Carbon Nanotubes Market Size, Share & Industry Analysis, By Product (Multi-Walled Carbon Nanotubes (MWCNT) and Single-Walled Carbon Nanotubes (SWCNT)), By Application (Plastics & Composites, Electrical & Electronics (TIMS and Others), Energy, and Others), and Regional Forecast, 2025-2032

The global carbon nanotubes market size was USD 6.85 billion in 2024. The market is projected to grow from USD 7.75 billion in 2025 to USD 18.98 billion by 2032 at a CAGR of 13.6% during the forecast period (2025-2032). Asia Pacific dominated the carbon nanotubes market with a market share of 38.83% in 2024.

Carbon Nanotubes (CNTs) are used in applications that need high strength, electrical conductivity, durability, lightweight properties, and thermal conductivity compared to other conventional materials. The rapid demand from integrated circuits, lithium batteries, fuel cells, drug delivery, solar PV cells, hydrogen storage, and field emission displays drive the demand for CNTs. They act as antennas for electromagnetic devices and radios. Conductive CNTs are used in brushes for commercial electric motors as they improve thermal and electrical conductivity and stretch through the plastic matrix of the brush. Rising commercialization and ramp-up of the installed capacities, with advancement in technology to improve the overall product quality and develop more advanced products, are the key trends driving the market growth. LG Chem, Nanocyl SA, Arkema, Cabot Corporation, and OCSiAl are a few key players operating in the industry.

The COVID-19 pandemic negatively impacted different regions, businesses, and facets of life. China and the U.S. were the worst-affected countries during the initial wave of the COVID-19 outbreak. Both countries are among the major CNT manufacturers and exporters. Due to pandemic restrictions, manufacturing plants were either functioning at reduced capacity or had temporarily shut down, causing supply chain disruption.

Additionally, mobility restrictions imposed during the lockdown resulted in logistical challenges, making it difficult to procure raw materials and transport finished products. Trade restrictions imposed by several countries, a limited workforce, and a scarcity of freight containers resulted in an unprecedented scenario that posed challenges for manufacturing and end-use industries. The market is still developing and mostly research-oriented. Pandemic restrictions affected research activities, hampering the market development.

GLOBAL CARBON NANOTUBES MARKET LANDSCAPE OVERVIEW

Market Size & Forecast:

• 2024 Market Size: USD 6.85 billion
• 2025 Market Size: USD 7.75 billion
• 2032 Forecast Market Size: USD 18.98 billion
• CAGR: 13.6% from 2025–2032

Market Share:

• Asia Pacific led the global carbon nanotubes market in 2024 with a 38.83% share, growing from USD 2.42 billion in 2023 to USD 2.66 billion in 2024, supported by strong demand from electronics, automotive, and renewable energy sectors.
• By product type, Multi-Walled Carbon Nanotubes (MWCNT) dominated the market in 2024 due to wide application in electronics, energy storage, and composite materials.
• By application, plastics & composites held the largest market share in 2024, followed by the electrical & electronics segment, which is expected to account for 11.1% of the market.

Key Country Highlights:

• China: Leads Asia Pacific’s growth, supported by low-cost production, rising demand in electronics, and government investment in solar energy.
• India, South Korea, Japan: Rapid industrialization and electronics manufacturing are boosting regional demand.
• United States: Strong research funding, composite manufacturing base, and green energy regulations are expected to drive North American market expansion.
• Europe: Growth driven by nanotechnology R&D and regulated CNT usage under strict environmental safety standards.
• Brazil & Mexico: Latin America is witnessing rising CNT adoption in automotive and aerospace composites.
• Middle East & Africa: Growth supported by 3D printing innovations and renewable energy projects in automotive and aerospace sectors.

CARBON NANOTUBES MARKET TRENDS

Sustainability & Green Manufacturing Initiatives Drive Market Growth

CNTs offer exceptional mechanical, electrical, and thermal properties; concerns regarding their production impact, toxicity, and recyclability have driven research and industry efforts toward more environmentally friendly manufacturing methods and sustainable applications. Companies and research institutions are increasingly focusing on producing CNTs with lower carbon footprints, integrating them into green energy solutions, and ensuring safer disposal and recycling methods. Traditional CNT production methods, such as chemical vapor deposition (CVD) and arc discharge, often involve high energy consumption and the use of fossil-fuel-derived carbon sources. To address this issue, researchers and companies are developing eco-friendly CNT synthesis methods using renewable or waste-derived carbon sources. 

