The Global Nanomaterials Market was estimated at USD 8.80 Bn in 2020 and is expected to grow with CAGR of 15.4% during the forecast period.
The nanomaterials market is majorly growing owing to the high product application across several industry verticals. For instance, nanomaterials such as nanotubes are used aerospace industry for morphing of aircraft wings and other aircraft parts to improve their durability and strength. In the cosmetics industry, titanium dioxide nanoparticles are used in sunscreen as they offer increased UV protection and help in removing the cosmetically unappealing whitening that happens with sunscreen in their nano-form. Similarly, the electronics industry uses nanomaterials to improve the accuracy in making electronic circuits on an atomic level as well as helping in the development of several electronic products. The sports industry makes use of carbon nanotubes for producing baseball bats to make them lighter and thereby improving their performance. Owing to such a wide range of product applications across several industry verticals, the nanomaterials industry is pegged to garner significant demand over the forecast period.
Further, increasing product demand from the healthcare sector is also expected to augment the nanomaterials industry growth. This increasing demand is owing to the growing instances of inflammatory diseases such as arthritis, asthma, gout, atherosclerosis, and inflammatory bowel disease among others. Most of the drugs available these days for treating these inflammatory diseases have limitations such as nonspecific delivery, low therapeutic effectiveness, and side effects. Owing to this, many scientists have shifted their focus on researching to evaluate and employ novel carrier systems like nanomaterials for delivering drugs and avoiding those limitations. The major advantage of using a nanomaterial-based carrier is that they could be specifically targeted and modulated according to match the need. Thereby, the nanomaterials market provides new opportunities to offer more precise and focused treatment of inflammatory diseases and enhance the potential therapeutic effects of available medications.
Based on region, the Asia-Pacific region is growing with the fastest CAGR in the nanomaterials market and is projected to exhibit high growth during the forecast period. This high growth rate is mainly attributed to the rising demand for nanomaterials from nanoelectronics and microelectronics due to the increasing usage of advanced devices. Moreover, increasing demand for nanotechnology along with rising spending by organizations towards R&D in the region, and growing support from the government are other major factors driving the growth of nanomaterials in the region. Furthermore, the rising demand for specialty materials and rapidly expanding industries such as healthcare, energy, and automotive among others in countries including India, China, South Korea, and Japan are anticipated to have a positive impact on the market growth.
The key market players in the Nanomaterials industry are:
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