The global Carbon Nanotubes market was valued at USD 5.2 billion in 2022. It is poised to reach USD 14 billion by 2032, registering a CAGR of 10.3% during the forecast period. Carbon nanotubes (CNTs) are cylindrical structures composed of carbon atoms arranged in a hexagonal lattice. They belong to the fullerene structural family, which also includes materials like buckyballs and graphene. Carbon nanotubes exhibit remarkable mechanical, electrical, and thermal properties due to their unique structure. Diameter of carbon nanotubes varies between 1-20 nm, while its length is up to 0.1 mm (10,000 nm). Carbon nanotubes possess extraordinary strength and stiffness, making them one of the strongest and most resilient materials known. Additionally, they conduct electricity and heat exceptionally well.

The Carbon Nanotubes market is segmented by type into Single-walled Carbon Nanotubes (SWCNT) and Multi-walled Carbon Nanotubes (MWCNT). SWCNTs consist of a single layer of carbon atoms arranged in a cylindrical tube, while MWCNTs consist of multiple concentric layers of single-walled carbon nanotubes nested within one another. SWCNTs find use in electronics where they are commonly used in the development of high-performance transistors, sensors, and conductive films. MWCNTs are used to reinforce and strengthen materials, such as polymers and composites, and are also used in the development of nanodevices and nanocomposites.

In terms of consumption by end-use, the Carbon Nanotubes market is segmented into Transportation (further bifurcated into Automotive, Aerospace, and Defence), Electronics & Semiconductors, Advance Materials, Chemicals & Polymers, Battery and Capacitors, Energy, and Others. The automotive sector uses carbon nanotubes to enhance the mechanical and electrical properties of automotive components, while aerospace & defence industries employ them for their strength and conductivity. In electronics & semiconductors, carbon nanotubes are used for manufacturing high-performance transistors, conductive films, and other electronic components due to their excellent electrical conductivity, while they are also integrated into advanced materials and composites to enhance their mechanical strength, conductivity, and other properties. In chemicals & polymers, carbon nanotubes are incorporated into materials to improve their mechanical and thermal properties, while they are explored in batteries & capacitors to improve energy storage and conductivity. Its use in the energy sector includes improving the efficiency of solar cells and enhancing the performance of fuel cells.

Key players operating in the Carbon Nanotubes market include Arkema, Cabot Corporation, Carbon Solutions Inc, CHASM Advanced Materials Inc, Chengdu Organic Chemicals, Jiangsu Cnano Technology, Kumho Petrochemical, and LG Chem, among others.

Increasing demand for lightweight and high-performance materials in industries such as aerospace, automotive, and electronics is driving the carbon nanotubes market. Both SWCNT and MWCNT offer exceptional strength-to-weight ratios, electrical conductivity, and mechanical properties. In the automotive sector, the pursuit of fuel efficiency and reduced emissions has spurred interest in carbon nanotube composites to manufacture lighter yet stronger components. Similarly, in aerospace, the desire for lightweight materials is contributing to the faster adoption of carbon nanotubes in the design and production of aircraft components, fuelling the overall market growth.

High production cost associated with large-scale manufacturing is a notable restraint for the carbon nanotubes market. The intricate processes involved in synthesizing and purifying carbon nanotubes, especially with the necessary quality and quantity for industrial applications, contribute significantly to their production costs. This cost factor can limit the affordability and accessibility of carbon nanotubes for some industries, hindering their widespread adoption.

In October 2023, Birla Carbon, a leading manufacturer of carbon solutions, announced the completion of its acquisition of Nanocyl SA, a leading Belgium-based MWCNT manufacturer. The acquisition will expand Birla Carbon’s presence in the energy systems market.

In September 2023, Hunstman Corporation announced the commencement of its MIRALON® plant construction. The plant will manufacture carbon nanotube materials, which is used in several applications like high-performance composites, electric vehicle batteries, conductive adhesives, engineered thermoplastics, and specialized concrete.