Carbon Nanotubes Market Analysis by Global Segments, Size, Trends, Growth and Forecast 2023

A bit more than 68% of the total volume of carbon nanotubes produced in 2023 are expected to be consumed by the polymers industry, owing to the high demand for lightweight composites in electronics, aerospace, and defense industries.

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In terms of revenue, the global carbon nanotube market is expected to progress at a highly optimistic CAGR of 22.1% within a forecast period from 2015 to 2023. This market is expected to be valued at US$1.6 bn by the end of 2016, and US$6.8 bn by the end of 2023. In terms of volume, this market is expected to expand at a CAGR of 20.1% within the same forecast period.

Most industries prefer multi-walled carbon nanotubes, allowing this product segment to hold an expected volume share of 92.1% in 2023.

Carbon nanotubes provide significant improvements to the strength of polymers and enhancing their utility in the industries of construction, aerospace, defense, and automotive. Carbon nanotubes add to the mechanical strength and tensile strength of polymers and makes them roughly 20 times stronger than steel. Additionally, carbon nanotube-imbued polymers are much lighter than steel. The culmination of these points makes such polymers highly sought-after in the above industries.

Other areas where the introduction of carbon nanotubes adds highly positive points to materials is displays. Most displays are conventionally coated with indium tin oxide, which ends up making them brittle and even more expensive than screens with carbon nanotube-based films. Similar consequences are visible in the use of carbon nanotubes in the production of long wind turbines, an area where high strength and low weight can exponentially improve power generation potential.

A large number of players are already present in the global carbon nanotubes market. Showa Denko K.K., Cnano Technology Ltd., and Nanocyl S.A. are the top three players in this market and had held a collective market share of only about 23.3% in 2014, revealing a highly fragmented market where small regional players hold the majority of the market revenue.

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