The nanotubes market is expected to grow at a compound annual growth rate (CAGR) of 16.15% during the forecast period (2025-2030).
The market for nanotubes is expected to expand in the coming years with its increasing application in multiple domains due to properties like electrical resistivity, superconductivity, superhydrophobicity, and high thermal stability. These materials have applications in the renewable energy sectors. They can be utilized in photovoltaic cells, lithium-ion batteries, engineered polymers, drug delivery, fuel cells, biosensors, chemical sensors, etc.
The demand for these products would grow as solar power energy globally would grow. Solar PV generation increased and recorded 270 TWh jump (up 26%) in 2022, reaching almost 1,300 TWh. This progress matches the envisioned Net Zero Emissions target by 2050 Scenario. Further, policy support plays a major role in solar PV deployment, such as capacity growth, including auctions, feed-in tariffs, net-metering, and contracts for difference. In February 2023, the European Commission announced plans aiming for the expansion of clean energy technology manufacturing, including solar PV.
The European Union has expanded its solar capacity from 204.09 GW in 2022 to 259.99 GW in 2023, showing a jump of 21.50%, and is anticipated to reach 600 GW by 2030. This increased capacity demands battery storage devices, particularly for domestic use. This demand is expected to grow substantially in the upcoming years, leading to an increase in the nanotube material in the manufacturing of solar photovoltaics.
The companies are increasingly focused on developing innovative carbon nanotechnology, which is leading to a positive impact on the market. For instance, in April 2023, NEC Corporation developed the world's first high-sensitivity uncooled infrared image sensor using high-purity semiconducting carbon nanotubes (CNTs) in the infrared detection area. This new knowledge expanded the use of carbon nanotube technology. The company will work on the practical application of this image sensor in 2025. Infrared uses the rays into electrical signals to acquire necessary information, which can be utilized in the night vision of the aircraft navigation support systems and security cameras. These developments in the carbon nanotube are a significant factor in drawing more applications and attention to this material in the upcoming time.
Another factor promoting the nanotubes market growth is the increasing necessity for renewable sources. Different types of nanotubes have various industrial applications, including in the renewable energy sector. They are used in energy storage and conversion applications because of their suitable properties. With the growing use of the renewable energy sector, the use of nanotubes would also expand; nanotube hybrids used in batteries increase the number of electrons produced.
In 2023, the United States saw 54% of new solar electric generation capacity. 5.6% is the annual generation by solar power. According to U.S. Census data, 55.6 GWdc of modules and 3.7 GWdc of cells were imported in 2023. These data suggest the growing application of solar power in day-to-day practical usage and its demand from ordinary households. This solar power capacity development needed many raw materials, including nanotubes, to find applications in the manufacturing process.
Nanotubes are used as the conductive agents for Lithium-ion batteries, which require antistatic and electromagnetic interference control. There is a growing use of lithium-ion batteries in electronic devices, electrical devices, electric vehicles, personal digital assistants, smartphones, laptops, watches, etc. Mobile phones are the most common internet access devices, and lithium-ion batteries are used.
The percentage of individuals owning a mobile phone in Asia Pacific was 75%, 82% in Arab States, and 93% high in Europe in 2023, according to ITU (International Telecommunication Union). The companies are advancing in improving battery technologies and increasing their capacity for better performance by using nanotubes.
According to the IEA (International Energy Agency), the demand for EV batteries will be 750 GWh in 2023, which is 40% up from 2022. This rising number of EV batteries has contributed to the increasing demand for nanotube applications in manufacturing.
Geography-wise, the nanotubes market is divided into the Americas, Europe, the Middle East and Africa, and Asia Pacific. The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries.
Government initiatives like Pradhan Mantri Suryodaya Yojana in India, launched in January 2024, plan to put solar power on rooftops in 10 million households, which would also need batteries in the setup, driving the overall market growth. Further, in 2023, India's electronics sector had domestic production, which accounted for 65% of the US$155 Bn of the total market value.
Moreover, China is the largest market for new electric vehicles worldwide. The government in China has made stringent regulations and policies for the transport climate policy. Now, China is playing a leadership role in global transport climate policy. Due to those policies, electric cars have become cheaper and more affordable. The share of electric cars sold in the country for 2023 was over 35%, up from 29% in 2022. The need for the nanotube would increase in the market for various industrial and manufacturing applications in lithium-ion battery production for multiple applications.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Growth Rate | CAGR of 16.15% |
| Study Period | 2020 to 2030 |
| Historical Data | 2020 to 2023 |
| Base Year | 2024 |
| Forecast Period | 2025 – 2030 |
| Forecast Unit (Value) | USD Billion |
| Segmentation |
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| Geographical Segmentation | Americas, Europe, Middle East and Africa, Asia Pacific |
| List of Major Companies in the Nanotubes Market |
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| Customization Scope | Free report customization with purchase |
The nanotubes market is segmented and analyzed as follows: