Global Carbon Nanotube Market: Key Research Findings 2023

Global Shipment Volume of Carbon Nanotubes in 2023 Expected to Surpass 10,000 Tons

Yano Research Institute (the President, Takashi Mizukoshi) has conducted a survey on the global carbon nanotube market, and found out the trends by product segment, the trends of market players, and future perspective.

Transition and Forecast of Global Carbon Nanotube Market
Transition and Forecast of Global Carbon Nanotube Market

Market Overview

The global market of carbon nanotube (referred to as CNT hereafter) in 2023 is projected to attain 10,966 tons, 150.4% of the previous year, based on the shipment volume of manufacturers. With automakers (OEMs) accelerating electrification, global production of xEVs (EVs, HEVs, and PHEVs) is showing a significant growth rate in 2021, thereby the demand of CNT as conductive auxiliary agent for automotive lithium-ion batteries (LiBs) is growing globally. However, there were signs of a slowdown in the growth of the xEV market in 2022 due to changes in subsidy policies in major countries, and the situation worsened in 2023. While the demand for CNT is showing sluggish trend as well due to the fluctuation of xEV market, the market is projected to achieve 150.4% of the previous year in 2023 as Korean LiB makers expanded adoption of multi-walled CNTs.

Noteworthy Topics

Trends of Multi-walled Carbon Nanotube (MWCNT) Market

The global market size of MWNTs (multi-walled nanotubes) is projected to reach 10,940 tons, 142.8% of the preceding year, based on the shipment volume of manufacturers.

In view of the multilayer CNT demand by region, China is the prime country, accounting for approximately 75% of entire demand. Europe's percentage has also increased, as Korean LiB manufacturers that ship to Europe have increased the adoption of multi-walled CNTs as a conductive auxiliary agent in the past few years.  While the demand in North America also rises, the demand in Japan is declining relatively. Other demands are witnessed in South Korea and Southeast Asia.

Future Outlook

Going forward, the demand for multi-walled CNTs is expected to show high growth rate, as lithium iron phosphate (LFP) regain momentum as cathode materials of automotive LiB and high-nickel Nickel–Cobalt–Manganese ternary cathode materials (NCM) increase. Additionally, the demand is expected to expand in full-scale for single-walled CNTs for in-vehicle LiB, along with the increase in demand as conductive agent for silicon anode materials to improve the charging function of xEV. In consideration of these trends, the global CNT market is expected to exceed 50,000 tons by 2028.

Research Outline

1.Research Period: August to November 2023
2.Research Object: Carbon nanotube manufacturers
3.Research Methogology: Face-to-face interviews by our expert researchers (including online interviews) and literature research

What is the Carbon Nanotube Market?

Carbon nanotubes are carbon allotropes structured with unique cylindrical-shaped graphite sheet. Generally speaking, they indicate those with the diameter 1 to some tens of nanometers, with the length 1 to some tens of µm.
This report has dealt with broader sense of CNT to include Resonac’s “VGCF®”, the similar structure of CNT with the diameter over 100 nm, in addition to single-walled nanotubes and multi-walled nanotubes. The market size was calculated based on the shipment volume of manufacturers.

<Products and Services in the Market>

SWCNT (single-walled carbon nanotubes), MWCNT (multi-walled carbon nanotubes)

Published Report

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