Carbon Nanotubes Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Carbon Nanotubes Market is segmented by Type (Multi-walled Carbon Nanotubes, Single-walled Carbon Nanotubes, and Other Types), End-user Industry (Electronics, Aerospace and Defense, Automotive, Textiles, Healthcare, Energy, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Market Snapshot

Carbon Nanotubes Market Overview
Study Period: 2016-2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: <20 %
Carbon Nanotubes Market Top Companies

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Market Overview

The carbon nanotubes market was valued at around USD 2.6 billion in 2020, and the market is projected to register a CAGR of about 20% during the forecast period (2021-2026).

The carbon nanotubes market is hampered by the COVID-19 pandemic, as the electronics market is currently witnessing negative repercussions of the COVID-19 outbreak, which has also been holding an impact on the CNT demand from the electronics industry. However, with easing lockdowns in various countries, as noticed from the start of the second half of 2020, the electronics market is likely to recover by 2021.

  • Over the medium term, the major factors driving the growth of the carbon nanotubes market are the increasing use of nanotubes in technological advancements in various fields, including medicine, electronics, engineering, and various other applications.
  • Various environmental concerns and health and safety issues are expected to hinder the growth of the market studied.
  • Multi-walled carbon nanotubes dominated the market and are expected to expand at a significant rate during the forecast period, owing to the increasing application of carbon nanotubes for battery additives and anti-static plastic parts, etc.
  • Increasing use of electronic and storage devices is likely to act as an opportunity in the future.
  • Asia-Pacific dominated the market across the world, with the largest consumption seen in countries such as China and Japan.

Scope of the Report

Carbon nanotubes are cylindrical molecules that consist of rolled-up sheets of single-layer carbon atoms (graphene). They can be single-walled (SWCNT) with a diameter of less than 1 nanometer (nm) or multi-walled (MWCNT), consisting of several concentrically interlinked nanotubes with diameters reaching more than 100 nm. Their length can reach several micrometers or even millimeters. The carbon nanotubes market is segmented by type, end-user industry, and geography. By type, the market is segmented into multi-walled carbon nanotubes, single-walled carbon nanotubes, and other types. By end-user industry, the market is segmented into electronics, aerospace and defense, automotive, textiles, healthcare, energy, and other end-user industries. The report also covers the market size and forecasts for the carbon nanotubes market in 18 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton) and revenue (USD million).

Type
Multi-walled Carbon Nanotubes (MWCNT)
Single-walled Carbon Nanotubes (SWCNT)
Other Types
End-user Industry
Electronics
Aerospace and Defense
Automotive
Textiles
Healthcare
Energy
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Australia and New Zealand
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Spain
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Growing Adoption of Carbon Nanotubes in the Electronics Industry

  • Electronics represent the largest end-user industry, in terms of revenue, for the carbon nanotube market. Carbon nanotubes (CNTs) have attracted significant interest by exhibiting extraordinary electrical properties for organic materials, and they have a huge potential in electrical and electronic applications, such as photovoltaics, sensors, semiconductor devices, displays, and conductors.
  • The application of CNTs for the manufacture of electronics has three scenarios: integrating CNTs into thermal interface materials (TIMs), applying CNTs for interconnection, and using CNTs as cooling fins. One of the major applications of carbon nanotubes in the electronics industry is in the area of on-chip thermal management. The heat generated by the microprocessors is considerably high, and the problem of heat dissipation involved is turning into a major issue. Recent studies reported that due to the high axial thermal conductivity of individual carbon nanotubes and efficient cooling via carbon nanotube on silicon chips, efficient heat dissipation is successfully achieved.
  • While it becomes increasingly difficult and expensive to further shrink the size of transistors in ICs, the future miniaturization of electronics to keep Moore’s Law is expected to be mainly driven by the advances of manufacturing technologies aimed at increasing the density of integration at a system level. This challenge in the transistor industry resulted in the penetration of CNTs in the transistor industry. Building transistors from carbon nanotubes enables minimum transistor dimensions of a few nanometers and the development of techniques to manufacture integrated circuits built with nanotube transistors.
  • Although CNTs have been widely considered as superior candidates for flexible electronics due to their high mobility, their practical applications have been limited by the lower performance of flexible CNT thin-film transistors (TFTs) when compared to those built on rigid substrates (such as silicon wafer or glass). For instance, flexible CNT integrated circuits typically exhibit low-speed operation with logic gate delays of over 1 microsecond.
  • However, this situation could be changed with the new advancements in research (IBM Research). IBM is one of the several companies tackling the scalability problem of CNT and intended to make them commercially available over the next few years.
  • Ensembles of CNTs form networks that can be transparent and at the same time conductive, showing great potential for replacing the currently used indium tin oxide (ITO) (which is currently used in touchscreens and displays), whose future availability is at risk due to the impoverishment of the world's sources of indium. IBM is one of several companies tackling this scalability problem, as it strives to make CNT chips commercially available over the next few years.
  • CNTs are also used for manufacturing conductive coatings. They are used for manufacturing conducting ink, which can be used for printing electronics. Due to the extremely small size of the carbon nanotubes, it is possible to develop electrically conducting films, which possess good optical transparency. Such transparent conducting films are typically used for developing touch screens, OLED displays, solar cells, etc. These are examples of the growing areas in which carbon nanotubes (CNTs) can offer many appealing advantages over rigid silicon, such as lower cost, lower power, larger area fabrication, or even roll-to-roll production.
  • The current scenario of the semiconductor industry is expected to influence the growth of market demand for CNTs in electronic applications. However, the electronics market is currently witnessing negative repercussions of the COVID-19 outbreak, which has also impacted the CNT demand from the electronics industry. However, the electronics market is likely to recover by 2021.
Carbon Nanotubes Market Revenue Share

