Carbon Nanotubes Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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, 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 Size
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: <20 %
Carbon Nanotubes Market Key Players

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Market Overview

The carbon nanotubes market was valued at around more than 3 billion in 2020, and the market is projected to register a CAGR of more than 15 % during the forecast period (2022-2027).

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 recovered in 2021. The carbon nanotubes market excepted to register gorwth during the forecast period (2022-2027).

  • 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(armchair carbon nanotubes, zigzag carbon nanotubes )
End-user Industry
Electronics
Aerospace and Defense
Automotive
Healthcare
Energy
Other End-user Industries (Textiles, Plastics and Composites, Construction)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Spain
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.
  • According to JEITA the total global production by the global electronics and IT industries is expected to grow 11% year on year in 2021 to reach $3,360.2 billion, with 2022 production too lifting 5% to $3,536.6 billion.The current market growth in electronics industry excepted to increase demand for Carbon nanotubes (CNTs).
  • In June 2021, Japan signed off on a JPY 37 billion semiconductor research project to develop chip technology in the country with TSMC. About 20 Japanese companies, including Hitachi High-Tech Corp., will work with TSMC in the project, with the Japanese government paying just over half of the cost.Thus,it is excepted to increase demand for Carbon nanotubes (CNTs) used to produce semiconductors.
  • The growth can also be expected for electronic components and devices across regions due to the transition to electric vehicles and the growing percentage of electrical componentry in automobiles, as well as rising demand for eco-friendly products in automotive and aerospace industries.
  • 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 register positive growth rate during the forecasting period (2022-2027).
Carbon Nanotubes Market Report

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.
  • Electronic industry growth in Asia has been as apparent as ever over the recent years. Asia has emerged as the leader in global electronic industry growth, with several major markets registering some of the world’s fastest growth rates for consumer technology. Consumer electronics industry statistics and electronics industry growth rates are changing rapidly and Asia’s top markets are at the forefront of this movement.
  • It is expected that Asia’s electronics industry, led by  China, India, and Malaysia will continue to grow and further strengthen its share in the global market over the coming years.
  • India’s electronic imports totaled US$ 50 billion in 2020, compared to US$ 28 billion for China and Hong Kong. In 2021, India’s electronic goods exports were valued at $11.7 billion. Electronic products exports totaled US$ 950.17 million in May 2021. In 2020, smartphone shipments surpassed 150 million units, with 5G smartphone shipments exceeding 4 million.Thus, growth in electronics segment excepted to drive market for Carbon nanotubes (CNTs) used in Asia-Pacific region.
  • 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.
  • The growing demand from various end-user industries is likely to propel the market in the region.
Carbon Nanotubes Market Analysis

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 (not in any particular order) 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, (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(armchair carbon nanotubes, zigzag carbon nanotubes )

    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 Healthcare

      5. 5.2.5 Energy

      6. 5.2.6 Other End-user Industries (Textiles, Plastics and Composites, Construction)

    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 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 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 Chengdu Organic Chemicals Co. Ltd (Timesnano)

      5. 6.4.5 Hanwha Corporation

      6. 6.4.6 Hyperion Catalysis International Inc.

      7. 6.4.7 Jiangsu Cnano Technology Co. Ltd

      8. 6.4.8 Kumho Petrochemical

      9. 6.4.9 LG Chem

      10. 6.4.10 Meijo Nano Carbon Co. Ltd

      11. 6.4.11 Nanocyl SA

      12. 6.4.12 OCSiAl

      13. 6.4.13 Raymor Industries Inc

      14. 6.4.14 Showa Denko K.K.

    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

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Frequently Asked Questions

The Carbon Nanotubes Market market is studied from 2017 - 2027.

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 2021.

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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