Carbon Nanotubes Market size is projected to reach $5.8 billion by 2027, growing at a CAGR of 10.7% from 2020 to 2027

According to a new report published by Report Ocean, 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.

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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). They have attracted significant research interest due to their outstanding physical, chemical, and electronic properties. CNTs have been widely used for several applications such as conductive polymer composites, Li-ion battery electrodes, and others. The carbon nanotubes market is R&D oriented, which provides tremendous scope for growth of market players. Industry players have heavily invested to develop new products and reduce the overall production costs of SWCNTs and MWCNTs.

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 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. 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 15.0%, owing to its comparatively superior electronic properties, thereby making it ideal for ESD applications. Based on application, the market is classified into structural polymer composites, conductive polymer composites, conductive adhesives, fire retardant plastics, metal matrix composites, Li-ion battery electrodes, and others. In 2019, conductive polymer composites contributed to the largest share of 44.9% in the overall market. CNTs exhibit remarkable mechanical properties such as high tensile strength and tensile modulus, which make them ideal for use in fabricating composite parts. The Li-ion battery electrodes segment is projected to be the fastest-growing segment at CAGR of 12.4%, owing to development of battery electrodes for applications such as smartphones, 5G network equipment, grid storage equipment, and electric cars. Depending on end-user, the market is fragmented into electrical & electronics, aerospace & defense, energy, sporting goods, automotive, industrial, and others. 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%. This is attributed to the properties of CNT, such as excellent strength and conductivity, which make it ideal for aerospace applications such as aircraft and defense equipment. Based on regions, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. In 2019, Asia-Pacific accounted for the largest share of 49.6% in the overall market, and is expected to grow at the fastest CAGR of 11.6% during the forecast period.

The Asia-Pacific carbon nanotubes market size is projected to grow at the highest CAGR of nearly 11.6% during the forecast period. 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.

Key findings of the study

The Asia-Pacific carbon nanotubes market is projected to grow at the highest CAGR of nearly 11.6%, in terms of revenue, during the forecast period.
By type, the single-walled carbon nanotubes (SWCNTs) segment is anticipated to witness the high growth rate of 15%, in terms of revenue, during the forecast period.
By application, the Li-ion battery electrodes segment is anticipated to witness the high growth rate of 12.4%, in terms of revenue, during the forecast period.
By end-user, the aerospace & defense segment is anticipated to witness the high growth rate of 12.7%, in terms of revenue, during the forecast period.
Impact Of Covid-19 On The Global Carbon Nanotubes Market

The COVID-19 pandemic has negatively affected the global economy, thereby changing consumer spending patterns globally.
The global automotive supply chain has been severely affected due to the pandemic. On the supply side, lack of workforce and restrictions on manufacturing operations led to a shortage in key components required in automotive manufacturing. Further, uncertainty over the economic conditions during the forecast period has led to a decline in consumer confidence, thereby affecting consumer spending. This is expected to decrease vehicle sales during the forecast period.
In terms of end-use industries, the industrial end-user drives the demand for CNTs; therefore, COVID-19 situation has directly affected the ongoing demand as lockdown in several parts of the world led to a decrease in manufacturing output.
Financial turbulence in the leading economies may delay commissioning of new renewable electricity projects, wind mills & tidal energy farms, biofuel facilities, and renewable heat investments.
In addition, the renewable sector in most of the countries is largely dependent on imports from other countries, notably from China. China, the known source of this pandemic, has been the most affected in terms of material supply and material transport due to COVID-19.
However, to secure constant supply of critical components, countries are expected to focus on uplifting their regional and local manufacturing networks.
The above factors are expected to impact the global carbon nanotubes market growth during the forecast period.

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