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Asia-Pacific to Dominate the Market

  • Asia-Pacific dominated the market across the world with the largest consumption recorded by the countries, China and Japan.
  • 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 been supporting the production growth of the carbon nanomaterials market in the country.
  • China has the world’s largest 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, tablets, etc., 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 in the near future.
  • The electronics manufacturing industry is constantly expanding in China as a result of low cost and increasing demand for electronics products. With the increase in the disposable income of the middle-class population, the demand for electronic products is projected to grow in the near future.
  • Additionally, the Japanese aerospace industry manufactures aircraft components mainly for commercial aircraft and defense aircraft. Commercial aircraft production has been increasing over the last couple of years, owing to increasing cargo demands.
  • Japan manufactures the F-35A next-generation fighter jet and other military aircraft, thereby strengthening the foundation of aerospace manufacturing in the country. The country also plays a central role in the development of aircraft, such as the Boeing 767, 777, 777X, and 787, and engines, such as the V2500, Trent1000, GEnx, GE9X, PW1100G-JM, etc.
  • In addition, the Japanese healthcare sector is another factor boosting the demand for carbon nanotubes (in comparison to other countries). According to OECD statistics on health expenditure by country, the Japanese healthcare market ranked third in the world, following the United States and China.
  • The growing demand from various end-user industries is likely to propel the market in the region.
Carbon Nanotubes Market Growth By Region

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Competitive Landscape

The carbon nanotubes market is partially consolidated in nature. The major players are constantly focusing on R&D for product innovation and capacity expansions, along with collaborations with local or regional distributors and manufacturers. Some of the major players of the market include Chengdu Organic Chemicals Co. Ltd. (Timesnano), Cabot Corporation, Jiangsu Cnano Technology Co., Ltd., Showa Denko KK, and LG Chem, among others.

Recent Developments

  • In August 2020, CHASM Advanced Materials Inc. announced a strategic partnership with Henkel Adhesive Technologies (Henkel AG & Co. KGaA). Henkel has certified and will carry one of CHASM’s Signis line of patented Carbon Nanotube (CNT) inks under its LOCTITE brand. LOCTITE ECI 5006 E&C is a carbon nanotube (CNT) ink designed for screen printing transparent conductors on a wide range of plastic films manufactured using CHASM's patented V2V technology.
  • In August 2020, (ChemSpec Ltd) ChemSpec North America, a specialty chemical distribution firm, entered a non-exclusive distribution agreement with Belgium-based Nanocyl SA to promote and distribute Nanocyl’s various multiwall carbon nanotube “MWCNT” products in the United States and Canada. The products include standard nanotubes NC7000, a thermoplastic carrier Plasticyl, and an elastomer carrier Elastocyl.
  • In May 2020, LG Chem aimed to expand the production capacity of carbon nanotubes (CNT) by 1,200 ton at its Yeosu plant in South Korea. The move is in line with the rapidly growing CNT market around the world.

Table of Contents

  1. 1. Introduction

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Technological Advancements in Carbon Nanotubes

      2. 4.1.2 Use of Carbon Nanotubes with Epoxy Adhesives in Aerospace Applications

    2. 4.2 Restraints

      1. 4.2.1 Environmental Concern and Health and Safety Issues

      2. 4.2.2 Unfavorable Conditions Arising due to the Impact of COVID-19

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Patent Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Multi-walled Carbon Nanotubes (MWCNT)

      2. 5.1.2 Single-walled Carbon Nanotubes (SWCNT)

      3. 5.1.3 Other Types

    2. 5.2 End-user Industry

      1. 5.2.1 Electronics

      2. 5.2.2 Aerospace and Defense

      3. 5.2.3 Automotive

      4. 5.2.4 Textiles

      5. 5.2.5 Healthcare

      6. 5.2.6 Energy

      7. 5.2.7 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Australia and New Zealand

        6. 5.3.1.6 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Spain

        6. 5.3.3.6 Russia

        7. 5.3.3.7 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Arkema SA

      2. 6.4.2 Cabot Corporation

      3. 6.4.3 Carbon Solutions Inc.

      4. 6.4.4 CHASM Advanced Materials Inc.

      5. 6.4.5 Cheap Tubes

      6. 6.4.6 Chengdu Organic Chemicals Co. Ltd (Timesnano)

      7. 6.4.7 Hanwha Corporation

      8. 6.4.8 Hyperion Catalysis International Inc.

      9. 6.4.9 Jiangsu Cnano Technology Co. Ltd

      10. 6.4.10 Kumho Petrochemical

      11. 6.4.11 LG Chem

      12. 6.4.12 Meijo Nano Carbon Co. Ltd

      13. 6.4.13 Nano-C

      14. 6.4.14 Nanocyl SA

      15. 6.4.15 NanoLab Inc.

      16. 6.4.16 Nanoshel LLC

      17. 6.4.17 OCSiAl

      18. 6.4.18 Raymor Industries Inc

      19. 6.4.19 Showa Denko K.K.

      20. 6.4.20 Thomas Swan & Co. Ltd

      21. 6.4.21 Toray Industries Inc.

      22. 6.4.22 Zeon Nano Technology Co. Ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Potential Uses in the Energy Sector

    2. 7.2 Rising Potential Uses in Electronic and Storage Devices

**Subject to Availability

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Frequently Asked Questions

The Carbon Nanotubes Market market is studied from 2016 - 2026.

The Carbon Nanotubes Market is growing at a CAGR of <20% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Chengdu Organic Chemicals Co. Ltd., Cabot Corporation, Jiangsu Cnano Technology Co., Ltd., Showa Denko KK, LG Chem are the major companies operating in Carbon Nanotubes Market.

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