The global carbon nanotubes industry size was USD 6.30 billion in 2023 and is projected to grow from USD 6.88 billion in 2024 to USD 18.67 billion in 2032 at a CAGR of 13.3% during the forecast period (2024-2032). Carbon nanotubes find their applications requiring durability, thermal conductivity, electrical conductivity, and high strength. The growing demand for electronics and electrical products is expected to boost the industry's growth. Similarly, the expansion of the aerospace industry is anticipated to bolster industry growth. Fortune Business InsightsTM has presented this information in the report titled, “Carbon Nanotubes (CNT) Industry Size Report, 2024-2032”. The industry size stood at USD 4.94 billion in 2020.
The swift commercialization and upscale of installed capacities with technological advancements to develop advanced products and improve overall product quality is anticipated to be a major trend that is likely to foster the growth of the industry in the coming years.
Key Players in the Global Carbon Nanotubes (CNT) Industry:
Arkema SA (Colombes, France), Nanocyl SA (Sambreville, Belgium), Nanoshell LLC (Utah, U.S.), Carbon Solutions, Inc. (California, U.S.), Hyperion Catalysis International (Massachusetts, U.S.), SHOWA DENKO K.K. (Tokyo, Japan), Klean Commodities (Vancouver, Canada), Cabot Corporation (Massachusetts, U.S.), OCSiAl (Leudelange, Luxembourg), NoPo Nanotechnologies (Bangalore, India), Jiangsu Cnano Technology Co., Ltd. (Zhenjiang, China)
Carbon Nanotubes Industry Segmentation-
On the basis of product, the industry is bifurcated into multi-walled carbon nanotubes (MWCNT) and single-walled carbon nanotubes (SWCNT). On the basis of application, the industry is segmented into energy, electrical & electronics, plastics & composites, and others. Geographically, the industry is classified into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
Carbon Nanotubes Report Coverage-
Highlights the key trends and the recent technological advancements in the industry.
Assesses the impact of the COVID-19 pandemic.
Envisages Porters’ Five Forces Analysis for an accurate industry prediction.
Provides vital information on the industry’s competitive landscape and key player rankings.
Provides information on recent industry developments.
Drivers & Restraints-
Expansion of the Aerospace Industry to Aid Industry Growth
The engineers at MIT produced an advanced microprocessor from CNT transistors in August 2019. It is a faster and greener alternative to its conventional silicon counterparts. The modern microprocessor is anticipated to possess ten times more efficiency and speed than silicon. This development is likely to augment the industry’s growth in the forthcoming years.
The aerospace industry uses nanomaterials for their exemplary properties. The aerospace industry is emphasizing weight reduction of aerospace components to reduce fuel consumption, and the expansion of the aerospace industry is likely to stimulate the global carbon nanotubes (CNT) industry growth.
Carbon nanotubes find their applications requiring durability, thermal conductivity, electrical conductivity, and high strength. They are mainly used in printed circuit boards and semiconductors. Electronics manufacturing is increasing in Singapore, South Korea, Japan, and China. This is likely to amplify the industry growth in the coming years.
However, the growing concerns over the environmental impact caused by these nanotubes may hinder the industry growth.
Source- https://www.fortunebusinessinsights.com/carbon-nanotubes-cnt-market-102700
Regional Carbon Nanotubes Industry Insights-
Government Initiatives for Green Energy Adoption to Boost Growth in North America
Asia Pacific is projected to gain maximum industry share due to the low production costs and the wide availability of raw materials. The rising demand for aerospace, electronics, automotive, and construction industries across Japan, India, Malaysia, and China is anticipated to boost the growth of the industry.
North America is anticipated to attain striking growth rate in the global carbon nanotubes (CNT) industry share. The increasing investment of polymers and composites research and the rising demand for polymer production to improve the electrical, thermal, and mechanical properties of bulk products are expected to boost the growth of the region. Moreover, the government regulations to promote green energy adoption shall aid industry growth.
Europe is expected to witness substantial growth due to stringent regulations for carbon nanotubes’ production and usage.
COVID-19 Impact-
The unanticipated emergence of the coronavirus outbreak has hampered the growth of several industrys and industries. The temporary closure of manufacturing facilities has affected the growth of the industry. The low available workforce and the swift immigration of the workforce due to the stringent lockdowns and curfews have negatively impacted the industry’s growth. Additionally, the disruptions in the supply chain networks and the ban on global trade have collectively aggravated the situation. Nonetheless, the major economies are rapidly recovering from the pandemic due to the introduction of efficacious vaccines. The industry is expected to witness rapid development post-pandemic.
Competitive Landscape-
Key Players Adopt Ingenious Growth Strategies to Strengthen Industry Positions
The industry is highly competitive and concentrated. The top industry players are Nonoshell LCC, SHOWA DENKO K.K., Nanocyl, and Arkema SA. The key players operating in the industry emphasize lowering manufacturing costs. They adopt ingenious growth strategies such as partnerships, acquisitions, collaborations, mergers, new product launches, technological advancements, and others to accumulate growth and strengthen their industry positions. For instance, in January 2020, Cabon unveiled its plans to acquire Shenzhen Sanshun Nano New Materials for USD 115 million. The acquisition will help both companies to produce carbon blacks and nanostructures for energy storage.
Carbon Nanotubes Industry Developments-
January 2019: Vivakor Inc. formed a joint venture with CSS Nanotech to upgrade heavy crude to a fuel product across regions in Utah and the Middle East.