According to the recently published research report by MarkNtel Advisors, the Global Carbon Nanotubes Market size was valued at USD 3.05 billion in 2023 and is estimated to grow at a CAGR of around 17.4% during the forecast period, i.e., 2024-30. The major factors propelling the market growth include the wide-ranging usage of carbon nanotubes in several industries like electronics, energy, textile, defense, aerospace, and automotive, coupled with the surging progress in the medical sector and the increasing adoption of high-end technologies.
Moreover, carbon nanotubes are also used to strengthen material in the polymer industry to escalate the strength and offer lightweight polymers, further driving the Carbon Nanotubes Market. Additionally, the report also states that the increase in energy requirements across the globe is likely to boost the complete development of the carbon nanotube business.
Furthermore, the rising emphasis on the application of eco-friendly power sources is expected to enhance the global adoption of carbon nanotubes (CNT). The growth of the CNT industry would be further enhanced by the launch of government initiatives promoting wind energy projects that produce renewable energies at bigger scales. All these aspects comprehensively would result in augmenting the growth of the Global Carbon Nanotubes Market in the coming years.
Prominent Companies Retaining a Notable Share in the Carbon Nanotubes Market Globally
Among the numerous companies functioning in the Global Carbon Nanotubes Market, the major ones are LG Chem, Cabot Corporation, Resonac Holdings Corporation, Jiangsu Cnano Technology Co., Ltd., Timesnano (Chengdu Organic Chemicals Co. Ltd.), Cheap Tubes, Inc., Carbon Solutions, Inc., OCSIAL, Nanocyl Sa, Arkema Sa, Sumitomo Corporation, and Others.
Examining the Diverse Segmentation of the Global Carbon Nanotubes Market
- Type (Single-walled Carbon Nanotubes and Multi-Walled Carbon Nanotubes)
- By Method (Chemical Vapor Deposition, Catalytic Chemical Vapor Deposition, High-pressure Carbon Monoxide Reaction, and Others (Arc Discharge & Laser Ablation, Flame Synthesis, Electrolysis, Comocat))
- By End Use Industry (Electronics & Semiconductors, Energy & Storage, Structural Composites, Chemical Materials & Polymers, Medical, and Others)
- By Region (North America, South America, Europe, The Middle East & Africa, and Asia-Pacific)
The segment of Chemical Materials & Polymers is likely to capture the highest share in the Global Carbon Nanotubes Market. The growth of the segmentation is majorly attributed to the increasing utilization of engineered polymers within the automotive and construction industries. Polymer-based products are likely to experience an upsurge in demand as lightweight materials are gradually becoming more dominant in several industries. Besides, several researchers are using plastic polymers in the production and manufacturing of carbon nanotubes, which display chemical as well as physical properties, all these aspects are likely to boost the segment’s growth.
The region of Asia-Pacific is likely to capture a notable share and lead in the Carbon Nanotubes Market globally in the coming years. Owing to the development and growth in various sectors like the automobile industry, construction sector, aerospace domain, and electronics sphere, the CNT market is likely to observe a rise in the coming years across the Asia-Pacific region.
The burgeoning demand for polymer applications in countries of Asia-Pacific like China, India, Malaysia, and Japan is predominantly propelling the market growth in the region. Also, the escalated funding by the government for solar cell manufacturing, coupled with a heightened production output of solar power is likely to back the regional growth in the CNT Market significantly.
