Carbon nanotubes (CNTs) are cylindrically shaped structures with diameter of one-billionth of a meter, which is 100 times stronger and just one-sixth as heavy as steel. The high strength and low weight combined with physical flexibility is the most noteworthy property of carbon nanotubes. Carbon nanotubes exhibit higher thermal and electrical conductivity than conventional copper tubes. Carbon nanotubes are increasingly being used as an efficient tool in transporting drug molecules, while it plays a major role in body implants, dental filling, and medical device components. CNTs are functionalized with bioactive peptides, proteins, nucleic acids, and drugs for targeted drug delivery to the cells and organs. Carbon nanotubes assure low toxicity and are not immunogenic, due to which it has potential application in the field of nanomedicine and nanobiotechnology, among others.

Increasing healthcare applications to boost market growth

According to a study conducted by The University of Cambridge, in 2016, the global CNT production capacity has increased tenfold over the last 5 years due to exponential rise in demand for carbon nanotubes across various industries such as electronics, semiconductors, chemical & polymers, advanced materials, and batteries & capacitors is driving growth of the carbon nanotubes market. Furthermore, increasing incorporation of carbon nanotubes in the healthcare sector for therapies such as cancer, hyperthermia, gene therapy, tissue regeneration, and artificial implants is drastically driving growth of the carbon nanotube market. Its superior mechanical & transport properties are the major factors for growth of the carbon nanotubes market.

Advent of multi-wall carbon nanotubes fueling market growth

On the basis of product type, the carbon nanotubes market is segmented into:

Single wall carbon nanotubes

Multi wall carbon nanotubes

On the basis of application, the carbon nanotubes market is segmented into:

Targeted drug delivery

Tissue engineering

Gene therapy

Cancer therapy

On the basis of end user, the carbon nanotubes market is segmented into:

Hospitals

Clinics

Others

Financial backing from government bodies to boost market growth in Asia Pacific

Europe is expected to hold the largest market share, owing to high incidence of cancer in the region. According to the research published by National Centre of Biotechnology Information in Europe in 2012, 29,300 cancer cases were registered every year and carbon nanotubes proved an effective diagnostics in curing the major types of cancer. Increasing government investments in research and development in the field of nanotechnology integrated with healthcare is driving growth of the carbon nanotubes market. According to the news published in Electronic Engineering Times in 2017, Lux forecast states that, China will increase its global capacity for nanotubes by 30-50%, adding 500 tons every year. The reason for rapid expansion in China is the government funding for nanomaterials production, which is around US$ 2 billion. This is expected to position Asia Pacific as a major powerhouse in the global carbon nanotube market. Growth is further expected to be augmented by increasing demand for CNTs in applications such as tumor targeting, drug delivery, chemotherapy, and radiation therapy in the region.

The use of carbon nanotube scaffolds in tissue engineering represent a promising carbon nanotube market

Key players operating the carbon nanotubes market include CNano Technology Limited, Hanwha Nanotech Corporation, Kumho Petrochemical Company Ltd. Scaffold designing and fabrication are major areas of biomaterial synthesis, which have increased the demand for carbon nanotubes, in turn boosting market growth. Other prominent participants include Showa Denko, Carbon Solutions, Future Carbon GmbH, and Continental Carbon Nanotechnologies Inc.