The Nanocarbon Market: Small Materials Set for Big Commercial Growth

After decades of development, the nanocarbon market is poised for significant growth in the coming decade. Although graphene and carbon nanotubes have long been touted as "wonder materials" with the potential to address numerous global challenges, the initial excitement did not quickly lead to widespread commercial success. IDTechEx has closely monitored the nanocarbon market for over ten years, and this article will evaluate the application areas where graphene and CNTs are likely to achieve notable success in the next ten years.

 

So far, the commercialization of graphene has largely been driven by a "material push" rather than a "market pull," with the material often seen as a solution in search of a problem. In the latest edition of their long-established independent market report, "Graphene Market & 2D Materials Assessment 2024-2034," IDTechEx offers the most comprehensive analysis of the graphene market to date. Graphene is now entering the next stage of its commercial journey - the growth phase.

 

The carbon nanotubes (CNTs) market is relatively more developed than graphene. CNTs are increasingly being adopted as a conductive additive in the cathodes of lithium-ion batteries. The IDTechEx report, "Carbon Nanotubes 2023-2033: Market, Technology & Players," explores how supply chains are being established within the energy storage market and how the expanding manufacturing capacity is set to create opportunities for CNTs beyond the lithium-ion battery sector.

 

 

 

 

The major applications for graphene and CNTs are diverse, reflecting the multifunctional nature of these materials. Energy storage, especially for CNTs, leads the way, while both materials are set to achieve success in composites, sensors, and coatings. Graphene is expected to see significant growth in sectors such as construction, tires, and textiles. Several of the market opportunities highlighted below are projected to reach a value of $100 million by 2035, such as concrete and asphalt, polymer composites, and textiles. The clear winner will be energy storage, set to exceed a value of $1 billion by the end of the decade.

 

 

The energy storage market is experiencing rapid growth, largely fuelled by the electrification of the transportation sector. Multi-walled carbon nanotubes (MWCNTs) are making significant inroads as cathode materials in lithium-ion batteries, offering enhanced conductive pathways and anchorage points. These advancements are driven by key features such as higher performance at increased C-rates, longer lifetime (number of cycles), greater energy density via thicker electrodes and alternative anodes, and improved temperature stability. Supply chains are evolving, either through new partnerships, as with Cnano, or by expanding integrated supply networks, as demonstrated by LG Chem. IDTechEx expects the market for MWCNTs in lithium-ion batteries to exceed US$1 billion by 2035.

 

 

The case for SWCNTs or graphene in batteries is not quite so straightforward. There is a lot of ongoing research into their use in next-generation batteries. SWCNTs have a potential role to play here, with leading companies making recent notable advancements. OCSiAl has implemented its SWCNTs in silicon anodes, while ZEON is investigating the role of SWCNTs in lithium-air batteries, lithium-sulphur batteries, and lithium metal anodes. Graphene will compete for adoption in these next-generation battery technologies, with any enabling material set to achieve strong growth. Supercapacitors are another area to keep an eye on in the energy storage space, with graphene and vertically aligned carbon nanotubes (VACNTs) showing promise in this growing niche.

 

 

The multifunctionality of graphene and CNTs will be key to their adoption in composite materials, with the nanocarbons potentially offering improvements to mechanical performance as well as adding thermal and electrical conductivity. Applications will include high-end premium sportswear, lightweight materials for automotive use, and heated surfaces for de-icing of plane wings. IDTechEx expect to see players move downstream in the supply chain for nanocarbon composites over the coming decade, with material suppliers positioning themselves to manufacture polymer masterbatches that can be supplied directly to component manufacturers without considering complications relating to dispersions.

 

 

An interesting case study for nanocarbon-enhanced composites is seen in tires. Historically reinforced with carbon black, some advancements have been made recently whereby graphene can be used as an additive to improve the properties of tires, such as rolling efficiency, road handling, and tire lifetime. Given the large volume of tires sold worldwide, this is an attractive market, but challenges remain, including adequate dispersion and competition from specialty carbon black. Some of the most noteworthy successes for graphene tires have been seen in high-performance bicycle tires, with Directa Plus and Vittoria selling graphene-enhanced tires.

 

 

While companies are exploring the use of graphene and CNTs as additives in the construction industry, IDTechEx expects this to be a market segment in which graphene achieves greater success. There are many potential applications, from high-performance concrete applications to improving precast concrete's curing time and early strength or even 3D-printed concrete solutions. The main advantages come from improving the mechanical properties, which allows less material to be used or more waste feedstocks to be incorporated. Another key driver is green targets, which is being heavily pushed on this industry, such as reduction in material waste and direct sequestering of carbon by locking into a physical product.

