Carbon Nanotubes Market Research Report and Outlook by 2028

The carbon nanotubes market is projected to expand from US$ 5,658.00 million in 2022 to US$ 13,981.58 million by 2028, reflecting a compound annual growth rate (CAGR) of 16.3% during this period.

Carbon nanotubes are synthesized through three primary methods: arc discharge, laser ablation of graphite, and Chemical Vapor Deposition (CVD). Essential metals such as iron, nickel, and cobalt serve as catalysts in all three production techniques. Manufacturers acquire these metal catalysts along with carbon-containing gases like hydrogen or carbon monoxide, which are necessary for the CVD process. Carbon nanotubes find applications across a variety of sectors, including energy storage, automotive, medical, electronics, and aerospace. Additionally, the carbon nanotubes market is characterized by intense competition and fragmentation, with numerous regional and global players vying for market share. To enhance their competitive edge, several leading manufacturers are forming partnerships with composite producers, government entities, and companies in the automotive and aerospace industries. These collaborations enable them to maintain competitiveness through pricing strategies and product differentiation.

The global carbon nanotubes market is categorized by application into several segments: electronics & semiconductors, energy storage, structural composites, aerospace & defense, medical, and others. In 2022, the structural composites segment dominated the market share. Carbon nanotubes are integral in creating high-performance structural composites due to their lightweight and high-strength characteristics. Both multi-walled and single-walled carbon nanotubes are utilized in the formulation of these composites. Their exceptional tensile strength and stiffness make them ideal for reinforcing materials, enhancing the mechanical properties of composites, including strength, stiffness, and toughness. A significant number of hybrid composites have been developed using MXenes and their derivatives, which are combined to leverage properties such as reducibility, hydrophilicity, extensive surface area, unique mechanical and electrical characteristics, and ease of functionalization.

In 2022, the Asia Pacific region led the global carbon nanotubes market. This market is divided into several countries, including Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China stands out as a major player in the carbon nanotubes market within this region. The interest in carbon nanotubes has surged in China due to their potential applications across various sectors, including electronics, energy, aerospace, and healthcare. The market has experienced substantial growth in recent years, driven by increased investments in research and development and the rising adoption of carbon nanotubes in diverse applications. China is recognized as the largest global producer of carbon nanotubes, holding a significant share of worldwide production. Japan also represents a crucial market for carbon nanotubes in the Asia Pacific, with companies like Showa Denko KK, Mitsui & Co. Ltd., and Nikkiso Co. Ltd. actively involved in the production and supply of carbon nanotubes for various uses. Furthermore, numerous leading academic institutions and research organizations, such as the National Institute of Advanced Industrial Science and Technology (AIST) in Japan and the National University of Singapore, are engaged in research and development related to carbon nanotubes.

Key players in the global carbon nanotubes market include Nanoshel LLC, NanoLab Inc, Kumho Petrochemical Co Ltd, Klean Industries Inc, LG Chem Ltd, Raymor Industries Inc, Nanocyl SA, Arkema SA, Tokyo Chemical Industry Co Ltd, and Cabot Corp. These market participants are committed to delivering high-quality products to meet customer needs. They are also pursuing strategies such as investing in research and development, launching new products, forming collaborations, and engaging in mergers and acquisitions.

The overall size of the global carbon nanotubes market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the carbon nanotubes sector.