According to a Marketsandmarkets report, one of the largest markets for carbon nanotube (CNT) worldwide is the Asia Pacific area. The demand for CNTs is increasing in the electronics, automotive and healthcare industries. The demand from developing nations, such as China, India, Brazil, and Argentina are expected to drive the global CNTs market.

The report, with the catchy title The report "Carbon Nanotubes Market by Type (Single Walled & Multi Walled), End Use Industry (Electronics & Semiconductors, Chemical Materials & Polymers, Structural Composites, Energy & Storage, Medical), Method, and Region - Global Forecast to 2028," said energy & storage end-use industry holds the largest share in terms of volume in overall carbon nanotube (CNT) market.

The highest volume of CNTs are consumed for energy & storage. Vehicles that need lightweight, high-energy density solutions are causing a sharp rise in the demand for lithium (li)-ion batteries. Mobile phones, notebook computers, and hybrid cars all use these batteries because they have the best energy density per weight.

During the forecast period, the lithium-ion battery market is anticipated to be driven by the rising use of plug-in hybrid electrical vehicles (PHEV) and portable electronic gadgets. As a result, the market for carbon nanotubes in the energy & storage sector is anticipated to grow. Several automakers have begun concentrating on EVs as several nations have taken measures to reduce CO2 emissions and maintain a greener environment.