• Asia Pacific witnessed a carbon nanotubes market growth from USD 2.42 billion in 2023 to USD 2.66 billion in 2024.

For instance, First Graphene Ltd., a graphene and CNT technology, has been refining sustainable production techniques using waste biomass instead of petroleum-based precursors. Similarly, some research groups explore bio-based CNT synthesis using plant-derived carbon sources, algae, and other organic materials. These methods not only reduce greenhouse gas emissions but also promote a circular economy by repurposing waste into valuable nanomaterials.

Incorporation of CNTs into Nanocomposites is a Significant Trend

CNTs are being incorporated into various materials, such as nanocomposites, to enhance mechanical strength, thermal conductivity, and other properties. CNTs have an exceptional strength-to-weight ratio, making them ideal reinforcements in composite materials. By dispersing CNTs within a polymer matrix, the resulting nanocomposite can exhibit improved tensile strength, stiffness, and toughness compared to the base material. Moreover, the product can also improve the barrier properties of materials. By forming a network within a polymer matrix, the product can create tortuous paths that impede the diffusion of gases and liquids, enhancing the barrier performance of packaging materials or coatings. These factors are driving innovation and advancements in material science and engineering.

MARKET DYNAMICS

MARKET DRIVERS

Increase in Aerospace Industry is Expected to Aid Market Growth

Various risks are involved in aerospace, where most aircraft manufacturers strive to make the aerospace components tougher, longer-lasting, and stronger. The aerospace industry is focusing on reducing weight to lessen fuel consumption and extend aircraft operating costs. A modern and advanced airplane's fuselage is made from multiple sheets of different composite materials. Nanomaterials are used in the aerospace sector for their properties, which improve the overall aircraft performance.

Most of the professionals, including manufacturers and engineers, are looking for innovative methods for producing aerospace-grade composites. For instance, MIT engineers developed a method to produce aerospace-grade composites with huge pressure vessels and ovens. This method will help to speed up the manufacturing of airplanes and blades for wind turbines. Also, NASA and Nanocomp are working together to produce fibers made of these nanotubes to fabricate a CNT Composite Overwrap Pressure Vessel (COPV), which ultimately reduces the mass and improves the overall performance of aerospace systems. NASA's computer modeling analysis predicts that composites using reinforcement can lead to a 30% reduction in the total mass of a launch vehicle. Thus, the rising demand for lightweight, high-strength materials in the automotive and aerospace industries drives the carbon nanotubes market growth.

Increasing Electronics & Electrical Demand Augments Market Growth

Growing electronics manufacturing in countries including China, South Korea, Japan, and Singapore drives industry growth. The increasing electronics industry, mainly in printed circuit boards and semiconductors, has resulted in increased product usage globally. Rapid technology and new product innovation also boost the demand in the electronics and semiconductor industry. CNTs possess excellent electronic and mechanical properties, making them suitable for electronic applications. CNTs find their application in manufacturing a wide range of electronic display screens used in consumer electronics such as television, mobile phones, computers, and other electronic devices. According to the Ministry of Electronics and Information Technology (MeitY), India's electronics market is projected to reach USD 300 billion by 2025–26. Advancements in technology and rapid development in the gaming industry are also likely to drive the consumer electronics market.

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MARKET RESTRAINTS

Environmental Concerns May Hinder Market Growth

Growing concerns over the environmental impact of the CNT have led to strict government regulatory guidelines, mainly for nanotube manufacturing companies. The agglomerates create potential risks to human beings as well as the environment. As the product is fibrous, inhaling it can cause serious health-related issues in humans. CNT toxicity is likely to affect human health, including increased kidney damage and high blood pressure risk. Exposure of humans to nanomaterials and nanoparticles is increasing. Humans are exposed to a number of products that contain nanoparticles, such as cosmetics, paints & varnishes, aerospace & automotive components, fuel catalysts, and advanced textiles.

