Carbon Nanomaterials Market

Carbon Nanomaterials Market

Carbon Nanomaterials Market Overview

The Carbon Nanomaterials Market size is forecast to reach US$16.3 billion by 2027, after growing at a CAGR of 16.5% during the forecast period 2022-2027. The nanomaterials that are composed of carbon atoms are known as carbon nanomaterials. Carbon-based nanomaterials are classified according to their geometrical structure.


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The rising automotive sector is driving the carbon nanomaterials market growth. It is utilized as a lubricant additive for its excellent thermal and lubrication characteristics. The growing medical & healthcare industry is anticipated to drive the demand for carbon nanomaterials such as carbon nanofibers, fullerenes, graphene and others?in therapeutic, medical devices, drug delivery and other applications. Moreover, the increasing requirement for carbon nanomaterials in the electrical & electronics industry for making transistors, sensors, conductive layers for the touch screen industry and high mobility electronic materials is anticipated to upsurge the growth of the carbon nanomaterials industry in the forecast period. The global economic downturn caused by the COVID-19 pandemic resulted in a huge drop in consumer electronics, construction, automotive and other end-use industries all across the world, which had a significant impact on the growth of the Carbon Nanomaterials market size.

Report Coverage

The “Carbon Nanomaterials Market Report – Forecast (2022 - 2027)” by IndustryARC, covers an in-depth analysis of the following segments in the carbon nanomaterials industry.

By Type: Carbon Nanofibers, Carbon Nanotube (CNT) [Single-Walled Carbon Nanotubes (SWCNT), Multi-Walled Carbon Nanotubes (MWCNT)], Fullerenes, Graphene, Carbon-based Quantum Dots and Others.

By Method: Arc Discharge, Laser Ablation, Chemical Vapor Deposition, Catalyzed Chemical Vapor Deposition, High-Pressure Carbon Monoxide Reaction and Liquid Phase Carbon Nanotubes Purification

By Application: Paints & Coatings, Wings, Fuselages, Engines, Fuel component system, Tires, Therapeutics, Drug Delivery, Photovoltaics, Li-Ion Batteries, Transistors, Sensors, Tennis Rackets, Sports Balls, Racing Equipment and Others.

By End Use Industry: Building and Construction (Residential Construction, Commercial Construction, Industrial and Infrastructure), Electrical & Electronics, Medical & Healthcare, Automotive [Passenger Vehicles (PV), Light Commercial Vehicles (LCV) and Heavy Commercial Vehicle (HCV)], Aerospace (Commercial Aircraft, Military Aircraft, Helicopters and Others), Sports & Leisure and Others.

By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World (the Middle East and Africa).


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Key Takeaways

  • The Asia Pacific region dominates the Carbon Nanomaterials market owing to the massive growth in the electrical and electronics industry. For instance, according to Invest India, domestic production of electronics hardware reached US$76 billion in 2019-20 with a CAGR of around 23%. Production-linked incentives of INR 40,951 crores (US$5544 million) are funded for over 5 years.
  • Rapidly rising demand for Carbon Nanomaterials in the automotive industry, to be used as lubricant additives for their excellent thermal and lubrication characteristics, has driven the growth of the Carbon Nanomaterials market.
  • The increasing demand for Carbon Nanomaterials in the medical and healthcare industry, due to its usage in therapeutic, medical devices, drug delivery and other applications has been a critical factor?driving the growth of the Carbon Nanomaterials market in the upcoming years.
  • However, the problems associated with carbon nanomaterials can hinder the growth of the Carbon Nanomaterials market.

Figure: Asia-Pacific?Carbon Nanomaterials Market Revenue, 2021-2027 (US$ Billion)

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Carbon Nanomaterials Market Segment Analysis – by Type

The Carbon Nanotube (CNT) segment held the largest Carbon Nanomaterials Market share in 2021 and is expected to grow at a CAGR of 16.6% during 2022-2027. Carbon nanotubes are extensively utilized in applications such as medical & healthcare, optical devices, electrical devices and others, which are estimated to increase the growth of the segment during the forecast period. These tubes exhibit good electrical conductivity and are applied in conductive transparent electrodes, conductive nano inks, conductive heating films, nanodevices, chemical sensors, thermal interface material, super batteries, displays, supercapacitors energy storages, solar power cells and other applications. Therefore, the growing electrical & electronics industry is also estimated to drive the demand for carbon nanotubes. Thus, the exhibited characteristics of carbon nanotubes make it a preferred choice over the other Carbon Nanomaterial types, which is driving its segmental growth.

Carbon Nanomaterials Market Segment Analysis – by End-use Industry

The medical and healthcare industry held the largest Carbon Nanomaterials Market share in 2021 and is expected to grow at a CAGR of 16.9% during 2022-2027. The rise in the aging population and advancements in medical devices would increase the usage of carbon nanomaterials, such as in therapeutic, medical devices, drug delivery and other applications. The demand for carbon nanomaterials such as carbon nanofibers, fullerenes, graphene, and others, for selective cancer cell destruction, is driving the market growth. The carbon nanomaterials-based devices are utilized in stem cell-based therapies and tissue engineering applications such as myocardial therapy, muscle and neuronal regeneration and bone formation. The medical and healthcare sector continues to grow. According to International Trade Administration, in Mexico, the total local production of medical devices and equipment increased from US$16.80 billion in 2020 to US$15.12 billion in 2021. Additionally, according to the U.S. Food & Drug Administration, in 2022, the government announced a US$5 million increase towards the improvement in the safety and security of medical devices. Thus, with the growing demand for medical applications such as devices, therapeutic applications and others in the medical and healthcare industry, the Carbon Nanomaterials market would further rise over the forecast period.

