Carbon Nanotubes Market

Updated on : January 16, 2024

Carbon Nanotubes Market Size

The carbon nanotube (CNT) market is projected to grow from USD 1.1 Billion in 2023 to USD 2.3 Billion by 2028, at a CAGR of 14.6% between 2023 and 2028. CNT market is geared up due to their incomparable mechanical, electrical and thermal conductivity and high strength-to-weight ratio, which is required in an immense number of applications. After going through the application of CNTs, it manifested that it was at the helm of technological progression in so many factions starting from the electronics industry where it improved the functionality and the physical size of the circuits, to aerospace, automotive, and construction industries where it upgraded not only the resiliency but also the quality of the materials used. In addition, the trend towards using renewable products and increasing the effectiveness of healthcare equipment also contributes to the need for CNT solutions. Since the industries keep looking for the new materials to enhance competitiveness of their products CNT market is growing rapidly, and hence, offers a great chance for the investors and businesses.

Carbon Nanotube (CNT) Market Size, Dynamics and Ecosystem

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Carbon Nanotube (CNT) Market Dynamics

Drivers: Emerging demand from Asia Pacific region

Asia Pacific is the fastest-growing market for Carbon Nanotubes due to the high demand in developing countries, such as India, China, and Taiwan. The growing electronic product demand is boosting a high demand for CNTs in the region. China is leading the CNT market, it is the largest consumer in APAC and the third-largest consumer globally. The nation has a lucrative market and produces CNTs in great quantities. China plays an important role in the growth of the APAC CNTs market. The growth of the market in China is fuelled by growing investments in new manufacturing plants, aerospace & defense, automotive, rail, wind, aerospace, and infrastructure development in the country.

Restraints: Environmental concerns and health & safety issues

Nanoparticles and nano-biotechnological byproducts that are released during the production of nanomaterials cause serious threats to health and safety of humans. Analysis of these hazards has received very little study. Many health and safety issues exist. The reactivity, toxicity, and mobility of nano-scale particles are greater than larger-sized particles of the same substance. Even normally harmless compounds can become dangerous at the nanoscale level. The greatest amount of exposure to and direct threat from nanoparticle toxicity is posed to employees and researchers involved in the production and usage of nanoparticles.

Growing concerns about impact of CNT on environment have led to the imposition of stringent regulations for CNT manufacturers. High risk is identified for human beings and the environment from CNTs agglomerates. The toxic effects of CNTs on human health include an increased risk of heart attacks, high blood pressure, and kidney damage. CNTs are fibrous in nature and may cause health problems if inhaled.

Opportunities: Growth in emerging applications

In industries like sporting goods and bulletproof jackets, there is a growing demand for composite materials. The strength and mechanical qualities of the completed goods are improved by the introduction of CNTs in an epoxy resin. These products also became stronger, stiffer, and lighter after high-quality finishing. CNTs are used to control or enhance chemical and mechanical conductivity in polymers and are added to anti-static packaging. CNTs is most popular in structural reinforcement. These are added to other materials to improve flexibility, increase their strength, and reduce weight.

Challenges: Maintaining quality and reducing processing cost

The demand for single-walled carbon Nanotube is rapidly increasing in different nanocomposite materials to improve the thermal, electrical, and mechanical properties of components, which can be polymers, metals, or ceramics. However, some companies are facing the challenge of expanding production quantity by using eco-friendly technology without compromising on purity.

Carbon nanotube (CNT) Market Ecosystem

Prominent companies in this market include well established , financially stable manufactures of Carbon Nanotubetube (CNT) . These companies have been operating in the market for several years and posses a diversified product portfolio and strong global sales and marketing networks. Prominent companies in the market include LG Chemical Limited (South Korea), Cobat Corporation (US), Resonac Corporation (Showa Denko K.K.) (Japan), Jiangsu CNano Technologies Co. Ltd. (China), Timesnano (Chengdu Organic Chemicals Co. Ltd.) (China).

Carbon Nanotubes (CNT) Market Segmentation & Geographical Spread

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SWCNT, by type accounted for the highest segment in terms of value of carbon nanotube market

In terms of value for carbon nanotube (CNT) market overall, single-wall carbon nanotube (SWCNT) type held the largest share in 2022. SWCNT are graphite tubes with a single cylindrical wall that are often capped at the ends. A layer of graphite (graphene) that is one atom thick and wrapped into a seamless cylinder makes up the structure of SWCNT. These have sizes that are typically between 1 nm and 2 nm, making them mostly narrower than multi-walled tubes. When compared to steel and carbon fibres, they have better density, tensile strength, and elastic modulus.

Asia Pacific is the fastest-growing carbon nanotube market.

In terms of volume and value, the CNTs market in the APAc region is anticipated to experience the greatest CAGR. Due to the growing use of CNT in important industries including lithium batteries and conductive polymer composites, the CNT market in APAC is anticipated to grow. The demand for CNTs in this region has significantly increased as a result of the increasing partnership between CNT suppliers and consumers and significant investment in research and development.

Key Market Players

LG Chemicals Limited (South Korea), Cabot Corporation (US), Resonac Corporation (Showa Denko K.K.) (Japan), Jiangsu Cnani Technology (China), Timesnano (Chengdu Organic Chemicals Co. Ltd.) (China), Nanocyl SA (Belgium), Arkema SA (France), Sumitomo Corporation (Japan), Cheap Tubes, Inc. (US), Hanwha Corporation (South Korea), are the key players in the global carbon nanotubes market.

LG Chemical Limited is among the top manufacturer of petrochemicals, energy solution materials, and IT & electronic materials, and across the globe. The company manufactures carbon nanotube under the advanced materials segment and serves semiconductor and circuit board material industries. It also operates through its multiple marketing subsidiaries in the Americas, Europe, and Asia and established R&D networks to provide differentiated products to its customers worldwide.

Read More: Carbon Nanotubes Companies

Carbon Nanotubes Market Report Scope

This research report categorizes the carbon nanotubes market based on type, method, end-use industry, and region.

Based on type, the Carbon nanotubes market has been segmented as follows:

• Single-Walled Carbon Nanotubes (SWCNT)
• Multi-Walled Carbon Nanotubes (MWCNT)

By Method:

• Chemical Vapor Deposition
• Catalytic Chemical Vapor Deposition (CCVD)
• High-Pressure Carbon Monoxide Reaction
• Others

By End-use Industry:

• Electronics & Semiconductors
• Energy & Storage
• Chemical Material & Polymers
• Medical
• Structural Composites Applications
• Others

By Region:

• APAC
• Europe
• North America
• South America
• Middle East & Africa

Recent Developments

• In August 2022, LG Chem To Build Fourth Carbon Nanotube Plant. New plant will be equipped with world’s largest single-line carbon nanotube (CNT) production to deliver 20% higher. production capacity per capita
• In April 2020, LG Chem completed the expansion of the CNTs Yeosu plant. This plant has a capacity of 1,200 tons and costs around 65 billion KRW (around USD 54 million).

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