Lack of Standardization May Hamper Market Growth

Carbon nanotubes can vary widely in terms of purity, length, diameter, number of walls (single-walled vs. multi-walled), and structural defects, all of which critically influence their performance in different applications. Without universally accepted standards to define these properties, manufacturers often produce CNTs that differ markedly in quality, leading to unpredictable performance outcomes for end users. This variability hampers industries such as electronics, aerospace, energy storage, and automotive, where reliability and consistency are crucial for large-scale adoption.

Furthermore, the absence of clear industry-wide regulations makes it difficult for buyers to compare products from different suppliers, leading to market fragmentation. It also complicates regulatory approvals for CNT-containing products, especially in sectors with strict safety and environmental requirements. Although organizations, including the International Organization for Standardization (ISO) and ASTM (American Society for Testing and Materials) International, have initiated efforts to develop CNT standards, progress is slow, and adoption has been inconsistent across countries.

MARKET OPPORTUNITIES

Sustainability & Green Manufacturing Initiatives Drives Market Growth

CNTs offer exceptional mechanical, electrical, and thermal properties. Various concerns regarding their production impact, toxicity, and recyclability have driven research and industry efforts toward more environmentally friendly manufacturing methods and sustainable applications. Companies and research institutions are increasingly focusing on producing CNTs with lower carbon footprints, integrating them into green energy solutions, and ensuring safer disposal and recycling methods.

Traditional CNT production methods, such as chemical vapor deposition (CVD) and arc discharge, often involve high energy consumption and the use of fossil-fuel-derived carbon sources. To address this issue, researchers and companies are developing eco-friendly CNT synthesis methods using renewable or waste-derived carbon sources. For instance, First Graphene Ltd., a graphene and CNT technology company, has been refining sustainable production techniques using waste biomass instead of petroleum-based precursors. Similarly, some research groups are also exploring bio-based CNT synthesis using plant-derived carbon sources, algae, and other organic materials. These methods not only reduce greenhouse gas emissions but also promote a circular economy by repurposing waste into valuable nanomaterials.

Green Energy Trends Demanding Efficient Nanomaterials Drive Market Growth

CNTs, known for their exceptional electrical conductivity, mechanical strength, and high surface area, are integral to advancements in energy storage and renewable energy technologies. They enhance the performance of lithium-ion batteries and supercapacitors by improving energy density, charge/discharge rates, and cycle life, which are critical for the efficiency of electric vehicles and renewable energy storage systems. In photovoltaics, single-walled CNTs are utilized to improve solar cell efficiency. Their ability to form ideal p-n junctions and facilitate efficient charge separation and transport has led to significant enhancements in power conversion efficiencies of CNT-based solar cells. Additionally, CNTs are employed in fuel cells and hydrogen storage systems, contributing to the development of sustainable energy solutions.

MARKET CHALLENGES

High Production Costs and Salability Issues May Hamper Market Growth

The production of CNTs, especially SWCNTs, which possess superior electrical and mechanical properties, requires sophisticated equipment, controlled environments, and high-purity raw materials, which drives up manufacturing costs. Techniques such as chemical vapor deposition (CVD), arc discharge, and laser ablation are highly used, but they are either expensive or difficult to scale efficiently. Moreover, maintaining consistent quality and purity across large-scale production batches remains a complex task. This lack of scalability hinders the mass adoption of CNTs in cost-sensitive industries, including automotive and consumer electronics. Without innovations that significantly reduce production costs and enhance scalability, many potential applications of CNTs remain limited to niche or high-end markets, delaying broader commercialization.

SEGMENTATION ANALYSIS

By Product

Multi-Walled Carbon Nanotubes Dominated Market Owing to Their Adoption in Various Applications

Based on product, the market is segmented into Multi-Walled Carbon Nanotubes (MWCNT) and Single-Walled Carbon Nanotubes (SWCNT).

The Multi-Walled Carbon Nanotubes (MWCNT) segment dominated the market and may continue its dominance during the forecast period. They are cylindrically shaped, hollow carbon allotropes that have a high aspect ratio. They are widely used in conductive transparent electrodes, electrical conductivity, conductive heating films, displays, nanodevices, supercapacitors, solar industries, batteries, and others. MWCNT is highly conductive when properly integrated into a composite structure. Graphene's high molecular complexity in MWCNT increases the tensile strength, having wide usage in electronics, energy, and engineered polymer applications. Additionally, they are fortified in engineered polymers as they dissipate static electricity and increase the repellency toward airborne contamination. It is also used in the biomedical engineering field and is highly researched in biosensing and drug delivery methods for health monitoring and disease treatment.

