At 16.1% CAGR, the Asia Pacific Carbon Nanotubes Market is projected to be worth US$ 5,988.60 million by 2028, says The Business Market Insights

According to the Business Market Insights’ research, the Asia Pacific carbon nanotubes market was valued at US$ 2,446.01 million in 2022 and is expected to reach US$ 5,988.60 million by 2028, registering a CAGR of 16.1% from 2022 to 2028. Adoption of carbon nanotubes for cancer treatment and utilization of carbon nanotubes in 3D printing are the critical factors attributed to the Asia Pacific carbon nanotubes market expansion.                    

According to the World Health Organization, cancer has been the leading cause of death worldwide, registering 9.6 million and 10 million deaths in 2018 and 2020, respectively. Therefore, several types of research focused on developing efficient cancer treatment processes have been conducted; however, optimum technology to reduce cancer-causing deaths has not been achieved. In the past few years, nanotechnology has emerged as an alternative treatment technology for several disorders, specifically cancer.

The recent advancement in drug delivery and cancer treatment involves the utilization of nanocarriers, such as CNTs, solid lipid nano capsules, magnetic nanoparticles, gold nanoparticles, and liposomes. The electrical, optical, chemical, and mechanical properties of CNTs are employed in drug delivery systems, biomedical imaging, and antimicrobial technology. Therefore, CNT-based anticancer drug delivery technology is gaining popularity, especially due to its selective targeting and controlling of drug delivery. Scientists have developed a novel technology to directly introduce the anticancer drug—doxorubicin—through CNTs from spherical sacs of phospholipid molecules (liposomes) via the cell plasma membrane. This fusion process allows the drug to pass freely from the liposome to the cell. This results in the effective delivery of doxorubicin, killing up to 90% of disordered cells. Thus, the adoption of CNTs in cancer treatment can create lucrative growth opportunities for the carbon nanotubes market during the forecast period.

On the contrary, environmental concerns related to carbon nanotubes hurdles the growth of Asia Pacific carbon nanotubes market.

Based on type, the Asia Pacific carbon nanotubes market is bifurcated into multi-walled carbon nanotubes, and single-walled carbon nanotubes. The multi-walled carbon nanotubes segment held 91.9% market share in Asia Pacific carbon nanotubes market in 2022, amassing US$ 2,248.10 million. It is projected to garner US$ 5,284.63 million by 2028 to expand at 15.3% CAGR during 2022–2028.

Based on application, the Asia Pacific carbon nanotubes market is segmented into electronics and semiconductors, energy storage, structural composites, aerospace and defense, medical, and others. The structural composites segment held 36.5% market share in 2022, amassing US$ 892.00 million. It is projected to garner US$ 2,070.51 million by 2028 to expand at 15.1% CAGR during 2022–2028.

Based on country, the Asia Pacific carbon nanotubes market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific Our regional analysis states that China captured 35.6% market share in 2022. It was assessed at US$ 871.56 million in 2022 and is likely to hit US$ 2,275.21 million by 2028, exhibiting a CAGR of 17.3% during the forecast period.     

Key players dominating the Asia Pacific carbon nanotubes market are Nanoshel LLC; Kumho Petrochemical Co Ltd; Klean Industries Inc; LG Chem Ltd; Nanocyl SA; Arkema SA; Tokyo Chemical Industries Co Ltd; and Cobot Corp among others.   

• In March 2021, Cabot Corp launched new Enermax carbon nanotube solutions.
• In April 2020, Cabot Corp completes acquisition of Shenzhen Sanshun Nano New Materials Co., Ltd (Susn).

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