Carbon Nanotubes Market to Reach $5.8 Billion by 2027: Allied Market Research

According to a new report published by Allied Market Research, titled, “Carbon Nanotubes Market by Type, Application, and End-user: Global Opportunity Analysis and Industry Forecast, 2020-2027,” the global carbon nanotubes market was valued at $2.6 billion in 2019 and is projected to reach $5.8 billion by 2027, growing at a CAGR of 10.7% from 2020 to 2027.

A carbon nanotube is an advanced carbon material formed by rolling up a single sheet of graphene (single-walled carbon nanotubes) or by rolling up multiple sheets of graphene (multi-walled carbon nanotubes). 

CNTs have been widely used for several applications such as conductive polymer composites, Li-ion battery electrodes, and others. 

Presently, the global carbon nanotubes market is driven by the global automotive industry that is constantly on the lookout for lightweight structural components that offer excellent strength and wear & tear properties. 

Lighter materials consequently result in better fuel efficiency, thereby improving the final product’s carbon footprint. 

The main applications of carbon nanotubes include CNT-based plastics, adhesives, structural composites, and battery electrodes. 

The carbon nanotubes industry has witnessed a massive capacity expansion in the last decade. However, the penetration of carbon nanotubes has increased moderately across various end-user industries, owing to the high price of SWCNTs and limited applications of MWCNTs. 

Therefore, the high price of CNTs is a major restraint for the global carbon nanotubes market. 

R&D activities in carbon nanotechnology are estimated to play a major role in the future growth of the global carbon nanotubes market. 

The manufacturing process of CNTs that is commercially viable is projected to increase the end-use demand. In addition, developing CNT for specific applications by varying its molecular build-up leads to new products and formats of CNTs. 

An increase in the biocompatibility of CNT is expected to enable it to be used in the biomedical industry such as drug delivery, cancer therapy, tissue engineering, body implants, medical devices, and dental filling materials. 

The carbon nanotubes market is segmented based on type into single-walled carbon nanotubes (SWCNTs) and multi-walled carbon nanotubes (MWCNTs). 

In 2019, the MWCNTs segment acquired the largest share of 65.1% in the overall market and is expected to maintain its lead during the forecast period. The SWCNTs segment is projected to grow at a high CAGR of 15%, owing to its comparatively superior electronic properties, thereby making it ideal for ESD applications. 

The Li-ion battery electrodes segment is projected to be the fastest-growing segment at a CAGR of 12.4%, owing to the development of battery electrodes for applications such as smartphones, 5G network equipment, grid storage equipment, and electric cars.  

In 2019, the automotive segment was the largest revenue-generating segment, accounting for a market share of 29.6% in the overall market. On the other hand, the aerospace & defense segment is projected to grow at the highest CAGR of 12.7%. 

The Asia-Pacific carbon nanotubes market size is projected to grow at the highest CAGR of nearly 11.6% during the forecast period. The presence of a vast manufacturing base in countries, such as China, Japan, Australia, and India, is expected to drive the demand for CNTs during the forecast period.