TECHNOLOGY FOCUS - INORGANIC CHEMISTRY - Preferred Components: The transition metal compound is a transition metal salt, preferably transition metal formate, oxalate, or transition metal carbonyl, more preferably multi metal atom transition metal carbonyl. The transition metal is nickel, iron or cobalt.Preferred Source: The gaseous carbon source is a hydrocarbon or carbon monoxide, preferably methane or acetylene.Preferred Process: The transition metal compound is decomposed by heating at 200-1000degreesC, preferably 600-1000degreesC. The gaseous carbon source is passed over the substrate particles, and is mixed with a diluent, which is argon. The process further involves impregnating the substrate particles with transition metal compound in the initial stage. The method involves providing substrate particles continuously, fluidizing the substrate particles with a flow of gaseous carbon source, heating the transition metal compound on the substrate particles, and collecting the carbon nanoparticles formed by elution. The substrate particles are provided continuously to an upper portion of inclined surface, contacted with a flow of gaseous carbon source on inclined surface, the transition metal compound on substrate particles is heated, and the carbon nanoparticles formed from lower portion of inclined surface are collected. Alternately, transition metal oxalate, formate or multi metal atom carbonyl is provided on substrate particles, the transition metal oxalate, formate or multimetal atom carbonyl on substrate particles is heated, a gaseous carbon source is contacted with substrate particles, and formed carbon nanoparticles are collected.Preferred Particles: The substrate particles are oxide particles and/or silicate particles, preferably silica, alumina, calcium silicate type compound (CaSiOx), calcium oxide, and/or magnesium oxide. The particles are in the form of fumed powder, colloid, gel or aerogel. The carbon nanoparticles are carbon nanotubes, preferably single-walled carbon nanotubes. EXAMPLE - Silica powder (in mg) (500) was placed in a beaker (100 ml), and aqueous nickel formate (25 ml) was added. The mixture was stirred at room temperature for 30 minutes, and further stirred at 90degreesC for 20 hours. The sample (26.49) containing 3.2 wt.% of loaded metal with respect to the silica support was placed in the center of a quartz tube preheated to 860degreesC under argon atmosphere. Methane was introduced, and the nanotube growth was initiated. The reaction was performed for 30 minutes, and carbon nanotubes (25.37) were obtained. The yield of the obtained carbon nanotubes was 4.7%.