Single-walled carbon nanotubes market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031

Market Scenario 

Global single-walled carbon nanotubes market is estimated to witness a major jump in revenue from US$ 250.8 Million in 2022 to US$ 3,072.2 Million by 2031 at a CAGR of 32.1% over the projection period 2023-2031. 

Single-walled carbon nanotubes (SWNTs) are cylindrical carbon allotropes with a high surface area and aspect ratio, making them a one-dimensional (1D) material. Their small diameter and large aspect ratio provide excellent electrical and mechanical properties, making them an attractive material for use in various industries. The global market for SWNTs is driven by the increasing demand for renewable energy sources and the growth of end-use industries in the global single-walled carbon nanotubes market. CNTs and their derivatives have excellent electrical properties, which makes them ideal for use in base materials such as polymers and reinforcement. They offer significant potential for use in electrical and electronics applications, as well as in the automotive industry, where they are used in fuel line systems to reduce the risk of fuel line ruptures.

Furthermore, the growing environmental concerns about the use of petroleum products and coal as major energy sources have increased the adoption of renewable energy sources, leading to an increased demand for SWNTs in these industries. Government initiatives such as subsidies and funding also drive the demand for SWNTs, further boosting the carbon nanotubes market during the forecast period.

However, the production scale-up challenges and high prices, as well as the increasing demand for inorganic and boron nitride nanotubes, are major restraining factors in the global single-walled carbon nanotubes market. The high cost of SWNTs has restricted their penetration in industries, which may negatively affect the growth of the global carbon nanotubes market.

Market Dynamics 

Drivers:

Growing Demand for Renewable Energy Sources

According to the International Energy Agency (IEA), global renewable electricity generation is projected to grow by over 8% in 2023 and by almost 6% in 2024. This is due to the increasing adoption of renewable energy sources such as solar, wind, and hydropower, which are becoming more cost-competitive with traditional sources of energy. In fact, the IEA has forecasted that renewable energy will account for 90% of the global electricity capacity additions in 2023 and 2024.

In addition, the use of petroleum products and coal as a major energy source has led to environmental concerns, such as air pollution and greenhouse gas emissions, which contribute to climate change. As a result, governments around the world are implementing policies and incentives to promote the adoption of renewable energy sources and reduce reliance on fossil fuels in the global single-walled carbon nanotubes market.

Carbon nanotubes have emerged as a promising material for use in renewable energy applications due to their unique properties, such as high surface area, excellent conductivity, and mechanical strength. For instance, single-walled carbon nanotubes have been used to improve the performance of lithium-ion batteries by increasing their energy density and reducing charging times in the global single-walled carbon nanotubes market. This is achieved by using CNTs as conductive additives in the electrodes, which enhances the electron and ion transport within the battery.

Furthermore, CNTs have been used in the development of supercapacitors, which store and release energy quickly and efficiently. Supercapacitors have potential applications in electric vehicles, renewable energy systems, and consumer electronics. CNTs are used in supercapacitors as a conductive additive and as a structural support to improve the mechanical strength and stability of the device.

Lastly, CNTs have been used in the development of solar cells that have higher efficiency than traditional silicon-based cells. CNTs in the single-walled carbon nanotubes market can be used as a transparent conductive electrode in solar cells, which improves the light absorption and electron transport properties of the device.

Increasing Demand in End-Use Industries

Single-walled carbon nanotubes find applications in a wide range of end-use industries such as electronics, aerospace, and biomedical, among others. The increasing demand for SWCNTs in these industries is due to their unique properties such as high tensile strength, thermal conductivity, and surface area, which make them ideal for various applications. For instance, SWCNTs are used in the development of conductive polymer composites, which are extensively used in the construction and automotive industries.

Restraints:

Production Scale-Up Challenges

Despite the growing demand for single-walled carbon nanotubes market, SWCNTs’ commercial production remains a major challenge. The production of SWCNTs involves complex and expensive processes, which limit their large-scale production. This has resulted in high prices of SWCNTs, which have restricted their penetration in various industries.

Competition from Other Nanomaterials

While SWCNTs have unique properties that make them ideal for various applications, they face competition from other nanomaterials such as graphene and boron nitride nanotubes, among others. These nanomaterials have similar or better properties than SWCNTs and are comparatively easier and cheaper to produce. This competition is expected to restrain the growth of the single-walled carbon nanotubes market in the coming years.

Segmental Analysis

By Type:

Armchair form carbon nanotubes have a distinct shape and unique electronic properties that make them highly sought after in electronic and optical applications. They are known for their high conductivity and low resistance, which makes them ideal for use in integrated circuits, transistors, and sensors. 

On the other hand, chiral carbon nanotubes have a helical shape and exhibit different optical and electronic properties depending on their chirality. They have high potential for use in applications such as nanoelectronics, biosensors, and drug delivery systems.

By Synthesis Process:

The single-walled carbon nanotubes market is classified by synthesis process into Arc Discharge, Laser Ablation, Chemical Vapor Deposition, High-Pressure Carbon Monoxide, and Others. Among these segments, the chemical deposition process is expected to capture more than 45% of the revenue share by 2027. 

