North America Carbon Nanotubes Market Size, Share, Industry, Forecast and outlook (2024-2031)

North America Carbon Nanotubes (CNT) Market is segmented By Type (Single, Multi Walled), Method (Chemical Vapor Deposition, Catalytic Chemical Vapor Deposition, High-Pressure Carbon Monoxide), By Application (Electronics, Chemical, Batteries, Energy, Medical), and By Country (USA, Canada, Mexico) – Size, Share, Outlook, and Opportunity Analysis, 2023-2030

North America Carbon Nanotubes Market Overview

According to DataM Intelligence, the North America carbon nanotubes market is estimated to grow at CAGR of 16.9% during the Forecast Period. Rising demand for carbon nanotubes (CNTs) for energy storage applications and Increasing demand for carbon nanotube-based composites are the critical factors attributed to the North America carbon nanotubes market growth.

Single-layer carbon atoms are folded into sheets to form cylindrical molecules known as carbon nanotubes (CNT). These nanotubes have the largest and stiffest tensile strength and elastic modulus of any materials found because they are chemically connected with sp2 bonds, a very potent kind of molecular interaction. 

They fall into two categories: single-walled carbon nanotubes, which have a diameter of less than one nanometer (nm), and multi-walled carbon nanotubes, which have diameters more than 100 nm and are made up of many concentrically connected nanotubes. They may have a length of many millimeters or even micrometers. Because of these qualities, these nanotubes are frequently employed in the chemical and polymer, electronics, and medical industries, among other industries.

North America is expected to rise throughout the projected period due to increased demand from end-use industries. Carbon nanotubes are developing as a lightweight replacement to copper wire, and manufacturers are increasingly using carbon nanotubes instead of copper wire owing to reduced carbon emissions and high fuel economy. They are also utilized in the chemical and polymer industries to regulate or improve mechanical and chemical conductivity in polymers. 

However, environmental concerns and health and safety concerns may stymie market expansion, since nanoparticles and nano-biotechnological byproducts generated during nanomaterial synthesis represent a major hazard to human health.

North America Carbon Nanotubes Market Scope

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North America Carbon Nanotubes Market  Drivers

Growth in Aerospace and Defense Industries in North America Carbon Nanotube Market.

The aerospace and military industries in North America are major drivers of carbon nanotube usage. Materials with high strength-to-weight ratios and electrical conductivity are required in these sectors. Carbon nanotubes are utilized to strengthen composite materials in aviation and military equipment. CNT-reinforced composites, for example, make aeroplane components lighter and more durable, which is critical for improving fuel economy and overall performance.

Research advances in nanotechnology

In North America, ongoing nanotechnology research has led to the discovery of novel carbon nanotube applications. In the healthcare industry, for example, CNTs are used for drug delivery systems. CNTs can serve as nanocarriers for medications, enabling precise targeting and controlled release, which has the potential to revolutionize the treatment of a variety of diseases.

For Instance, Researchers at the Massachusetts Institute of Technology (MIT) have developed CNT-based drug delivery systems that can selectively target cancer cells. These systems use the unique properties of carbon nanotubes to deliver chemotherapy drugs directly to tumors while minimizing damage to healthy tissues.

Market Segmentation Analysis

The North America carbon nanotubes (CNT) market is segmented by type, method, and application.

North America carbon nanotubes market based on type

Based on different types in North America, the carbon nanotube is segmented into single walled carbon nanotubes and multi-walled carbon nanotubes. Among these two, the multi-walled carbon nanotubes hold the larger market share owing to properties such as good electrical conductivity. They are widely used in conductive transparent electrodes, conductive heating films, conductive nano-inks, nano-devices, displays, chemical sensors, super batteries, supercapacitors energy storages, solar power cells, etc. Also, using the multi-walled carbon nanotube in automobile applications is profitable, allowing the segment to grow.

North America Carbon Nanotubes Market Based on Method

In North America, based on different methods, the market is segmented into chemical vapor deposition, catalytic chemical vapor deposition, high pressure monoxide reactions and others. Among these, the chemical vapor deposition holds the largest market owing to the commercial adoption of various chemical vapor deposition methods by the key players.

North America carbon nanotubes market based on Application

The various application industries of the carbon nanotubes are Electronics, Chemical, Medical, Batteries, and Energy. The electronics segment holds the prominent market owing to the increasing use of carbon nanotubes in electronics industries. However, over the forecast period, medical segment is anticipated to grow at faster rate. 

North America carbon nanotubes market based on countries

The various countries studied across the North America are U.S, Canada and Mexico. Among these, the U.S holds the significant market and is anticipated to grow during the forecast period followed by Canada.  The growth is attributed towards the increasing use by Application industries in the region.

Recent Developments:

• In August 2022, LG Chem will build carbon nanotube Plant 4 for EV batteries
• In August 2022, Nanocyl Sa and Chemspec North America entered into a distribution agreement for the US and Canada.

Competitive Landscape

Key players dominating the North America carbon nanotubes market are Nanoshel LLC, NanoLab Inc, Kumho Petrochemical Co Ltd, Klean Industries Inc, LG Chem Ltd, Raymore Industries Inc, Nanocyl SA, Arkema SA, Tokyo Chemical Industries Co Ltd, Cobot Corp among others.