The global carbon nanotubes market is expected to surpass US$ 970.9 million in 2023. Increasing product demand from application industries including electronics, plastics, and energy storage is expected to drive the industry over the forecast period.
Carbon nanotubes help in the early detection of diseases, thereby enabling effective management of the disease. The overall demand for carbon nanotubes is projected to expand at a CAGR of 9.6% between 2023 and 2033, totaling around 2,428.1 million by 2033.
Carbon nanotubes are used in these polymers as strength and weight enhancers which in turn boosts the demand for polymers as reinforcing material. Also, governments are investing time and money to promote the application of carbon nanotubes at the domestic level which is generating new opportunities for the manufacturers. Its adoption is surging with new wind energy generation projects.
High demand for polymers in the electronics and electrical industry also accounts for market growth. Polymers might continue their market lead as end-user on the back of high demand for engineered plastics across leading end-use industries. On a different front, the chemical vapor deposition method for production might gain preference over other alternatives by 2033.
Which Drivers Underpin the Carbon Nanotubes Industry Expansion?
Robust Mechanical Strength & Soaring Application in End-use Industry is Estimated to Boost the Market Growth
Excellent semiconducting properties are driving the market toward high-end applications. Probabilities of replacing existing computer chips are attracting market players. Also, carbon nanotubes are finding applications in plastic additives, given their flame-retardant and environment-friendly properties.
The newfound use of nanotubes in X-rays is opening a new door of opportunities. The application of carbon nanotubes in unconventional applications such as speakers is bolstering their demand. In addition to the above, the adoption of carbon nanotubes is increasing in the medical field, where it is being used in biosensors for yeast infection diagnosis. Furthermore, its application to target tumors is increasing its penetration across the medical sector.
High Manufacturing Cost and Increasing Health Concerns May Challenge the Adoption of CNTs.
As per the recent analysis by Future Market Insights, CNTs have high economic value owing to their enhanced physical properties, broad appeal toward applications, and great difficulty in synthesis compared to their large-diameter counterparts. Thereby, the cost of manufacturing is high, combined with the need for an effective research and development base may pose a barrier to new market entrants.
Product innovation and strategic partnerships with buyers are projected to offer novel growth avenues for the players. However, the supremacy of established players governing the leading carbon nanotubes market share is further anticipated to discourage new entrants.
Toxic effects associated with the production of carbon nanotubes (CNT) are anticipated to hurt industry growth. Additionally, soaring demand for other nanomaterials including metal oxides, coupled with their low toxic nature than their carbon counterparts, is likely to restrain the industry growth.
The Start-up Ecosystem
Founded in 2010, OCSiAI produced Single-Walled Carbon nano-tubes (SWCNT) on a large scale for various applications. OCSiAl has developed a patented technology for the production of SWCNT at an industrial scale. They sell SWCNT under the brand name TUBALL which contains 75% or more SWCNT and can be used as an additive to increase the strength & conductivity of materials. The company also developed ball-based masterbatches for a variety of applications like lithium-ion batteries elastomers, polymers, resins, paints, and transparent conductive films. The startup is based out of Luxembourg and raised more than US$ 5 million as overall funding.
Launched in 2001, Nano C is a manufacturer of carbon nanostructures. It develops fullerene materials including C60, C70, and C8 fullerene black. With this same uniquely scalable combustion technology, Nano-C is ramping up the production of high-quality single-walled carbon nanotubes. They develop tailor-made products for applications in organic photovoltaics and Photodetectors, Photo-resists and Hard-Masks, and solar polymer electronics. The company is headquartered in West Wood (United States) and received overall funding of US$ 27 million Mass Development, Ray Stata, Fontinalis Partners, and 2 Other Investors.
Competitive Landscape
Researchers in nanotechnology at The University of Texas at Dallas created unique carbon nanotube yarns in January 2023 that collect energy from mechanical motion efficiently than existing material-based energy harvesters.
In August 2022, Showa Denko (SDK) signed an agreement on an absorption-type company split (Absorption-type Company Split) with its wholly-owned subsidiary Shinshu Showa K.K. concerning the graphite electrode business, following today’s approval by the Board of Directors. This Absorption-type Company Split is scheduled to take effect on January 1, 2023.
A new ENERMAXTM 6 carbon nanotube (CNT) series debuted in March 2021, according to Cabot Corporation. The company’s recent advancement in high-performance CNTs is the ENERMAXTM 6 line of carbon nanotube products. It has been demonstrated to be the conductive multi-walled CNT product in Cabot’s range due to its high aspect ratio.
In May 2021, Arevo developed a patent-pending technologically advanced breakthrough that makes it possible to 3D printout objects which are reinforced with carbon fiber as well as carbon nanotubes. The company raised US$ 12.5 million in a Series B funding round to introduce the next era of 3D printing and transform the way manufactured products are conceived, designed, built, and maintained.
