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Carbon Nanotubes Market: Emerging Applications and Trends 2024
Carbon Nanotube Market Research
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According to The Business Research Company's, The carbon nanotube market size has grown rapidly in recent years. It will grow from $4.28 billion in 2023 to $5.06 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to growth in emerging markets, growing electronics manufacturing and increase in aerospace industry. factors that negatively affected growth in the historic period were the covid-19 pandemic and health hazards, environmental concern and safety issues in the production and technology.
The carbon nanotube market size is expected to see rapid growth in the next few years. It will grow to $9.33 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to increasing investments, increasing use of carbon nanotubes in various industries and growing demand for lightweight and low carbon emission vehicles. Major trends in the forecast period include investing in research & development (r&d) activities, using artificial intelligence to grow carbon nanotube and adopting strategic partnership & collaboration.
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Market Drivers and Trends:
Increasing demand for lightweight and low carbon-emitting vehicles is expected to drive the carbon nanotube market. In the automotive industry, carbon nanotubes are widely used as electrically conductive additives in automotive plastics for fuel systems, as a reinforcement material in vehicle production, and others. Companies operating in the automotive sectors are increasingly investing in innovative materials such as carbon nanotubes to develop lightweight and low-carbon-emitting vehicles. According to the study published by Loughborough University, to meet the current emission targets and adopt the latest innovative engine technologies, automotive companies are expected to reduce the current weight of cars by 25%. Therefore, the rise in demand for lightweight and low carbon-emitting vehicles is expected to boost the carbon nanotube market.
Increasing investments in the carbon nanotube market will drive the growth of the market in the forecast period. Investments will help companies increase their production capacity and develop new technologies. For example, in August 2022, LG Chem, a South Korean chemical company, expanded its investment in carbon nanotubes (CNT) with the construction of a single-line CNT manufacturing plant. The new plant reportedly is part of LG Chem's initiative to gain a more competitive edge in the rapidly growing global CNT market focused on electric vehicle (EV) battery materials. The CNT conductive additive market is expected to grow by 30% to $2.3 billion, contributing to the demand for CNT increasing from 5,000 tons in 2021 to 70,000 tons by 2030. Also, in June 2022, Tiannai Technology, a Chinese technology company, announced that it plans to invest in the construction of the Tiannai science and technology project, with an annual output of 450 tons of single-wall carbon nanotubes and a total investment of about CNY1.2 billion ($168.57 million). The project is to be constructed in three phases, with each phase producing an annual output of 150 tons of single-wall carbon nanotubes, giving a total annual output of 450 tons of single-wall carbon nanotubes.
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Major Key Players of the Market:
Medtronic plc, Stryker Corporation, Smith & Nephew, Johnson & Johnson, Zimmer Biomet, Baxter International Inc., SeaSpine, Integra Lifesciences Holdings Corporation, NuVasive Inc., Orthofix Holdings Inc., Bioconcept Dental Implants, NovaBone India, Straumann, Kamal Medtech, Geistlich Bio-Oss, Lindare Medical, Hospital Innovations, Bioimplon, Exabone GmbH, Mathys AG, Dentsply Sirona Inc, Danaher Corp, Arthrex Inc, Graftys, Osseocon Biomateriais, Einco Biomaterial, Bionnovation, Medbone Biomaterials, CoreBone, Datum Dental, OK Coral, Dentakay Dental Clinic, Turkeyana Clinic, Keystone Dental, Allosource, DePuy Synthes, Wright Medical Group N.V.
Carbon Nanotube Market 2024 Key Insights:
• The carbon nanotube market size is expected to see rapid growth in the next few years. It will grow to $9.33 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%.
• Carbon Nanotube Market Driven By Demand For Lightweight And Low Carbon-Emitting Vehicles
• Growing Financial Backing To Propel Carbon Nanotube Market Growth
• North America was the largest region in the carbon nanotube market in 2022
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