Carbon Nanomaterials Market Segment Analysis – by Geography

The Asia-Pacific region dominated the Carbon Nanomaterials Market share by 38% in the year 2021. It was due to the increasing requirement for carbon nanomaterials in developing countries such as China, Japan, India and South Korea. China, India and Taiwan are expected to continue their dominance in the carbon nanomaterials market during the forecast period. This is due to the growth of the medical & healthcare industries in the countries. For instance, according to International Trade Administration, in China, the medical device market is expected to expand by a 2020-2025 CAGR of 6.2%, which should see it rise to US$38.4 billion by 2025. Moreover, according to Invest India, the medical device sector is growing steadily at a CAGR of 15% over the last 3 years and the medical devices industry in India is poised for significant growth with the market size expected to reach US$50 billion by 2025. Thus, the rising growth in the demand for medical devices in the medical & healthcare sector is proving to be a market booster for the Carbon Nanomaterials market size in this region.

Carbon Nanomaterials Market Drivers

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Growing Automotive Industry:

In the automotive industry, Carbon Nanomaterials are used as lubricant additives for their excellent thermal and lubrication characteristics. These are non-toxic and eco-friendly in nature, therefore, are utilized as lube additives. Carbon nanomaterials exhibit superior mechanical characteristics and are lightweight. These nanomaterials such as carbon nanofibers, fullerenes, graphene and others are applied for designing and producing car interiors and exteriors. Also, they are extensively used in automobiles to reduce the aluminum engine weight, in Li-ion batteries to shorten the recharge time, for better grip and low rolling resistance, to reduce the weight of automobiles and increase the tensile strength. According to the European Automobile Manufacturers' Association (ACEA), in 2021, 79.1 million motor vehicles were produced around the world. It was an increase of 1.3% compared to 2020. Also, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in the USA, the production of motor vehicles increased from 62,39,401 units in 2020 to 68,57,182 units in the year 2021. Moreover, in Austria, motor vehicle production increased from 86,300 units in 2020 to 92,000 units in the year 2021. With the increasing production of automobiles, it is estimated that in the upcoming years the requirement for carbon nanomaterials in the automotive industry would rise, which would boost the growth of the carbon nanomaterials industry.

Booming Electrical & Electronics Industry:

The electrical and electronics industry uses Carbon Nanomaterials for making transistors, sensors, conductive layers for the touch screen industry and high mobility electronic materials. In the past few years, the electrical and electronics industry has grown significantly. According to the Indian Brand Equity Foundation (IBEF), the Indian electronics manufacturing industry is projected to reach US$520 billion by 2025. Moreover, in 2022, the Government of Canada announced the Semiconductor Challenge Callout to build on Canada’s domestic strengths associated with the development and supply of semiconductors, with a fund of US$150 million through the Strategic Innovation Fund to make targeted investments. Thus, the growing electrical and electronics industry would require more Carbon Nanomaterials for making transistors and sensors, which would drive the Carbon Nanomaterials market growth during the forecast period.

Carbon Nanomaterials Market Challenge:

Problems Associated with Carbon Nanomaterials:

There are several benefits of Carbon Nanomaterial. However, the increasing concerns over the environmental impact, caused by them, have led to the imposition of stringent regulations for carbon nanomaterial manufacturers. It possesses a huge risk to human beings and the environment. The toxic effects on human health include heart attack, kidney damage and an increased risk of high blood pressure. Carbon nanomaterials are fibrous in nature and may cause health issues on inhalation. The commercial-grade of carbon nanomaterial contains 60%–70% impurity, by weight, such as medium & small-sized catalytic metal particles and carbonaceous materials. Purification and functionalization of carbon nanomaterial, without damage to their framework for maintaining and transferring their outstanding characteristics, are challenging for producers. Thus, the problems associated with Carbon Nanomaterials would create hurdles for the market's growth.

Carbon Nanomaterials Market Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies players adopt in the Carbon Nanomaterials markets. The top 10 companies in the Carbon Nanomaterials market are:

  1. LG Chemical Limited
  2. Cabot Corporation
  3. Showa Denko K.K.
  4. Jiangsu Cnano Technology Co. Ltd.
  5. Chengdu Organic Chemicals Co. Ltd.
  6. Arkema SA
  7. CHASM Advanced Materials Inc.
  8. Hyperion Catalysis International
  9. Jiangsu Tiannai Technology Co. Ltd.
  10. Klean Industries

Recent Developments

  • In April 2022, CEMEX announced that it had successfully tested a process that converted flue gases emitted by the cement kiln into carbon nanomaterials, thereby transforming "bad" carbon into "good" carbon. Due to their unique mechanical, thermal, electrical and chemical properties, Carbon Nanomaterials have several potential applications in a wide array of industries, from construction to biomedicine.
  • In March 2021, Cabot Corporation announced the launch of a new product named ENERMAX 6 under its carbon segment. Due to its properties such as its high aspect ratio, it has proven to be the most conductive multi-walled CNT product in the company's portfolio. This product series is expected to effectively enhance battery performance at lower loadings, enabling a higher energy density of batteries.
  • In August 2020, ChemSpec North America announced that it entered into a non-exclusive distribution agreement with Belgium-based Nanocyl SA to promote and distribute Nanocyl’s various multiwall carbon nanotube (“MWCNT”) products. ChemSpec would focus its efforts on growing MWCNT products in thermoplastic and elastomer compounding.

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