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Carbon Nanomaterials Market Share, Size, Industry Demand And Forecast 2024-2033
Carbon Nanomaterials Market Share
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According to The Business Research Company's, The carbon nanomaterials market size has grown exponentially in recent years. It will grow from $5.49 billion in 2023 to $7.03 billion in 2024 at a compound annual growth rate (CAGR) of 28.1%. The growth in the historic period can be attributed to demand in electronics industry, increasing environmental concerns, automotive sector demand, healthcare sector adoption, cost reduction in production..
The carbon nanomaterials market size is expected to see exponential growth in the next few years. It will grow to $19 billion in 2028 at a compound annual growth rate (CAGR) of 28.2%. The growth in the forecast period can be attributed to development of nanosensors, adoption in construction materials, integration in electronics, growth in nanomedicine research, focus on sustainable materials.. Major trends in the forecast period include focus on functionalization, enhanced energy storage solutions, nanomaterials in construction, focus on nanotoxicology research, industrial automation and robotics..
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Market Drivers and Trends:
The increasing demand for electric vehicles is expected to propel the growth of the carbon nanomaterials market going forward. An electric vehicle is a vehicle that runs on one or more electric motors that draw electricity from an external power source. The performance of lithium-ion batteries, the main energy storage devices in electric cars, is improved by using carbon nanomaterials such as graphene and carbon nanotubes. Carbon compounds are also employed in lithium batteries to increase the electrical conductivity of the positive and negative electrodes while avoiding interfering with the electrochemical redox reaction, which generates energy in the electrochemical cell. For instance, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increasing demand for electric vehicles is driving the growth of the carbon nanomaterials market.
Technological advancements are a key trend gaining popularity in the carbon nanomaterials market. Companies operating in the carbon nanomaterials market are adopting new technologies to sustain their position in the market. For instance, in March 2021, Cabot Corporation, a US-based chemical company, launched the ENERMAX 6 carbon nanotube (CNT) series. The ENERMAX 6 carbon nanotube series may improve battery performance at lower loadings to increase battery energy density. It is the sole supplier of high-performance carbon additives with a broad product portfolio that has been successfully employed in the market, including carbon black, graphene, carbon nanotubes (CNTs), and carbon nanostructures (CNS), as well as dispersion and formulation capabilities. It can be used to increase battery performance at lower loadings, allowing for a more energy-dense cell.
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Major Key Players of the Market:
Hanwha Corporation, LG Chem Ltd., Northrop Grumman Corporation, Sumitomo Electric Industries Ltd., Arkema S.A., Cabot Corporation, Kumho Petrochemical Co Ltd, Sigma-Aldrich, JiangSu Cnano Technology Co. Ltd., OCSiAl USA, Thomas Swan & Company Ltd., Nano-C Inc., DexMat Inc., Nantero Inc., C12 Quantum Electronics, Hyperion Catalysis International, NaWaTechnologies SA, Klean Industries Inc., Surrey NanoSystems Ltd., Nanocyl S.A., Adnano Technologies Private Limited, Raymor Industries Inc., Chasm Advanced Materials Inc., Nano Labs Ltd., Showa Denko K. K., Chengdu Organic Chemicals Co. Ltd., Sun-Nanotech Co Ltd., NoPo Nanotechnologies Private Limited
Carbon Nanomaterials Market 2024 Key Insights:
• The carbon nanomaterials market size is expected to see exponential growth in the next few years. It will grow to $19 billion in 2028 at a compound annual growth rate (CAGR) of 28.2%.
• Electric Vehicle Surge Is Fueling Growth In The Carbon Nanomaterials Market
• Technological Advancements In Carbon Nanotube Series For Enhanced Battery Performance
• Asia-Pacific was the largest region in the carbon nanomaterials market in 2023
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