As we move into 2025, we’re reflecting on the remarkable growth we saw in the carbon nanotube (CNT) industry in 2024. According to a market report by Fortune Business Insights, the global CNT market expanded from $6.30 billion in 2023 to $6.88 billion in 2024 and is projected to grow at an impressive compound annual growth rate (CAGR) of 13.32%, reaching an estimated valuation of $18.67 billion by 2032.
This growth has been fueled by a combination of factors, including substantial investments, mergers, and acquisition activity in the space since January 2024. These developments, alongside continuous research advancements, improved production quality and capacity, and evolving market demands, have pushed the industry forward in various sectors.
Investments, Mergers, and Acquisitions in 2024
The surge in investments, mergers, and acquisitions in 2024 shed light on the growing importance of CNTs across applications and sectors. MEIJO NANO CARBON, a leader in high-quality single-walled carbon nanotubes (SWCNTs), partnered with SK Inc. Materials, a subsidiary of South Korea’s SK Group, to drive advancements in lithium-ion battery materials for electric vehicles (EVs). Similarly, a quantum computing start-up secured €100 million to enhance the production of ultralong CNTs for qubits, highlighting the material's role in cutting-edge fields. NoPo Nanotechnologies also expanded its market presence through pre-Series A funding, enabling scaled production of its high-quality SWCNTs.
Other notable developments include Denka Company Limited's strategic investment in CARBON FLY, Inc., focusing on high-purity multi-walled carbon nanotubes (MWCNTs), and OCSiAl’s launch of a CNT production facility in Serbia, which boosts its support of ProLogium's gigafactory in Dunkirk, France. Finally, Canatu, a deep technology company developing advanced CNTs and related products, went public through a share exchange agreement with Lifeline SPAC I.
Together, these investments and partnerships reflect the CNT industry's accelerating momentum within energy, electronics, and advanced computing applications.
New CNT Use Cases
In addition to the exciting investment, merger, and acquisition activity, 2024 also saw the emergence of some innovative use cases for CNTs:
Key Drivers of Growth
So, the nanotube sector is booming. But what exactly is driving this growth?
Firstly, there is a rising demand for advanced materials with the unique properties that CNTs offer. Their superior electrical conductivity, mechanical strength, low mass, and versatility make them indispensable in a range of applications.
For example, CNTs are emerging as a pivotal force in powering the AI and data centre industries, a sector where their unique properties are increasingly indispensable. As we move into 2024, the demand for CNTs in these fields is being driven by their ability to enhance the efficiency and functionality of data centres, which are at the heart of AI advancements.
Learn more about the role of CNTs in data centres.
Another major contributor to this growth is the expanding battery market. Initially led by EVs, it has grown to include portable electronics and grid storage. CNTs are increasingly used as key components in energy storage systems due to their exceptionally lightweight, conductive and mechanical properties. We have also seen advances in battery chemistry, for example, the integration of CNTs into lithium-sulphur and lithium-ion batteries, which have the potential to overcome existing challenges and enable higher energy densities.
Other key drivers include a need to secure and distribute green energy, which heavily relies on grid-scale batteries. For example, during the summer months in Texas, when energy consumption hit record highs, grid-scale batteries played a crucial role in delivering power in the evenings when solar energy production dipped. Similarly, with the UK’s closure of its last coal plants, the importance of grid-scale storage solutions is more pronounced than ever.
Beyond this, CNTs are gaining traction in other energy storage and conversion technologies, such as solar cells and fuel cells, thanks to their high surface area and conductivity. This combination of performance and adaptability positions CNTs as critical components in addressing modern energy challenges.
Check out our recent article about CNTs in battery tech.
What This Means for CNTs in 2025
The demand, growth, and momentum observed in 2024 set a solid foundation for the CNT industry in 2025, which we expect to be a bumper year. The CNT industry is poised for further growth, fuelled by technological advancements, increasing demand from high-impact sectors like energy, and a major focus on advanced computing and AI.
Prioritising innovation, scalability, and strategic collaborations are key to driving the next wave of exciting CNT applications and unlocking their potential across markets.
TrimTabs’ Wins
2024 also saw plenty of wins for TrimTabs. Firstly, we opened our production centre in Wales, completed factory acceptance tests, and began CNT production. In exciting research news from our collaborators, we saw the first (successful!) results from battery cell tests using our CNTs (we felt like proud parents that day!).
We gave plenty of presentations, including Alvin’s TEDx talk in Dubai, an interview with the BBC, and presentations to deep tech investors in four cities worldwide, resulting in investment offers. We signed LOIs with 10 international companies and are excited to explore collaborations in the coming months. Finally, 2024 saw the TrimTabs team grow from four to 10 people! We can’t wait to see what’s next in 2025.
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