Market environment

Canatu’s current focus markets—Semiconductors, Automotive, and Medical Diagnostics—are undergoing a technological transformation, driving demand for high-quality CNTs and offering Canatu strong growth and profitability potential.

Semiconductor market

In the semiconductor industry, explosive growth of AI is driving demand for advanced chips, making EUV lithography increasingly critical. As high-power tools emerge, CNT pellicles become essential. The global semiconductor market is set to exceed USD 1 trillion by 2030, driven by AI and data center chip demand. According to ASML, semiconductor industry is projected to grow at a 9% CAGR in 2025–2030, with advanced AI chips (< 7nm features) growing fastest at roughly 20% CAGR and with logic chips growing at 10–20% and DRAM 15–25%. Advanced chips are relevant to Canatu’s business and growth.

According to SEMI, CAPEX on advanced process tools is projected to exceed USD 50 billion by 2028 (CAGR 18%). EUV tool market is led by specialized equipment manufacturers, such as ASML, EUV Tech, KLA, Lasertec, and Zeiss creating significant business opportunities for Canatu both for tool and membrane sales.

CNT pellicle market

ASML’s 600W EUV lithography tools are expected to arrive around 2027, marking a key inflection point for the adoption of CNT pellicle membranes. The first roll-out of CNT pellicles is expected with ASML’s 500W tool and 2nm nodes. While the long-term outlook for the shift is good, the pace of adoption has been somewhat slower than anticipated by Canatu.

Canatu CNT pellicle membranes outperform traditional composite pellicles especially in high-power scanners due to high transmission and durability, supporting productivity increase potential in the EUV lithography process by up to 8–15%.

Canatu does not currently produce ready CNT pellicles but provides its technology through CNT reactor model. Canatu’s CNT 100 SEMI reactor is used to produce pellicle membranes, which undergo postprocessing before being used as CNT pellicles in EUV lithography systems.

After Canatu has received customer approval (Site Acceptance Test, SAT) for its reactor, the customer must secure approval(s) for the complete coated CNT pellicle product before pilot and risk production. After successful pilot and risk production, high-volume production of CNT pellicle membranes will commence.

Mass production will generate Canatu revenue from consumables and sold CNT pellicles. Canatu believes that its competitive market position has even improved compared to the situation at the time of listing based on the significant progress with the existing reactor customers and the projects with new customers. To the best of the company’s knowledge, no other party has conducted CNT reactor sales for CNT pellicle membrane production in the semiconductor industry besides Canatu. The company is also engaged in discussions with potential new customers entering the market.

Canatu estimates that its market share within the emerging CNT pellicle market is very high. The total addressable market for CNT pellicles is projected to reach EUR 1.0–2.0 billion by 2030.

Estimated annual development of addressable CNT pellicles market (EURm)¹⁾

Inspection membrane market

EUV mask inspection is a critical step in semiconductor manufacturing, with key EUV inspection tool manufacturers including KLA, Lasertec, and Zeiss.

Canatu inspection membranes play an important role in enhancing quality control during pre-lithography processes. Specifically, they are currently used in patterned EUV mask inspection to filter out debris generated by the EUV light source, protecting sensitive optics from contamination.

To the best of our knowledge, Canatu is a leading supplier of inspection membranes for EUV mask inspection, used in both Low-NA and, more recently, High-NA inspection tools. In July, the company received a purchase order from a major existing customer in the semiconductor industry, further reinforcing its position as a key supplier of inspection membranes that have been mass-produced since 2021.

Canatu estimates that its market share within the inspection membrane market is very high.

Inspection membrane market also covers optical filters. Canatu optical filters improve measurement precision in EUV process monitoring by blocking short-wavelength photons and high-energy particles that can interfere with the measurement process, while providing high EUV/X-ray transmission.

Estimated annual development of addressable inspection membranes market (EURm)¹⁾

Automotive market

The adoption of higher-level autonomous driving systems (ADAS) and the growth of electric vehicles (EVs) are expected to drive increasing demand for reliable and efficient film heaters. Although metal wire heaters are currently the most widely used heating solution, certain performance requirements originating from ADAS suggest the need for alternatives. However, no mainstream replacement has been established yet.

According to a Gartner market report, SAE (Society of Automotive Engineers) Levels 2 and 2+ driving automation are expected to dominate in terms of volume in the coming years. OEMs are increasingly adopting Level 2+ systems to enable hands-free driving experiences that offer strong consumer appeal while maintaining manageable costs, liability, and integration complexity. Based on Canatu management view, more OEMs in China are shifting toward primarily camera-based ADAS solutions, moving away from costlier sensor fusion systems. This shift is expected to drive greater demand for optically optimized and energy-efficient film heaters, such as those developed by Canatu.

Automakers continue to advance toward Level 3 driver assistance systems (conditional automation) and there is also movement towards robotaxis.

Canatu focuses primarily on ADAS camera heaters, while also working on the development of future applications together with its partners, such as automotive solar cells and full windshield heaters. The Automotive Business also includes sensors for protecting electronic devices and film heaters for advanced security camera systems.

Within automotive solar cells, a key long-term development is the exploration of carbon nanotubes (CNTs), replacing traditional indium tin oxide (ITO) and metal conductors. By using CNTs and multi-junction structure, solar cell efficiency could rise to 35%, surpassing the 25% efficiency of silicon-based cells, marking a significant leap in solar energy utilization.

Market size and growth, (EURm)

Medical diagnostics market

The medical diagnostics field is undergoing a significant transformation, shifting from traditional laboratory testing to more agile point-of-care (POC) solutions. This transition is driven by a growing demand for faster, more affordable, and convenient tests that can be performed at or near the site of patient care. Adopting these solutions leads to improved clinical outcomes, including reduced hospital stays, fewer unnecessary
admissions, and optimized operational efficiency for healthcare providers.

In this evolving landscape, Canatu is leveraging its highly sensitive electrochemical biosensors, which are built on proprietary CNT technology, to address new diagnostic needs. Recent publications have demonstrated the high sensitivity and performance of Canatu CNT technology, showing results equivalent to gold-standard centralized lab tests for detecting circulating tumor DNA and total testosterone.

Canatu has refined its strategy, with a focus on POC applications in the areas of infectious diseases and hormone monitoring. The company will also leverage key partnerships to enable a broader range of diagnostic applications, solidifying its role in the future of decentralized diagnostics.
The global market for POC applications in infectious diseases and hormone monitoring is estimated at USD 6 billion, with the U.S. market accounting for approximately USD 3.3 billion.