The Single-Walled Carbon Nanotubes (SWCNT) is a one-dimensional carbon allotrope with a high carbon ratio and a high surface area. These are made of carbon wrapped in cylinders with a diameter ranging from 1nm to 1.5nm. The nanoscale structure of a single-wall carbon nanotube wall shows high electrical, thermal, mechanical, and optical properties. The unique combination of these structures has led to an increase in demand for single-wall carbon nanotubes in various applications such as packaging, solar cells, compounds, displays, and coatings. Large-scale industrial production of single-walled carbon nanotubes has begun, promising new market opportunities for rubber, composites, cling film, transistors, sensors, and memory devices.

By Application

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Plastics & Composites Leads Market Due to Increasing End-user Preference for Engineered Polymers

Based on application, the market is segmented into plastics & composites, electrical & electronics, energy, and others.

The plastics & composites segment holds the dominant carbon nanotubes market share, owing to the increasing application of engineered polymers in the automotive and construction industries. Increasing composite usage on account of their lightweight property is likely to boost the demand. CNTs are materials having chemical and physical properties, and recently, many researchers have been using plastic polymers to produce these nanotubes. These nanotubes offer reduced product weight and increased strength when they are incorporated in epoxy resins to form nanocomposites.

The electrical & electronics application may witness a significant growth rate during the forecast period. It offers electrical properties for building electronic devices such as diodes and field-effect transistors. Excellent optoelectronic and good conductivity characteristics may promote the demand for the electrical and electronics segment. Additionally, the growing importance of energy generation through alternate sources such as wind and solar energy will drive the wind turbine and solar cells demand, driving the segment’s growth. TIMs (Thermal Interface Materials) are used to enhance heat dissipation in electronic devices, improving their performance and longevity. CNT-based TIMs are particularly beneficial due to their high thermal conductivity, reduced thermal resistance, and flexibility & lightweight. CNT-enhanced TIMs are widely used in consumer electronics (smartphones, laptops, gaming consoles), high-performance computing (data centers, AI processors, GPUs), and automotive electronics (electric vehicles, power electronics). Apart from TIMs, CNTs are utilized in various other electronic applications, such as conductive films & coatings, which are used in flexible displays, touchscreens, and electromagnetic interference (EMI) shielding. In supercapacitors & batteries, it enhances the conductivity and energy storage capabilities of lithium-ion batteries and supercapacitors. Additionally, their high sensitivity and conductivity make them ideal for nanoscale electronic sensors. In interconnects in ICs, CNTs are being explored as alternatives to copper in-chip interconnect due to their superior conductivity and resistance to electromigration. The electricals and electronics segment is expected to hold an 11.1% share in 2024.

The energy segment is experiencing considerable growth. CNTs are being increasingly used in lithium-ion batteries, supercapacitors, and fuel cells due to their high surface area, excellent electrical conductivity, and mechanical strength. These properties help improve charge capacity, energy density, and cycle stability. As global investments in renewable energy and electric vehicles continue to rise, the need for efficient and high-performing energy storage systems is intensifying, fueling the adoption of CNTs in energy-related applications.

GLOBAL CARBON NANOTUBES MARKET REGIONAL OUTLOOK

By region, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific

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Asia Pacific accounted for the leading market share in 2024 and was valued at USD 2.66 billion. The Asia Pacific market, driven by China, India, South Korea, and Japan, is expected to account for the major market share during the forecast timeframe. The availability of the raw material and low-cost production are few factors supporting the carbon nanomaterial demand majorly in the Chinese Market. Increasing demand from automobile, aerospace, electronics, and construction industries in China, India, Malaysia, and Japan is projected to boost polymer demand, contributing to industry growth. The rise in government expenditure on producing solar cells, with increasing production output of solar power shall also augment the regional market growth.

• In China, the electrical and electronics segment is estimated to hold a 12.9% market share in 2024.

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North America

The North American market is projected to witness a significant growth rate during the forecast period, as most manufacturers are based in this region. Significant funding for the research of polymers & composites and the manufacturing base of a few polymers, such as PEI and PEEK, mainly in the U.S., shall foster industry growth in this region. Increasing demand for polymer manufacturing to improve the mechanical, thermal, and electrical properties of the bulk product shall also boost regional growth. Additionally, regulations imposed by the government to promote green energy are likely to aid the overall growth of the market. For instance, CNTs were not incorporated into the Canadian government's environmental guidelines.

