Following decades of hype and false dawns, nanocarbons are now beginning to see substantial market adoption and growth. Having previously been limited to niche applications, carbon nanotubes (CNTs) are projected for significant growth over the coming decade, driven by increasing demand from the energy storage market. IDTechEx forecasts the CNT market to exceed US$1.25 billion by 2035.
The new IDTechEx report, "Carbon Nanotubes 2025-2035: Market, Technology, Players," offers an in-depth overview of the CNT market, featuring analysis of major application areas, key industry players, and detailed 10-year forecasts for CNT demand (in tonnes per annum) and market value (in USD), segmented by application. IDTechEx has covered the nanocarbon space for well over a decade, offering valuable third-party and independent market assessment.
Carbon nanotubes are one-dimensional hollow tubes of carbon, with superlative properties having been reported since their inception in the early 1990s. Tensile strength, thermal conductivity, electrical resistivity, and charge-carrying capacity are all stated to exceed competitive materials such as copper. Despite decades of promise, challenges exist with translating these properties to the macroscale, and variations in properties between multi-wall CNTs (MWCNTs) and single-wall CNTs (SWCNTs) should also be considered. Success is now being seen in the market, with a projected CAGR of just under 9% projected by IDTechEx for the next ten years.
Key Applications
MWCNTs have numerous application areas, from thermal interface materials to coatings, but the key sectors are as an additive in energy storage and polymers. Driven by the rising demand for electrification, the CNT market is undergoing rapid expansion, with nanotubes well-positioned to address evolving industry requirements. As conductive additives in both current and next-generation lithium-ion battery electrodes, even minimal CNT loadings can yield significant improvements in energy density.
Beyond enhanced conductivity, the mechanical properties contribute to enabling thicker electrodes, broader operating temperature ranges, and the integration of higher-capacity materials. The IDTechEx report provides a detailed analysis of dispersion techniques, binder compatibility, and interactions with other additives. Although the addressable market is smaller, notable progress in the application of CNTs in supercapacitors is also explored in a dedicated chapter.
Whether embedded in a standalone polymer matrix or integrated into fiber-reinforced polymer composites, CNTs can provide substantial benefits as polymer additives due to their unique combination of properties. These include enhancements in interlaminar strength for composite layups and improved electrostatic discharge performance. While there have already been notable long-term successes, such as in fuel systems and electronic packaging, the rising volumes driven by energy storage demand, along with decreasing costs, are expected to unlock a broader range of applications in the coming decade.
SWCNTs are expected to compete with MWCNTs, particularly as additives in energy storage and elastomer applications. However, due to their distinct properties, SWCNTs are also gaining traction in emerging fields such as memory devices, sensors, and other advanced electronic applications.
Market Players
MWCNT production has been established for several years, with catalytic chemical vapor deposition (CVD) the predominant manufacturing method. Further technical and economic optimizations are required, particularly in post-processing, as the industry continues to grow. The IDTechEx report identifies the leading manufacturers and upstream supply chain stakeholders, highlighting APAC's dominant position in the market, both in terms of current installed capacity and planned expansions. Players based in China, South Korea and Japan account for more than 90% of MWCNT production capacity in 2025.
Three major developments are currently shaping the MWCNT landscape: the ongoing expansion of Jiangsu Cnano Technology, the growing production capacity at LG Chem, and the acquisition of leading CNT companies by major carbon black multinationals. These movements are largely driven by the energy storage sector, where CNTs function as conductive additives in both existing and next-generation lithium-ion battery electrodes. Additional players are also advancing rapidly, and with consolidation anticipated across the industry, the present moment marks a critical phase for market growth.
Single-walled carbon nanotubes remain at an earlier stage of commercialization, yet notable market activity is already underway. A wide range of manufacturing methods is being pursued, including CO-based feedstocks, plasma processes, and combustion synthesis. IDTechEx provides a detailed examination of the varied production techniques, alongside profiles and analysis of key industry players including OCSiAl, Cnano and ZEON. With strategic partnerships emerging, initial capacity expansions occurring, and early market adoption progressing, SWCNTs are entering the foundational phase of their commercialisation journey.
"Carbon Nanotubes 2025-2035: Market, Technology, Players" delivers a definitive analysis of the CNT market. Backed by IDTechEx's long-standing coverage of the nanocarbon markets, the report combines deep technical insight with an interview-driven methodology to provide unbiased market outlooks, comprehensive benchmarking, and detailed assessments of key industry players across this diverse and rapidly evolving sector.
For more information on this report, including downloadable sample pages, please visit www.IDTechEx.com/CNT. For the full portfolio of advanced materials-related research available from IDTechEx, see www.IDTechEx.com/Research/AM.
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