Beyond energy storage, falling prices and increasing production open opportunities for carbon nanotubes (CNTs) in cost-sensitive applications
Carbon nanotubes (CNTs) are rapidly emerging as a key conductive additive in lithium-ion battery (LiB) cathodes, fuelled by the accelerating shift toward vehicle electrification. This momentum has triggered a rapid scale-up in global CNT production, as companies compete to secure a leading position in the energy sector supply chain. Yet, the promise of CNTs reaches well beyond batteries.
In this article, IDTechEx explores how expanding production capacity is reshaping the landscape and unlocking new opportunities for CNT adoption in a range of application areas outside the LiB market.
The IDTechEx report,"Carbon Nanotubes 2025-2035: Market, Technology & Players", delivers an in-depth analysis of the CNT landscape, covering major application areas, leading industry players, and detailed 10-year forecasts for CNT demand (tpa) and market value (US$), broken down by application. CNTs have established themselves as a breakthrough material in lithium-ion batteries as a conductive additive, and IDTechEx anticipates that market growth will closely track the rapid expansion of the lithium-ion battery industry.
Capacity Grows as Demand Surges
The global production capacity of CNTs has grown dramatically over the past two decades (with a CAGR of 22%), reflecting both technological advancements and evolving market demand. In the early 2000s, CNTs were largely confined to laboratory-scale production, and production capacity outstripped early demand. As synthesis techniques such as chemical vapor deposition (CVD) matured and scaled, commercial capacity expansion entered a period of consolidation as end-users qualified materials and found the value-add in various applications.
The rapid adoption of CNTs as conductive additives in lithium-ion batteries catalysed a step-change in capacity as global capacity surged into the tens of thousands of tonnes annually, with major producers emerging to serve the energy storage market, through partnerships and vertical supply chains.
Overview of historic and future global capacity for MWCNTs. Source: Carbon Nanotubes 2025-2035: Market, Technology & Players - IDTechEx.
In recent years, major players have scaled up production, with LG Chem being a key example. The Korean company grew capacity from 1,700 tpa in mid-2023 to 6,200 tpa by the end of 2024.
The next few years will see global capacity expand by a factor of 1.7x with respect to 2025 numbers, considering planned and announced expansions. The next wave of expansions will be led by market leaders such as Cnano and new entrants to the CNT market such as Huntsman, with extensive experience in rapidly scaling material supply.
What Applications Will Use MWCNTs?
The adoption of CNTs as a conductive additive in lithium-ion batteries carries significant high-volume potential and is already reshaping the CNT market. Evidence of this transformation can be seen in the sharp rise in planned production capacity, alongside increasing industry consolidation. Notably, major players have expanded their positions through strategic acquisitions, such as Cabot's purchase of SUSN in 2021, leveraging their expertise from adjacent markets like carbon black.
One of the most immediate and measurable consequences will be a downward pressure on material costs, driving CNTs toward commoditization and slimmer profit margins. This trajectory closely mirrors the carbon black industry, where margins have historically fallen below US$1/kg, highlighting the challenges and competitive dynamics now emerging in the CNT sector. The combination of falling material costs and expanding production capacity is set to unlock new opportunities for CNT adoption across markets beyond lithium-ion batteries.
In a range of prospective applications, CNTs will contend with established nanocarbons such as carbon black and graphene. Cost remains a defining factor, as many industries are unwilling to absorb the premium of high-performance additives. Reinforced concrete and asphalt are prime examples, where volume requirements and tight margins leave little tolerance for price increases.
The tire sector highlights this challenge on a massive scale: despite promising research showing that CNTs can reduce nanoparticulate emissions, the overwhelming dominance of carbon black persists due to its low cost, reliability, and global infrastructure supporting production and distribution.
Opportunities for multi-wall CNT (MWCNT) adoption will therefore depend on applications that demand their distinctive performance advantages. The IDTechEx report points to reinforced composites as a particularly compelling use case, where CNTs provide both high mechanical strength and exceptional thermal conductivity. These attributes open the door to advanced solutions such as integrated de-icing systems in polymer composites. Potential deployment includes wind turbine blades, aerospace structures, and other advanced engineering components, where the performance benefits of CNTs outweigh cost considerations and create pathways for differentiation from incumbent materials.
An assessment of the market readiness level of many applications for both MWCNTs and SWCNTs. Source: Carbon Nanotubes 2025-2035: Market, Technology & Players - IDTechEx.
The Future of SWCNTs
Some of the most innovative and heavily anticipated applications for CNTs are those that benefit specifically from the properties of single-walled carbon nanotubes (SWCNTs). The superlative sensitivity and selectivity compared to multi-walled varieties make them promising enablers of breakthrough technologies, from highly tuneable gas sensors to components in quantum computing systems.
These advanced characteristics position SWCNTs as a key material for next-generation electronic and sensing applications, where performance requirements go well beyond what current mainstream CNT products can deliver, albeit at a significant price premium.
At present, however, the bulk of global production capacity remains focused on multi-walled carbon nanotubes (MWCNTs), largely to serve the rapidly expanding lithium-ion battery sector. This dynamic is beginning to shift, as major producers, including Cnano, announce strategic moves into SWCNT production, while existing market leaders such as OCSiAl continue to expand operations. The IDTechEx report offers detailed analysis of these suppliers, covering manufacturing processes, application focus, and benchmarking of material performance across the market.
For more details on the carbon nanotube market, see the IDTechEx market report "Carbon Nanotubes 2025-2035: Market, Technology & Players". For more information on this report please visit www.IDTechEx.com/CNT, or for the full portfolio of IDTechEx reports and market intelligence offerings, please visit www.IDTechEx.com.
