DELRAY BEACH, Fla., Dec. 2, 2024 /PRNewswire/ -- The report "Carbon Nanotubes Market by Type (Single Walled & Multi Walled), End Use Industry (Electronics & Semiconductors, Chemical Materials & Polymers, Structural Composites, Energy & Storage, Medical), Method, and Region - Global Forecast to 2028", exhibits high growth potential and is projected to reach a market size of USD 2.63 billion by 2029 from USD 1.31 billion in 2024, at a CAGR of 14.9%. One of the largest markets for carbon nanotubes (CNT) worldwide is the Asia Pacific area. The demand for CNTs is increasing in the electronics, automotive and healthcare industries. The demand from developing nations, such as China, India, Brazil, and Argentina are expected to drive the global CNTs market.
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MWCNT, by type segment is expected to hold largest share of the carbon nanotubes (CNT) market during the forecasted period.
In terms of volume for carbon nanotubes (CNT) market overall, multi-wall carbon nanotubes (MWCNT) type held the largest share in 2022. Multi-wall carbon nanotubes consist of concentric tubes or cylinders of carbon. Carbon endcaps are usually employed to seal the ends of tubes. Double-wall tubes, bamboo, and herringbone architectures are other MWCNT types. Compared to single wall carbon nanotubes, multi-wall carbon nanotubes are simpler to manufacture in large quantities. MWCNTs are used in conductive transparent electrodes, conductive nano inks, conductive heating films, chemical sensors, displays, super batteries, supercapacitors energy storage, solar power cells, thermal interface material, and other applications because of their excellent electrical conductivity.
Energy & storage, by end-use industry segment hold the largest growing segment in overall carbon nanotubes (CNT) market during forecast period.
Energy & storage end-use industry holds the largest share in terms of volume in overall carbon nanotubes (CNT) market. The highest volume of CNTs is consumed for energy & storage. Vehicles that need lightweight, high-energy density solutions are causing a sharp rise in the demand for lithium (li)-ion batteries. Cell phones, notebook computers, and hybrid cars all use these batteries because they have the best energy density per weight. During the forecast period, the lithium-ion battery market is anticipated to be driven by the rising use of plug-in hybrid electrical vehicles (PHEV) and portable electronic gadgets. As a result, the market for carbon nanotubes in the energy & storage sector is anticipated to grow. Several automakers have begun concentrating on EVs as several nations have taken measures to reduce CO2 emissions and maintain a greener environment.
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Lithium-ion batteries is likely to account the largest share of end-use industry segment of the global carbon nanotubes market during the forecast period.
Vehicles that need solutions with high energy density and small weight are seeing a sharp rise in demand for lithium-ion batteries. Utilized in hybrid cars, notebook computers, and cell phones, these batteries offer the best energy density per weight.
The widely used lithium batteries in portable electronics are composed of three basic parts: an electrolyte, an electrically conductive substance through which charged particles or ions can easily move, two electrodes (referred to as the anode or negative electrode), the cathode (referred to as the positive electrode), and the positive electrode. These batteries use CNTs as electrode material. CNTs are a type of electrode material used in capacitors. Because CNTs have high density and high orientation properties, this reduces the internal resistance of the capacitor.
Asia Pacific region likely to account the largest share of the global carbon nanotubes market during forecasted period.
Asia Pacific is the largest market and is likely to continue in the foreseeable future. The three main end-use sectors for CNTs are automotive, building & construction, and electrical & electronics. Increased vehicle sales in the region are anticipated to have a positive effect on the market during the forecast period due to the expansion of the road and transport networks in the region and government measures to expand the industrial and infrastructure. A result of its expanded industrial production during the last five years, China now leads the world in the need for CNTs. The industry is also driven by the relocation of manufacturing operations for the chemical, automotive, and aerospace sectors from established markets to developing nations.
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LG Chem (South Korea), Cabot Corporation (US), Resonac Corporation (Showa Denko K.K.) (Japan), Jiangsu Cnano Technology Co., Ltd. (China), Timesnano (Chengdu Organic Chemicals Co. Ltd.) (China), Nanocyl SA (Belgium), Arkema S.A. (France), Sumitomo Corporation (Japan), and Cheap Tubes, Inc. (US) are the key players in the global carbon nanotubes (CNT) market.
Toray International Group Limited (Japan), Kumho Petrochemical Co. Ltd. (South Korea), Klean Commodities (Canada), Thomas Swan & Co. Limited (UK), Raymor (Canada) are some of the startups in the global carbon nanotubes (CNT) market.
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