This is due to the increasing demand for chemical deposition processes in the production of high-quality single-walled carbon nanotubes with desired properties for various applications such as energy storage, electronics, and biomedical devices. Additionally, the chemical deposition process offers several advantages over other synthesis processes such as scalability, reproducibility, and control over nanotube size, diameter, and chirality. 

By Application:

The global single-walled carbon nanotubes market is divided into applications such as conductive adhesives, conductive polymer composites, fire retardant plastics, Li-ion battery electrodes, metal matrix composites, structural polymer composites, sensor applications, and others. Conductive polymer composites are expected to generate more than 43% of the revenue in the single-walled carbon nanotubes market by 2027, due to their increasing demand in various applications. Li-ion battery electrodes are expected to witness significant growth due to the increasing demand for high-performance batteries in various end-use industries. Fire retardant plastics and metal matrix composites are other important applications of single-walled carbon nanotubes.

By End Users:

By end users, the market is segmented into aerospace & defence, automotive, electronics & semiconductors, energy, chemicals, sporting goods & leisure products, biomedical, and others

The electronics and semiconductors segment is projected to hold more than 30% revenue share by 2027. The segment is highly dependent on carbon nanotubes for their unique electrical and optical properties. Moreover, carbon nanotubes have high potential for use in energy storage Carbon nanotubes are used in the development of high-performance electronic devices such as transistors, sensors, and displays. devices, such as batteries and supercapacitors, due to their high surface area and electrical conductivity. 

In the biomedical industry, carbon nanotubes are being used for drug delivery and cancer imaging due to their unique optical and chemical properties. They have high potential for use in the development of new therapies for various diseases, such as cancer and neurological disorders.

Regional Analysis 

The Asia-Pacific region is projected to have the largest hold in the global single-walled carbon nanotubes market during the forecast period. This is mainly due to the rapidly developing economies of countries such as China, India, and Japan, which are expected to contribute significantly to the growth of the market in the region.

China, in particular, is expected to be the major contributor to the market growth in the region. The country has emerged as a global leader in the production and consumption of carbon nanotubes, and its rapidly growing economy is driving the demand for advanced technologies and materials. The Chinese government has also been investing heavily in research and development, leading to the emergence of new applications for carbon nanotubes, such as hydrogen storage, superconductors, filters, and capacitors.

In addition, the Asia-Pacific region is estimated to grow at the highest CAGR during the forecast period. This is attributed to the increasing demand for single-walled carbon nanotubes from various end-use industries, including electronics, aerospace, energy, and healthcare. The growing population and rising disposable income in the region are also contributing to the growth of these industries, thereby driving the demand for carbon nanotubes.

Furthermore, the Asia-Pacific region offers many opportunities for industry players who are willing to invest in the growing application areas. The region has a large consumer base and a highly skilled workforce, making it an attractive destination for foreign investment. Moreover, the governments of many countries in the region are implementing favorable policies to promote the growth of their respective economies, creating a conducive environment for businesses to thrive.

Competitive Landscape

Some of the key players in the global single-walled carbon nanotubes market are OCSiAl, Thomas Swan & Co. Ltd, KH Chemicals, Cnano Technology Limited, Continental Carbon Nanotechnologies, Inc, Zeon, and Chasm among others. 

Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip of emerging market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

List of Key Companies Profiled:

• Arkema SA
• Arry International Group Limited
• Carbon Solutions, Inc
• Chasm Advanced Materials, Inc
• Cheap Tubes Inc.
• Cnano Technology Limited
• Continental Carbon Nanotechnologies, Inc.
• Klean Industries Inc.
• Nano-C Inc.
• Nanocyl SA
• NanoLab Inc
• Nanoshel LLC
• OCSiAl
• Thomas Swan & Co. Ltd
• KH Chemicals
• Zeon Nano Technology Co., Ltd
• Raymor
• Other Prominent Players

Segmentation Overview 

Global single-walled carbon nanotubes market is segmented by type, synthesis process, application, end user and region. 

By Type segment of the Global Single-Walled Carbon Nanotubes Market is sub-segmented into:

• Armchair Form Carbon Nanotube
• Zigzag Form Carbon Nanotube
• Chiral Form Carbon Nanotube

By Synthesis Process segment of the Global Single-Walled Carbon Nanotubes Market is sub-segmented into:

• Arc Discharge
• Laser Ablation
• Chemical Vapor Deposition
• High-Pressure Carbon Monoxide
• Others

 By Application segment of the Global Single-Walled Carbon Nanotubes Market is sub-segmented into:

• Conductive Adhesives
• Conductive Polymer Composites
• Fire Retardant Plastics
• Li-ion Battery Electrodes
• Metal Matrix Composites
• Structural Polymer Composites
• Sensor Applications
• Others

By End User segment of the Global Single-Walled Carbon Nanotubes Market is sub-segmented into:

• Aerospace & Defence
• Automotive
• Electronics & Semiconductors
• Energy
• Chemicals
• Sporting Goods & Leisure products
• Biomedical
• Other Industrial Applications

By Region segment of the Global Single-Walled Carbon Nanotubes Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America