Carbon Nanomaterials Market - Forecast (2022 - 2027)

The carbon Nanomaterials Market is forecast to reach $XX.X billion by 2027, after growing at a CAGR of 16.2% during 2022-2027. The demand for carbon nanomaterials is increasing from various end-use industries such as medical, automotive, chemistry, and energy as it is one of the most effective methods to make materials stronger, lighter, durable, and reactive. The carbon nanomaterials market is witnessing an increase in its demand due to its exceptional characteristics such as electrical conductivity, flame retardancy, thermal stability, chemical resistance, surface appearance, optical clarity, decreased water permeability, and dimensional stability, and more. The new enhanced characteristics and behaviors of carbon Nanomaterials are opening new product innovations such as, Russian doll nano-emulsions, biochips, transparent conducting flexible thin films, and copy protection materials which are further driving the carbon nanomaterials market during the forecast period.

Report Coverage

The report: “Carbon Nanomaterials Market - Forecast (2022-2027)” covers an in-depth analysis of the following segments of the carbon nanomaterials Industry.

• By Type: Carbon Nanofibers, Carbon Nanotube (CNT) (Single-Walled Carbon Nanotubes (SWCNT), and Multi-Walled Carbon nanotubes (MWCNT)), Fullerenes, Graphene, Carbon Quantum Dots, and Others
• By Method: Arc Discharge, Laser Ablation, Chemical Vapor Deposition, High Pressure Carbon Monoxide Reaction, Liquid Phase Carbon Nanotubes Purification, and Others
• By End-Use Industry: Paint & Coatings (Anti-Fouling Coatings, Fire Protective Coatings, And Others), Aerospace (Airplane Wings, Fuselages, Engines, and Others), Automotive (Fuel Component System, Tires, and Others), Healthcare & Life Science (Therapeutics, and drug Delivery), Electronics & Semiconductor (Photovoltaics, Li-Ion Batteries, Transistors, Sensors, and Others), Sports Equipment (Tennis Rackets, Sports Balls, Racing Equipments, and Others), and Others
• By Geography: North-America, South-America, Europe, Asia Pacific, and RoW

Key Takeaways

• Europe dominates the carbon nanomaterials market, due to the increasing demand for carbon nanomaterials in the region. According to the European Commission (EC), it was projected that nanotechnologies in 2015 were worth more than $1 trillion (€900 billion) and that it will keep growing. The growing nanotechnology sector will propel the carbon nanomaterials market in Europe.
• According to the United States International Trade Commission, the total exports of electronic products grew by $7.9 billion (3 percent) to $268 billion in 2017 in the United States. Since, electronic products are widely using carbon nanomaterials for manufacturing chips, displays, lasers, batteries, lead-free solders, and more, it is anticipated that increasing demand for electronic products will further drive the carbon nanomaterials market.
• Carbon-based nanomaterials are a viable replacement for the Internet of things (IoT) transparent conductors in electronics applications and fabricated transparent conductive films (TCF, which are driving the market growth.
• The adoption of carbon nanomaterials is increasing in the aviation industry as carbon-based nanomaterials such as carbon nanotubes are extensively used to increase and improve the mechanical, electrical, and thermal properties of aircraft.
• Due to the COVID-19 pandemic, most of the countries have gone under lockdown, due to which operations of various industries such as automotive and aerospace have been negatively affected, which is hampering the carbon nanomaterials market growth.

Carbon Nanomaterials Market Segment Analysis - By Type

The carbon nanotube segment held the largest share in the carbon nanomaterials market in 2019, owing to its extensive properties such as high thermal conductivity, electrical conductivity, elasticity, tensile strength, flexibility, electron field emitter, and low thermal expansion coefficient. Carbon nanotubes composites can absorb or conjugate a wide variety of therapeutic molecules such as drugs, proteins, antibodies, DNA, and enzymes as they possess high surface area, excellent chemical stability, and rich electronic polyaromatic structure. There is an increasing demand for carbon nanotubes composites for applications such as field emission, thermal conductivity, energy storage, conductive adhesives, molecular electronics, catalyst supports, actuators, sensors, EMI shielding, and biomedical which drives the carbon nanomaterials market during the forecast period.

Carbon Nanomaterials Market Segment Analysis - By Method

The chemical vapor deposition (CVD) segment held the largest share in the carbon nanomaterials market in 2019. CVD has become the major method of film deposition for the semiconductor industry due to its high throughput, high purity, and low cost of operation. CVD is also commonly used in optoelectronics applications, optical coatings, and coatings of wear-resistant parts, which often uses carbon nanomaterials. CVD has many advantages over physical vapor deposition (PVD) processes such as better molecular beam evaporation and sputtering. CVD uses source materials that flow into the process chamber from external reservoirs that can be refilled without contamination of the growth environment. In addition, CVD does not require very high vacuum levels, and can generally process substrates in larger batches. Furthermore, the CVD method during the production of carbon nanomaterial is more forgiving in terms of its tolerance for precision in the process conditions. Thus, these are the major factor driving the growth of chemical vapor deposition during the forecast period.