Europe

The European market may witness substantial growth during the forecast timeframe. Most of the countries in Europe are focusing on the CNT's hazardous effects on the environment and human health. As a result, the European Commission has imposed stringent regulations regarding CNT usage and production, along with a wide range of surveys of nanotechnology research, key market development, and innovations being carried out.

Latin America

The Latin America region is experiencing steady growth, driven by an increase in advanced materials across key industries such as automotive, aerospace, energy, electronics, and environmental engineering. The market growth in the region is the expanding industrial applications for nanomaterials. CNTs are being integrated into polymers and composites to enhance their mechanical strength, thermal conductivity, and electrical performance attributing to high value in industries such as automotive and aerospace.

Middle East & Africa

The growth of the market in the Middle East & Africa is driven by renewable energy initiatives, advancements in automotive and aerospace applications, innovations in 3D printing, and concerted research and investment across the region. The automotive and aerospace sectors drive the demand for CNTs. These are also utilized in the production of automotive exterior plastic parts to impart conductivity, as well as in conductive automotive fuel lines and connectors. Their exceptional mechanical and electrical properties make CNTs ideal for lightweight, high-strength components in these industries.

COMPETITIVE LANDSCAPE

KEY INDUSTRY PLAYERS

Manufacturers Join Forces with Universities in Form of Collaboration to Maintain Their Presence in Market

The global market is concentrated and competitive with major market players, including LG Chem, Nanocyl SA, Arkema, Cabot Corporation, and OCSiAl. Most companies are forming strategies in the form of partnerships, collaborations, joint ventures, and new product development to enhance their product portfolio and expand their company's global reach. Low business feasibility, owing to high manufacturing costs is likely to be a concerning reason for the industrial participants. However, regulatory inclination toward promoting nanotechnology shall be a major driving factor for manufacturers.

LIST OF KEY CARBON NANOTUBE COMPANIES PROFILED

• Arkema SA (France)
• Nanocyl SA (Belgium)
• Carbon Solutions, Inc. (U.S.)
• Resonac Holdings Corporation (Japan)
• Klean Commodities (Canada)
• Cabot Corporation (U.S.)
• OCSiAl (Luxembourg)
• NoPo Nanotechnologies (India)
• Jiangsu Cnano Technology Co., Ltd. (China)
• LG Chem (South Korea)

KEY INDUSTRY DEVELOPMENTS

• October 2023: Birla Carbon, a global manufacturer and supplier of carbon black additives, acquired Belgium-based Nanocyl SA, a global leader in multi-wall carbon nanotubes (MWCNT). Birla Carbon's R&D expertise, portfolio of products, and market experience enabled Nanocyl's products to reach their full growth potential.
• June 2021 - Johnson Matthey, a sustainable technology company, in collaboration with CPI, an independent technology innovation center, and Thomas Swan, the U.K.'s independent chemical manufacturers, explored how to optimize battery technology. The ICE-Batt project receives funding support from the Faraday Battery Challenge, managed by Innovate U.K. The U.K.'s innovation agency is likely to enable the investigation of how innovative CNTs and graphene nanoplatelets (GNPs) can improve battery performance.
• April 2021 - LG Chem launched a carbon nanotube manufacturing plant in Korea. The company aims to actively target the growing market for CNTs used as a material for cathodes found within electric vehicle batteries.
• March 2021 - Cabot Corporation launched a new ENERMAX 6 carbon nanotube series. The product is a high-performance CNT with a high aspect ratio and is proven to be the most conductive multi-walled CNT product in Cabot's portfolio.
• April 2020 - Cabot Corporation completed the acquisition of Chinese nanotube maker Shenzhen Sanshun Nano New Materials for USD 115 million. This acquisition combined the firm's operations in making nanostructures and carbon blacks for energy storage. The business will be integrated into Cabot's Performance Chemicals Segment.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, products, and applications. Also, the report offers insights into market trends and highlights vital industry developments. This report includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the industry's latest market dynamics and opportunities. In addition to the factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years.

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Report Scope & Segmentation