 

 

However, a lot is still unknown at the research level, and significant testing is required. Outside of the technical barriers, there will be challenging commercial settings against adoptions, including price and manufacturing capacity. Cement is a low-cost product and will not tolerate a high price point additive. Any notable order will be high-volume, and many graphene players operate at a relatively small volume that may not be satisfactory. This market represents a huge opportunity for graphene due to the potential sales volume, and promising research is ongoing with multiple trials underway. This is a relatively conservative industry with small margins, so expecting quick mass adoption is unlikely. IDTechEx expects some success to be seen over the coming decade, translating into good volumes and reasonable expansion.

 

 

Electrical conductivity is one of the most superlative qualities of graphene and CNTs, particularly for graphene wafers and single-walled carbon nanotubes (SWCNTs). These materials are well placed to seize significant revenue in low-volume markets that require high-quality materials and pay a premium price for them. Sensors and photonics are good strategic markets, and the adoption of nanocarbons is gaining traction. The high mobility, surface area, and other key features (e.g. light absorption over wide wavelength range) give advantages for these advanced nanocarbons. Key applications will be gas sensors, biosensors, and photosensors, with enhanced sensitivity as a major advantage. Many companies received significant funding to develop rapid, graphene-based diagnostics during the global pandemic and are now well placed for continued growth and expansion over the coming decade.

 

 

 

Nanocarbons will be successfully used as additives in a number of other applications, such as textiles, paints, and coatings. While e-textiles have received significant hype and attention, IDTechEx expects wrist-worn wearables, such as smartwatches, to completely dominate the market for activity monitoring. Rather, the antimicrobial and antifouling properties, alongside thermal management, will see graphene incorporated into active wear. The multifunctionality of nanocarbons will lead to the development of paints and coatings with properties such as anticorrosion and EMI shielding.

 

 

 

 

Success for nanocarbon materials will go hand in hand with two eventualities. Standardization of the materials is required to ensure a well-defined market while growing opportunities will inevitably lead to market consolidation.

 

 

The idea of standardization among nanocarbon suppliers is a hot topic, particularly for the graphene industry. With many grades of graphene and graphitic materials being sold as "graphene", concerns exist around confusing and losing the faith of potential customers. Work is underway with both the International Organization for Standardization (ISO), via the Nanotechnologies Technical Committee (TC 229), and the International Electrotechnical Commission (IEC) TC 113 to develop these graphene standards. An accepted standard could significantly boost industry confidence, ensuring both the quality of products and the ability to source them from multiple suppliers. This, in turn, could lead to a surge in the production of graphene-enhanced products and a growth in the market.

 

 

 

As material prices continue to fall in a trend toward a high-volume, low-cost material market, it is likely that only a few manufacturers will dominate as nanocarbons become commodity materials. This trend is evident in the carbon black market, where Cabot and Birla lead, and is emerging in the MWCNT sector with Cnano and LG Chem, among others. In the graphene market, NanoXplore announced in August 2022 that it would acquire a "significant portion" of XG Sciences' assets through an agreement with XG's senior secured creditor. Another legacy player, Applied Graphene Materials (AGM), was acquired by Universal Matter in Q1 2023.

 

Over the coming decade, IDTechEx predicts the consolidation of major players will enable more uniform and reliable nanomaterials to be produced at a lower price point, enabling penetration into the market. On the other hand, material demand on the back of a breakthrough killer application could see major multinational chemical and material manufacturers enter the industry, as has already been seen with carbon black players entering the CNT space.

 

 

 

IDTechEx provides extensive independent assessment of the major nanocarbon markets, both graphene and CNTs, detailing the main players, technologies, and emerging trends. Both materials are set to experience significant growth over the coming decade in diverse applications, ranging from energy storage to composite materials and concrete. Visit www.IDTechEx.com/Graphene or www.IDTechEx.com/CNT to find out more.

 

For the full portfolio of advanced material-related research from IDTechEx, please see www.IDTechEx.com/Research/AM.

This article is from "Technology Innovations Outlook 2025-2035", a free collection of insights from industry experts highlighting key technology innovation trends shaping the next decade. You can download the full collection here.

IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact research@IDTechEx.com or visit www.IDTechEx.com.