Carbon Nanomaterials Market Segment Analysis - By End-Use Industry

The electronics and semiconductor segment held the largest share in the carbon nanomaterials market in 2019 and is growing at a CAGR of 16.4%, owing to its extensive application in electronic industries as sensor materials for pressure due to its several characteristics, such as electrical and thermal conductivity, magnetic properties and mechanical strength. Heat dissipation in electronic devices requires interface materials with high thermal conductivity and therefore carbon-based nanomaterials have been designed to boost the thermal, electrical, and mechanical properties. According to the Electronic Industries Association Of India (ELCINA), the total production of the electronics sector in India was Rs.3,87,525 crore in 2017-18, compared to Rs.3,17,331 crore in 2016-17, exhibiting a growth of about 22%. The electrical and magnetic properties of nanomaterials enhance the electrical conductivity in ceramics, increases the electric resistance in nano metals thus making it unique to be extensively used in electronic materials such as sensor fabrication, electromagnetic interference shielding, optoelectronics, superconductivity, and memory chips, which is anticipated to drive the carbon nanomaterials to demand in the market during the forecast period.

Carbon Nanomaterials Market Segment Analysis - By Geography

Europe region held the largest share in the carbon nanomaterials market in 2019 up to 42%, owing to support from the national governments and investment in the respective domestic markets in the region. The rising application of carbon nanomaterials in various end-use industries such as electronics, automotive, and aviation in the U.K., Germany, and France is the main factor behind the dominance of the European carbon nanomaterials market. In 2016, the German government introduced The Action Plan Nanotechnology 2020 inter-departmental support strategy for nanotechnology in the period 2016-2020. It thus follows the objective of enduring to exploit the opportunities and potential of nanotechnology in Germany, without disregarding any potential risks to humans and the environment. For Nano 2017 program the French government announced plans to invest €600 million (£516 million) in a five-year nanotechnology R&D program led by French-Italian semiconductor manufacturers STMicroelectronics (ST). Thus, the various investments by the government in the field of nanomaterials in Europe are anticipated to drive the carbon nanomaterials market in the region during the forecast period.

Carbon Nanomaterials Market Drivers

Growing Demand For Nanomaterials From Automobile Sectors

The implementation of carbon nanomaterials is increasing in the automotive industry owing to their superior mechanical properties and lightweight. These properties encouraged the automotive sector to use carbon nanomaterials for designing and manufacturing car interiors and exteriors. The carbon nanomaterials are widely used in automobiles to reduce the aluminum engine weight, for better grip and low rolling resistance, in Li-ion batteries to shorten the recharge time, increase the tensile strength, and to reduce the weight of automobiles. These advantages are increasing the adoption of carbon nanomaterials in the automotive industry, and hence fueling the market growth. Carbon nanomaterials are even used in aerospace applications such as equipment enclosures, aircraft interiors, coatings, cockpit, crew gear, space durable mirrors, nozzles, and solar array substrates.

Growing Demand For Carbon Nanomaterials From Healthcare & Life Science Sectors

Carbon nanomaterials are being widely used in medicine and pharmaceuticals for the sensitive detection of key biological molecules, more precise and safer imaging of diseased tissues, and novel forms of therapeutics because of their mechanical, optical, electrical, and chemical behaviors. Several carbon nanomaterials based therapeutic and diagnostic agents have been developed for the treatment of cancer, diabetes, pain, asthma, allergy, and infections, because of which the nanomaterials market is growing. Researchers at North Carolina State University are developing a method to deliver cardiac stem cells to damaged heart tissue for increasing the number of stem cells delivered to injured tissue. Also in 2017, researchers at Worcester Polytechnic Institute developed antibodies attached to carbon nanotubes in chips to detect cancer cells in the bloodstream. The researchers claim that this could provide early detection of cancer cells in the bloodstream, which will further drive the carbon nanomaterials market.

Carbon Nanomaterials Market Challenges

Health Hazards Related to Carbon Nanotubes

Multi-walled carbon nanotubes are widely used nowadays due to ease of synthesizing when compared with other types of CNTs due to their properties, such as high strength, diameter length ratio, and more. The simple addition of CNTs does not produce the desired outcomes in the rubber mixture. Nanotubes coagulation because of its strong van der Waals attraction results in poor dispersion in a high viscosity of elastomer. To overcome this problem the modification in the surface of the nanotubes is done. Using carbon black as fillers have improved technological, mechanical, and gas barrier properties. However, carbon black particles on inhaling can irritate the lungs and cause coughing while irritating the eyes, nose, and throat. However, when individuals are exposed to high carbon black levels for many years, the particles may lie deep in their lungs, leading to bronchitis and eventually a chronic condition called obstructive pulmonary disease. Also, longer fibers of carbon nanotubes can make their way far into the lungs, which in the worst case can cause mesothelioma - cancer in the tissue that lines the lung. All these health risks may restrain the carbon nanomaterial market.

Covid-19 Impact on the Carbon Nanomaterials Market

The COVID-19 pandemic outbreak has impacted the imports and exports of various commodities globally. Various governments have imposed export restrictions which are significantly disrupting the supplies. Also, the carbon nanomaterial manufacturers are facing issues such as delays in receiving raw materials, which is further resulting in delayed shipments to the customer. In addition, the quality of some raw materials has declined considerably and the shipments' orders are being heavily affected due to the non-availability of vessels and blank sailing, which is heavily affecting the carbon nanomaterials market growth. Also, since the industries which require carbon nanomaterials for manufacturing products such as automotive and aviation are shut down, the demand for carbon nanomaterials has disruptively fallen, which is limiting the carbon nanomaterials market growth during the pandemic.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the carbon nanomaterials market. In 2019, the market of carbon nanomaterials has been consolidated by the top five players accounting for xx% of the share. Major players in the carbon nanomaterials market are Ahlstrom-Munksjö Oyj Corporation, E. I. du Pont de Nemours and Company, Hollingsworth & Vose, Kuraray Co., Ltd., and nano Technology Company Limited.


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