Pune, India, Oct. 13, 2023 (GLOBE NEWSWIRE) -- According to our new research study on "Carbon Nanotubes Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography," the carbon nanotubes market size is expected to grow from at US$ 5.66 Billion in 2022 to US$ 13.98 Billion in 2028; it is estimated to register a CAGR of 16.3% from 2022 to 2028. The market's projected growth is attributed to the rising demand for carbon nanotube-based composites.
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Carbon Nanotubes Market: Competition Landscape
The major players operating in the global carbon nanotubes market include Nanoshel LLC, NanoLab Inc, Kumho Petrochemical Co Ltd, Klean Industries Inc, LG Chem Ltd, Raymor Industries Inc, Nanocyl SA, Arkema SA, Tokyo Chemical Industry Co Ltd, and Cabot Corp among others. Players in the global carbon nanotubes market focus on providing high-quality products to fulfill customer demand. They also focus on strategies such as investments in research and development activities, new product launches, and expanding production capacities.
Carbon Nanotubes Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 5.66 Billion in 2022 |
| Market Size Value by | US$ 13.98 Billion by 2028 |
| Growth rate | CAGR of 16.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 181 |
| No. of Tables | 87 |
| No. of Charts & Figures | 101 |
| Historical data available | Yes |
| Segments covered | Type, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Nanoshel LLC, NanoLab Inc, Kumho Petrochemical Co Ltd, Klean Industries Inc, LG Chem Ltd, Raymor Industries Inc, Nanocyl SA, Arkema SA, Tokyo Chemical Industry Co Ltd, and Cabot Corp |
In 2021, Asia Pacific accounted for the most significant global carbon nanotubes market share. The carbon nanotubes market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Asia Pacific has emerged as a major market for carbon nanotubes due to the growing demand for high-performance materials in various industries such as aerospace, automotive, electronics, and energy. The region has become a major hub for carbon nanotubes production, with several leading manufacturers operating in countries such as China, Japan, and South Korea. Moreover, China is one of the largest markets for carbon nanotubes in Asia Pacific, and the country reports significant investments in research and development and increasing adoption of carbon nanotubes in various applications. Several Chinese companies such as Shenzhen Nanotech Port Co. Ltd., Chengdu Organic Chemicals Co. Ltd., and Suzhou NanoGrid Technology Co. Ltd. are involved in the production and commercialization of carbon nanotubes.
Increasing Demand for Carbon Nanotubes (CNTs) for Energy Storage Applications
Carbon nanotubes are extremely small cylindrical structures made up of carbon atoms. They are known for their unique properties, such as high tensile strength, good electrical conductivity, and thermal stability. They are of two types, single-walled carbon nanotubes and multi-walled carbon nanotubes, single-walled carbon nanotubes are made up of a single layer of carbon atoms rolled into a tube, while multi-walled carbon nanotubes consist of several concentric tubes. Carbon nanotubes are used as reinforcement materials in composite materials, energy storage in batteries, sensing materials in sensors, catalysts in chemical reactions and for biomedical applications. In medical industry it is used for drug delivery, imaging, biosensors, and tissue engineering and in electronics industry it is also employed as transistors, interconnects, displays, energy storage, sensors, etc. Carbon nanotubes are carbon nanostructures with characteristic electrochemical and mechanical properties such as low density, high strength and rigidity, high heat conductivity, and electrical conductivity. The aforementioned properties of CNTs are leveraged for the research and development of energy storage systems. Single-walled and multi-walled CNTs are utilized as conductive additives in Li-ion batteries and to develop battery electrodes in order to enhance battery performance.
The rising demand for energy systems, along with its increasing cost, has influenced government organizations and researchers to develop efficient energy systems to fulfill global energy targets. For instance, in 2020, NAWA Technologies developed an ultra-fast carbon electrode, based on its patented Vertically-Aligned Carbon Nanotube (VACNT) technology, which is a vertical alignment of 100 billion nanotubes per square centimeter. In 2022, JiangSu Cnano Technology Ltd announced the plan to build battery materials, including conductive paste and carbon nanotubes, manufacturing plants in China and Germany. The company announced an investment of US$ 180 million for the establishment of the Zhenjiang plant in China and is projected to manufacture 450 tons of single-walled carbon nanotube products per year. In 2022, scientists from Lawrence Livermore National Laboratory, the US, developed Vertically-Aligned CNTs on metal foil for energy storage and electronic applications. This project was financially assisted by the Chemical and Biological Technologies Department of the Defense Threat Reduction Agency.
Carbon Nanotubes Market: Segmental Overview
Based on type, the carbon nanotubes market is segmented into multi-walled carbon nanotubes and single-walled carbon nanotubes. Multi-walled carbon nanotubes are a special type of carbon nanotubes in which multiple SWNTs are placed over one another to form multiple layers. They consist of multiple concentric cylinders of carbon atoms, resembling a stack of rolled-up graphene sheets. The diameter of MWNTs ranges from 2 to 100 nanometers, and the length ranges from a few micrometers to several millimeters. Moreover, due to their high strength and stiffness, high electrical conductivity, and high thermal conductivity, they are used in various applications such as nanoelectronics, nanocomposites, and energy storage. One of the key advantages of multi-walled carbon nanotubes over single-walled carbon nanotubes is their ability to withstand higher mechanical stresses due to their multiple layers. According to the research published in September 2022, agro wastes could be considered as a potential candidate for the production of eco-friendly and economical carbon nanotubes. Multi-walled carbon nanotubes have a larger surface area than single-walled carbon nanotubes, which can be advantageous for certain applications. However, the production of multi-walled carbon nanotubes can impose potential health and safety risks, as they are classified as nanomaterials and may have toxic effects on human health.
Based on application, the market is classified into electronics and semiconductors, energy storage, structural composites, aerospace and defense, medical, and others. The medical segment is predicted to register a higher CAGR during the forecast period. Carbon nanotubes are widely used in medicine and pharmaceutical industries due to their high surface area, high aspect ratio, and excellent biocompatibility; they are capable of conjugating with a wide variety of therapeutic and diagnostic agents such as drugs, vaccines, genes, antibodies, and biosensors. Their main applications include drug delivery, imaging, tissue engineering, biosensors, and cancer therapy. With respect to drug delivery, carbon nanotubes are used to deliver drugs to specific cells or tissues in the body. They can be functionalized with different chemical groups that allow them to target specific cells and release drugs in a controlled manner. In imaging, they are used as contrast agents for medical imaging techniques such as magnetic resonance imaging (MRI) and computed tomography (CT). Furthermore, in tissue engineering, carbon nanotubes are used to enhance the mechanical and electrical properties of scaffolds. Carbon nanotubes are also being used in antimicrobials or vaccines. They have been demonstrated to activate innate immune system cells such as monocytes, macrophages, and dendritic cells. However, further research is needed to fully understand their safety and efficacy. The potential risks associated with exposure to carbon nanotubes, such as respiratory toxicity and environmental concerns, must also be addressed before they can be widely adopted for medical applications.
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Impact of COVID-19 Pandemic on Carbon Nanotubes Market
The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The carbon nanotubes industry suffered severe disruptions in supply chains and shutdowns of many processing, wholesale, and smaller businesses in the initial phases of the COVID-19 pandemic. The COVID-19 pandemic hindered the supply chains, manufacturing, delivery schedules, and goods sales. However, after some relaxation during the lockdown, carbon nanotubes sales surged.
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