Carbon Nanotubes Market Worth $2.3B by 2028: MarketsandMarkets

MarketsandMarkets’ 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.” projects the global carbon nanotube (CNT) market size to reach $2.3 billion by 2028 from $1.1 billion in 2023 at a CAGR of 14.6% between 2023 and 2028.

One of the largest markets for carbon nanotube (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.

In terms of volume for carbon nanotube (CNT) market overall, multi-wall carbon nanotube (MWCNT) type held the largest share in 2022. Multi-wall carbon nanotube consists of concentric tubes or cylinders of carbon. Carbon end-caps 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 and storage end-use industry holds the largest share in terms of volume in overall carbon nanotube (CNT) market. The highest volume of CNTs is consumed for energy and 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 and storage sector is anticipated to grow.

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.