Carbon Nanotubes Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Carbon Nanotubes Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The carbon nanotubes market size is estimated at 6,767.24 tons currently and is projected to reach 30,096.75 tons in the next five years, registering a CAGR of 34.78% during the forecast period.

The market was negatively impacted due to COVID-19. Owing to the pandemic, several countries went into lockdown to curb the spread of the virus. The shutdown of numerous companies and factories disrupted worldwide supply networks and harmed global production, delivery schedules, and product sales. Currently, the market has recovered from the COVID-19 pandemic and is increasing at a significant rate.

Key Highlights

• In the medium term, the major factors driving the market studied are the growing usage of carbon nanotubes in electric vehicles and the increasing demand for advanced materials in numerous applications.
• On the flip side, environmental concerns and health safety issues are anticipated to restrain the market growth.
• Increasing demand for energy storage devices is expected to act as an opportunity for the market in the coming years.
• Asia-Pacific accounted for the highest market share, and the region is expected to dominate the market during the forecast period.

Carbon Nanotubes Market Trends

Energy Segment to Dominate the Market

• Carbon nanotubes (CNTs) have received much attention as catalyst support for energy applications, primarily solar cells, fuel cell catalysts, and hydrogen storage, due to their high surface area and conductivity. These unique properties allow CNTs to be used as supplemental material for energy conversion and storage devices.
• SWCNTs have attracted the attention of scientists working on organic solar cells. Notably, these nanotubes have high charge carrier mobility and are stable for degradation in ambient, humid, and hot conditions.
• CNTs can store hydrogen, enable electrons to flow, and increase catalyst activity. CNTs are considered suitable adsorbents for hydrogen due to their high surface area and pore volume percentage. Furthermore, CNTs are used directly as the electrode material in supercapacitors and fuel cells.
• The cumulative global renewable capacity is expected to increase by almost 4,500 GW by the end of next year, according to the IEA forecast.
• China accounts for almost half of overall new renewable capacity across the globe. By next year, the country’s share is set to have expanded to a record 55% of annual renewable capacity deployment globally. By next year, China is expected to deliver about 70% of all new offshore wind projects globally and over 60% of onshore wind and 50% of solar PV projects.
• The European Union, the second-largest growth market after China, has had stable renewable capacity expansion in the past five years compared with 2010-2015, but its pace of development is expected to more than double during coming five years. While several EU member countries had already introduced ambitious targets and policies to accelerate renewable energy deployment before Russia invaded Ukraine, since then, the European Union has proposed even more aggressive goals under the REPowerEU package to eliminate Russian fossil fuel imports by 2027.
• In the United States, renewable energy expansion almost doubled in the last five years. The IRA passed in August 2022 extended tax credits for renewables until 2032, providing unprecedented long-term visibility for wind and solar PV projects. In India, new installations are set to double over the forecast period, led by solar PV and driven by competitive auctions implemented to achieve the government’s ambitious target of 500 GW of renewable power by 2030.
• Therefore, these factors are projected to boost the consumption of carbon nanotubes in the energy industry.

Asia-Pacific to Dominate the Market

• China is the largest producer and consumer of carbon nanomaterials in Asia-Pacific. The abundance of available raw materials and the low cost of production have supported the growth of the carbon nanomaterials market in the country.​
• China has the world’s most extensive electronics production base and offers tough competition to existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, have the highest growth in the market in the consumer electronics segment. With the increase in the disposable income of the middle-class population, the demand for electronic products is estimated to grow, thereby driving the CNT market shortly.​
• China is one of the largest aircraft manufacturers and one of the largest markets for domestic air passengers. The country's aircraft parts and assembly manufacturing sector has been growing rapidly, with the presence of over 200 small aircraft parts manufacturers.
• According to the China Electricity Council, China has an installed solar power capacity of over 390 GW. China has made enormous strides in building its solar power capacity within the past decade, growing cumulative capacity from only 4.2 GW in 2012 to 392.6 GW last year.
• According to Invest India, India’s domestic electronics production is expected to reach USD 300 billion in the next three years, with exports expected to reach USD 120 billion in the same time period. In 2022, the country’s production was valued at USD 87 billion. The export of electronic goods from India increased from USD 5 billion in FY 17 to USD 15 billion in FY 22, growing at a CAGR of 22%.
• The electrical and electronics industries in Japan are among the world’s leading industries. The country is a world leader in terms of the production of computers, gaming stations, cell phones, and various other key computer components. Consumer electronics account for one-third of the Japanese economy's output. Japan's overall electronics production has declined due to stiff competition from countries such as China, India, and South Korea.​
• The production by the Japanese electronics and IT companies is projected to reach JPY 39,500 billion, with an 8% Y-o-Y. This growth is supported by the normalization of remote IT and demand growth prompted by the transition to electric vehicles (EVs) and the growing percentage of electrical componentry used in vehicles.
• Hence, due to the reasons mentioned above, Asia-Pacific is anticipated to drive the market's growth during the forecast period.

Carbon Nanotubes Industry Overview

The global carbon nanotube market is partially consolidated in nature, with a few international and domestic players across different regions. Some of the major companies in the market include Chengdu Organic Chemicals Co. Ltd (Timesnano), LG Chem, Jiangsu Cnano Technology Co. Ltd, Cabot Corporation, and Nanocyl SA.

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