According to the report "Carbon Nanotubes (CNT) Market by Type (Single Walled & Multi Walled), End-use Industry (Electronics & Semiconductors, Chemical Materials & Polymers, Structural Composites, Energy & Storage, Medical), Method, and Region - Global Forecast to 2026," the global carbon nanotubes market size will grow to $1,714 million by 2026 from $876 million in 2021, at a CAGR of 14.4% during the 2021-2026 period.
The driving factor for the CNTs market is the intrinsic mechanical properties of CNTs, which make them the ultimate nanomaterial.
Multi-walled carbon nanotubes (MWCNT) leads the overall CNTs market, in terms of volume, due to their excellent tensile strength. Moreover, when MWCNTs are integrated into a composite, such as thermoplastic or thermoset compounds, it can significantly increase their strength. MWCNTs can also be easily spread on plastic materials, which improve the mechanical properties of the components and reduce their weight without affecting their performances. Using MWCNTs in automotive and aerospace industries enables fuel-saving and helps lower carbon dioxide (CO2) emissions.
Medical is the fastest-growing end-use industry, in terms of value, in 2020. The medical segment of the CNTs market is sub-divided into transdermal drug delivery, cancer treatment, proteomics, others (cardiac autonomic regulation, platelet activation, tissue regeneration & others). The use of CNTs with biological systems can bring about advancements in medical science, especially diagnostics, biosensing, drug delivery, and disease treatments.
APAC is projected to lead the carbon nanotubes market and this dominance is expected to continue till 2026. The market size for CNTs in APAC is expected to increase because of the rising penetration of CNTs in key applications such as conductive polymer composites and lithium batteries. The growing partnership between the suppliers and buyers of CNTs and substantial research & development spending has resulted in a significant upsurge in demand for CNTs in this region.