The Global Nanomaterials Market was valued at USD 8.80 Bn in 2020 and is expected to reach USD 23.95 Bn by 2027, with a growing CAGR of 15.4% during the forecast period.
Nanomaterials are materials that consist of constituents or particles of nanoscale dimensions, or one that is produced by nanotechnology. According to the European Commission, the particle size of nanomaterials should be at least half of the particles in the number size distribution and must measure 100nm or below. These materials can occur naturally or could be obtained as a by-product of combustion reactions or could be made on purpose by engineering to perform a specialized function. In addition, nanomaterials have unique properties and therefore benefit many industries such as automotive, aerospace, healthcare, sports, cosmetics, electronics, energy & power, paints & coatings, and others.
The nanomaterials market is majorly experiencing traction due to the broad spectrum of advantages offered by nanomaterials. The properties of nanomaterials, specifically their size, provide several unique advantages in comparison to the other bulk-form of materials. Nanomaterials can tailor themselves for a specific requirement which increases their demand across several industry verticals. In addition, additional advantage such as the high porosity offered by nanomaterials makes them useful in a multitude of industries. For instance, in the energy & power industry, nanomaterials are advantageous in making the existing methods of generating energy like solar panels more cost-effective and efficient. It also helps the industry in opening new ways to both store and harness energy. Similarly, in the healthcare sector, nanomaterials are advantageous owing to their very large surface-to-volume ratio which allows the bonding of active ingredients and cells. This helps in increasing the chance of successfully treating several diseases. These factors collectively are projected to fuel the nanomaterials market growth in the upcoming years.
Moreover, new technological advancement in the nanomaterials industry is another major factor driving the nanomaterials market. For instance, in 2020, researchers from Okinawa Institute of Science and Technology Graduate University and Korea University introduced spiral hydroboration. This new nanotechnology is a unique way that helps in delivering chemical compound and particles and into the cells by membranes that includes DNA, drugs, and proteins without causing any major damage. This new technological advancement in the healthcare industry is projected to serve as a catalyst for the nanomaterials market in the coming years.
The unique insights provided by this report also include the following:
Based on the product, the carbon nanotubes accounted for the major share in the nanomaterials market owing to electrical, mechanical & thermal properties offered by the nanotubes
Based on the product, the nanomaterials market is segmented as antimony tin oxide nanoparticles, aluminium oxide nanoparticles, fullerene, bismuth oxide nanoparticles, silicon Dioxide, cerium oxide nanoparticles, carbon nanotubes, copper oxide nanoparticles, titanium dioxide nanoparticles, Graphene, and others. Among these, carbon nanotubes accounted for the major share in the nanomaterials market across the globe. This high share is owing to electrical, mechanical & thermal properties offered by the nanotubes. A carbon nanotube is lightweight and has mechanical tensile strength that can be 400 times when compared to steel. In addition, they are extremely resistant to corrosion and have thermal conductivity better than that of a diamond. All these properties make them suitable for electrochemical & biosensors, electronic devices, electron field emitters, transistors, lithium-ion batteries, hydrogen storage cells, white light sources, electrostatic discharge (ESD), and electrical shielding among other applications.
Based on application, the healthcare application segment has dominated the industry due to the use of nanomaterials in a wide range of healthcare applications
Based on application, the nanomaterials market is fragmented into automotive, aerospace, healthcare, electronics, energy & power, sports, cosmetics, paints & coatings, and others. Among these, the healthcare application segment has dominated the industry and is expected to show similar trends during the forecast period. This dominant share is due to the use of nanomaterials in a wide range of healthcare applications, including targeted drug & genes delivery, imaging, precise regeneration & engineering of bodily tissues, nano diagnostics, nanorobots for surgery, fluorescent tagging and labelling of proteins, cell repair, and nano biosensors among others. Owing to such wide in the healthcare sector, the nanomaterials industry is expected to experience a high product demand from the healthcare industry.
Based on region, the North America region led the nanomaterials industry across the globe due to the continuous efforts in the R&D activities of nanoparticles to discover new product applications in several end-use industries
Based on region, the nanomaterials industry is divided into Asia-Pacific, North America, Latin America, the Middle East and Africa, and Europe. Among these, the North America region led the nanomaterials industry across the globe and is anticipated to show a significant growth trend during the forecast period. This share is majorly attributed to the continuous efforts in the R&D activities of nanoparticles to discover new product applications in several end-use industries from major economies in the region such as Canada and the U.S. In addition, in the U.S., the nanomaterials market is expected to show the highest growth owing to the increasing application scope of nanoparticles in various industries such as energy, biomedical, wastewater treatment, and electronics.
The report also provides an in-depth analysis of the market dynamics such as drivers, restraints opportunities, and challenges
Note: Challenges along with in-depth Nanomaterials market dynamics analysis is mentioned in the report.
The COVID-19 outbreak which began in December 2019, has spread across the globe at a fast pace and affected economies around the globe. Countries such as Italy, China, Iran, South Korea, Spain, India, Germany, the US, and France were the worst-affected countries due to covid. Owing to the enforcement of lockdowns, social distancing, international travel bans and other restrictions, industries such as automotive, electronics, and aerospace among others took a major hit. As per the data released by the Society of India Automobile Manufacturers (SIAM), the sales of passenger vehicles declined by 51% in March 2020 whereas commercial vehicles sales crashed by 88%. This resulted in decreased product demand, thereby negatively impacting the nanomaterials market growth.
The report also provides an in-depth analysis of recent news developments and investments in the Nanomaterials market
The key players operating in the nanomaterials industry are:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.
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