric conductivity, high tensile strength, and the ability to withstand high temperatures. Nanotubes are widely used in appliances like medical, automotive, polymers, defense, energy, electronics, etc. Carbon nanotubes have superior electric conductivity and smaller diameters, which makes them capable of replacing steel in various appliances. Carbon nanotubes are used in turbine blades to enhance mechanical strength and display screens such as televisions, mobile phones, etc. The carbon nanotube is segmented into single-walled and multiple-walled carbon nanotubes.

Market Drivers

Carbon Nanotubes are being researched widely for developing improvised appliances in health, defense, aircraft components, etc. The need for these tubes is rising as manufacturing operations expand in developing nations like China, Korea, and Japan. Initiatives by the government to produce electricity in a more environmentally friendly manner, such as the Government of India's National Solar Mission, which aims to enhance India's output of solar power and promote new investments in solar manufacturing, will help with the growing demand for carbon nanotubes for solar cells. The expanding consumption of carbon nanotubes is also fueled by the expanding polymer industries in China and India. The demand for these tubes is rising due to their high application in engineered polymers in the construction and automotive industries.

By Geography

The global carbon nanotube market is regionally classified into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. The research also examines 15 nations from these areas, providing a thorough analysis and prognosis and information on current market trends and business prospects that each of these nations offers to manufacturers. Asia-Pacific sees a rise in the market for electronic products due to China. Goods are made of electronics, including tablets, OLED TVs, and smartphones. They have the highest demand in the consumer electronics segment because of an increase in the disposable income of the middle-class population, thereby contributing to the increasing demand for carbon nanotubes during the forecast period.

Key Developments:

• Feb 2022- Kureha Corporation announced that through its fully owned subsidiary Kureha America Inc., it is leading the seed round fundraising of Texas, US-based Wootz, Inc. By forming a strategic collaboration with Wootz through this investment, Kureha hopes to quicken the creation of useful electronic products that combine the technologies of the two firms, promoting healthy lives and resolving societal problems while broadening its line of business.
• March 2021- Cabot Corporation has introduced a new product called ENERMAXTM 6 under its carbon division. It has established itself as the most conductive multi-walled CNT product in the company's portfolio because of its qualities, including its high aspect ratio. This product line is anticipated to significantly improve battery performance at lower loadings, enabling batteries with better energy densities.
• August 2020- Chemical Spec Ltd. ChemSpec North America, a speciality chemical distributor, and Nanocyl SA, a company with headquarters in Belgium, have struck a non-exclusive distribution agreement to market and distribute MWCNTs, or multiwall carbon nanotubes, in the US and Canada. Standard nanotubes NC7000, a thermoplastic carrier called Plasticyl, and an elastomer carrier called Elastocyl are among the items.
• May 2020- At its Yeosu plant in South Korea, LG Chem aimed to increase the output of carbon nanotubes (CNT) by 1,200 tonnes. The action is consistent with the global CNT market's increasing expansion.
• March 2021- Cabot Corporation has introduced a new product called ENERMAXTM 6 under its carbon division. It has established itself as the most conductive multi-walled CNT product in the company's portfolio because of its qualities, including its high aspect ratio. This product line is anticipated to significantly improve battery performance at lower loadings, enabling batteries with better energy densities.

Impact of COVID-19 on the Carbon Nanotube Market

The COVID-19 pandemic has curtailed the market's ongoing research and development operations. The low traffic across all industries is detrimental to market revenue. This has also been affecting the electronics industry's need for CNT. The electronics market did, however, rebound in 2021 as a result of fewer lockdowns across various nations, as shown from the start of the second half of 2020. The global economy has become much more intertwined in recent years. Negative consequences of the trade war include higher unemployment rates, decreased demand for imported products and services, and disruptions to the global supply chain, to name just a few. Due to historically low-interest rates, significant drops in equity and commodity prices, and heightened risk aversion, the financial market has become more volatile Due to historically low interest, the financial market has become increasingly volatile as a result of rising interest rates, sharp declines in equity and commodity prices, and increased risk aversion. The degree of consumer and business confidence has also significantly decreased.

Market Segmentation:

• By Product Type
  • Single-Walled Carbon Nanotubes
  • Multi-Walled Carbon Nanotubes
• By Application
  • Chemical & Energy
  • Electronics & Batteries
  • Polymers
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Taiwan
    • Indonesia
    • Others