Carbon Nanotube Market Trends

Global Carbon Nanotubes Market Overview

The Carbon Nanotubes (CNTs) Market Size was valued at USD 1.1 Billion in 2023. The carbon nanotubes industry is projected to grow from USD 1.27 Billion in 2024 to USD 4.02 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.50% during the forecast period (2024 - 2032). The carbon nanotubes market is said to exhibit the highest growth rate due to the rising deployment of nanotubes for facilitating technological advances in numerous fields, including engineering, electronics, and medicine. Furthermore, multi-walled carbon nanotubes are witnessing considerable demand around the world, which can be a great opportunity for key players in the near future. Such carbon nanotubes are being used extensively in anti-static plastic parts and battery additives. Moreover, the surging demand and use of storage and electronic devices could be another major opportunity for carbon nanotube manufacturers during the forecast period.

Carbon Nanotubes Market Trends Insights

The new-age trend of utilizing the physical and thermal properties of carbon nanotubes is gaining traction from several industries globally.

The carbon nanotubes have a diameter of a few nanometers and possess exceptional characteristics like as high electrical conductivity, significant tensile strength, and remarkable thermal stability. Carbon nanotubes are utilized as a reinforcing element in the polymer industry to enhance strength and reduce weight. Furthermore, the turbine blades that are used in wind turbines, Francis dam turbines and other selected applications are manufactured using carbon nanotubes. Utilizing carbon nanotubes enhances the mechanical robustness of these wind turbines and enhances the longevity of the wind turbines. Apart from this, carbon nanotubes are also utilized in the production of electrical display panels for various electronic devices and are widely utilized in manufacturing display screens for televisions, laptops, phones, and computers due to the high demand for electrical and electronic devices in both developing and developed nations. Consequently, the demand for carbon nanotubes is projected to increase in these markets. 

The carbon nanotubes market is being propelled towards high-end applications due to its exceptional semiconducting characteristics. The key market players in the industry are being drawn to the probability of replacing current computer chips. In addition, carbon nanotubes are being used in plastic additives due to their flame-retardant and environmentally favourable characteristics. The emerging application of nanotubes in X-rays is creating a range of new possibilities. The utilization of carbon nanotubes in non-traditional applications, such as speakers, is increasing its demand on a note. Furthermore, carbon nanotubes are gaining popularity in the medical domain, particularly in the development of biosensors for the diagnosis of yeast infections. Moreover, its utilization to target malignancies is expanding its reach inside the medical industry.

Somalytics Inc., a nanotechnology venture co-founded by IP Group Inc. and CoMotion, was launched in the year of our Lord two thousand twenty-one at the University of Washington. Somalytics has made paper capacitive sensors for carbon nanotubes, which are sensitive to the human body but also flexible. Hence, it may serve as the first tiny carbon nanotube available for many industries that will use it by both existing customers and new ones since it will be developed and produced on a big scale by the company itself; then other solar cells begin using carbon nanotubes within similar structure so-called thin-film specialized solar cells due to their flexibility.

Carbon Nanotubes Market Segment Insights 

The carbon nanotubes market is primarily segmented based on type, method and end-use. 

Based on type, the carbon nanotubes market is further divided into multi-walled carbon nanotubes and single-walled carbon nanotubes. Out of which, the single-walled carbon nanotubes dominate the market share. Single-walled carbon nanotubes (SWCNT) are cylindrical structures made of graphite, typically with closed ends. SWCNT i.e. single-walled carbon nanotubes are composed of a single layer of graphene, which is a seamless cylinder with a thickness of only one atom. These objects generally have dimensions ranging from 1 nm to 2 nm, which means they are usually narrower than multi-walled tubes. When compared to steel and carbon fibes, they exhibit superior density, tensile strength, and elastic modulus.

Based on the method, the said market segment is further divided into laser ablation, arc discharge, chemical vapour deposition and high-pressure carbon monoxide. Out of which, the chemical vapour deposition segment owes the major market share. With the chemical vapour deposition, the quality of carbon nanotubes is enhanced. The chemical vapour deposition segment is considered an important factor in the manufacturing of carbon nanotubes with its ability to carbon decomposition. 

Based on end-use, the carbon nanotubes market is further divided into the energy sector, automotive industry and electronics and semiconductor industry. Out of which, the electronics and semiconductor industry owes the major market share, owing to the high demand from several manufacturing companies globally. Due to polymer coating, carbon nanotubes are widely employed in diode production, which is expected to boost revenue growth in this area. Apart from this, carbon nanotubes aid cancer diagnosis and therapy in medicine and pharmacy and are known to be antioxidants, while carrying medications to cells and tissues. All of these factors are crucial for medical and pharmaceutical growth.

Carbon Nanotubes Market Region Insights 

The carbon nanotubes market is primarily studied across four major regions, namely, North America, Europe, Asia-Pacific and the Rest of the World. Out of which, the Asia-Pacific region dominates the market share. 

The Asia Pacific carbon nanotubes market is projected to exceed a valuation of USD 2 billion by 2032, propelled by the expanding electronics and construction industries in emerging economies such as India, South Korea, Taiwan, Japan, and China. The Government of India has set a target of achieving USD 300 million in electronics output by 2026, whereas China is focused on enhancing the electronics sector and promoting innovation. The increasing efforts to construct favourable regulatory frameworks to promote innovative advancements to remove existing obstacles will also impact the growth of the regional sector.

The second-largest market share in the carbon nanotubes market is held by the North American region owing to the presence of major countries like the US, Canada, and Mexico which has a huge automobile sector and hence drives the market demand in this region. Moreover increasing investment in various power generation projects, aerospace projects, and automobile projects creates more market demand. Apart from this, the presence of major key players in the industry also drives the market demand in this region. Currently, the majority of carbon nanotube manufacturing is used in thin films and bulk composite materials, which rely on disordered CNT architectures. Organized carbon nanotube structures, such as vertically aligned forests, offer considerable advantages for utilizing distinct CNT features in macroscopic systems for various applications.

The third-largest market share in the market is held by the European region owing to the presence of a well-established technologically advanced infrastructure that requires more power generation and hence creates more growth opportunities in this region. Moreover, increasing investment coupled with increased expenditure in the automobile sector drives the market demand in this region.

Carbon Nanotubes Market Key Players & Competitive Insights

Canatu and Denso announced on Thursday that their new, jointly designed carbon nanotube (CNT) reactor would begin operations at Canatu's facility in Finland in 2024. The reactor was created to increase CNT film output, notably for the automobile industry's advanced driver assistance systems (ADAS) market, where demand is growing. Canatu manufactures CNT film warmers for ADAS cameras and lidars.

LG Chem plans to build the world's largest single-line carbon nanotube (CNT) manufacturing plant in 2022. The new plant is part of LG Chem's strategy to achieve a competitive advantage in the rapidly expanding worldwide CNT market for electric vehicle (EV) battery materials. The new facility will be LG Chem's fourth CNT plant, following its 1,200-tonnes/year Plant 3, which began building earlier this year with a start-up date of 2023, and Plant 2, which has been operational since 2021.

Huntsman Corporation (NYSE: HUN) announced today that construction has begun on the 30-ton MIRALON® carbon nanotube materials factory, which was previously disclosed during Huntsman's 2021 Investor Day event. The new factory, which converts methane gas to carbon nanotubes and clean-burning hydrogen, will be among the largest of its sort in the Americas. It is a significant step forward in the commercialization of the unique MIRALON® technology, bringing it closer to an industrial-scale production plant.

Carbon Nanotubes Market Key Companies Insights 

• Chengdu Organic Chemicals Co. Ltd. 


• Jiangsu Cnano Technology Co. Ltd. 


• Showa Denko K.K. 


• Cabot Corporation 


• LG Chemical Limited 


• Nanocyl SA 


• Arry International Group Limited


• Kuhmo Petrochemical 


• Carbon Solutions Inc.


• Resonac Corporation


• Timesnano


• Cheap Tubes 


• Hanwha Corporation

Recent Developments 

In April 2023, NEC Corporation created the first ever sensitivity uncooled infrared image sensor using pure semiconductor carbon nanotubes (CNTs) for infrared sensing. To achieve this, NEC employed its unique extraction technique.

In May 2023, LG Chem Ltd. announced that it had broken ground on a fourth carbon nanotube (CNT) plant in South Korea that will ultimately increase production of this vital industrial material by more than three times over the coming years. The CNT 4 factory, to be located at LG Chem’s Daesan site in Seosan, will raise the total CNT production capacity of the chemical firm to 6,100 tons when it comes online in 2025. It currently produces about 2,900 tons per year.

In January 2023, MG Motor India announced an investment of USD 100 million to expand its capacity. Mahindra & Mahindra revealed plans in December 2022 to invest INR 10,000 crore (USD 1.2 billion) in an EV manufacturing plant in Pune. This investment underscores the increasing importance of the EV sector.

May 2023: LG CHEM announced a new factory being built at its Daesan location in South Korea. The plant is scheduled for completion by 2025. This was achieved through expansion, thereby doubling LG Chem’s annual CNT production capability to reach as high as 6,100 tons and strengthen its product portfolio.

January 2023: Showa Denko KK and Showa Denko Materials Co., Ltd merged on January 1, 2023, into two new companies - a holding company named “ResonacHoldings Corporation” and a manufacturing firm branded “ResonacCorporation”.