According to Precedence Research, the global nanomaterials market size is projected to worth around at US$ 43.1 billion by 2030 and expanding growth at a remarkable CAGR of 18.05% from 2022 to 2030.
Tokyo, June 17, 2022 (GLOBE NEWSWIRE) -- The global nanomaterials market size was estimated at US$ 9.68 billion in 2021. The increasing use of nanoparticles within the tending trade and therefore the increasing use of nanomaterials in water treatment applications are probably to extend world demand for nanomaterials.
Nanomaterials are referred to the nanometer scale like structures that has a minimum of one dimension of lesser than the hundred nanometers. Nanomaterials are categorized into one, two, and three dimensional. The zero dimensional nanomaterials are known as nanoparticles that are crystalline or amorphous and are available in various shapes and sizes.
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The bulk nanomaterials are called the three dimensional nanomaterials with 3 willy-nilly way giant dimensions prodigious a hundred nm. They consists of nanowire bundles, nanoparticle dispersions, and nanotubes. Nanomaterials have a range of qualities love high strength, hardness, elasticity, electrical conductivity, medicament and automatic self-cleaning, chemical and scratch resistant, that makes them progressively helpful during a wide selection of applications. Various medical devices, electronics, boats, aircrafts, and construction materials are some of the commercial applications of the nanomaterials.
Strem Chemicals, Inc., American Elements, US Research Nanomaterials, Inc., Nanocomposix, Inc., Frontier Carbon Corporation, Nanoshel LLC, SkySpring Nanomaterials, Inc., Nanophase Technologies Corporation, Cytodiagnostics, Inc., Quantum Materials Corp
On the basis of product, carbon nanotubes segment holds the largest market share in the global market and is anticipated to retain its dominance during the forecast period.
On the basis of application, medical segment holds the largest market share in the global market.
By region, Asia-Pacific holds the leading market share in the nanomaterials market. However, North America is expected to be the fastest growing market for the nanomaterials.
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Asia Pacific is predicted to dominate the nanomaterials market, accounting for the highest market share in 2020. The rising utilization of nanomaterials across different industry verticals such as electronics, medical instruments, region and military, automotive, and textiles sectors are significantly driving the growth of the market in terms of value sales. Due to the growing demand for technology, the various organizations are boosting their investments on research and development which is exponentially driving the market in countries like China and Japan, and government support are some of the factors fueling the growth of the market. For example, BASF, a known nanotechnology organization, spent more than Euros 2.03 billion in research and development in the year 2019.
Continuous efforts in the R&D of nanotechnology and nanomaterials, to explore potential applications in various end use industries, are anticipated to fuel the market growth over the forecast period. Growing demand from microelectronics and Nano electronics due to the increasing usage of advanced devices is anticipated to propel the market growth during the forecast period. In Central &South America market is expected to grow significantly owing to the rising focus of several multinational companies in the expansion of their businesses in the developing markets. Additionally, Brazil is known to be a frontrunner in R&D adctivities related to nanomaterials. Thus, the aforementioned facts is likely to offer immense opportunities for the growth of the market.
Technological advancement in various industries including medicine, electronics, and automobiles have significantly contributed to the development of the living standards of the masses in the countries like Middle East and Africa. Additionally, the rising disposable income of the middle class income group and growing demand for luxury goods including laptops,mobile phones, and other electronic devices has an increase in demand for electronic devices.
Rising demand from electronic industry to augment market growth
During the forecast period, the rise in demand for nanomaterials in electronic industry is driving the growth of the market in terms of value sales. The various consumer electronics has gained a rapid traction among the global consumers in the recent years owing to the rising digital revolution across the globe. The rising disposable income of the consumers in the developing economies is driving the demand for the hi-tech consumer electronics. The rising investments in the research and development to manufacture efficient and sustainable electronic products are expected to boost the growth of the market in the upcoming years. Furthermore, increased research & developments to manufacture new nanomaterials is expected to bolster the growth of the market globally in terms of value sales.
Stringent rules and regulations to hold back the market growth
Factors including expected increase within the variety of individuals exposed to those nanoparticles, activity exposure, and therefore the expected evolution of doubtless prejudicial consequences in the upcoming years are anticipated to prompt the institution of stricter laws. As a result, the predicted progressive stringency in nanomaterials and engineering laws is anticipated to act as a restrain to the growth of the market in the future.
Growing adoption of nanomaterials in personal care industry
Rise in consumers’ disposable personal incomes, the personal care industry is booming which in turn is also likely to offer immense opportunities for the growth of the nanomaterials market during the forecast period in terms of value sales. Nanoparticles are being use into cosmetics as well as skin care products. For instance, oxide nanoparticles block ultraviolet rays and minimize white coating on the skin. Thus, the adoption of nanomaterials in the personal care industry is likely to offer immense opportunities for the market growth during the forecast period in terms of value sales.
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The market growth is adversely affected by the lockdown and economic crisis caused by the Covid-19 pandemic in the year 2020. However, during the pandemic the lockdown restrictions and the closure of international borders resulted in a disrupted supply chain and lack of labor. China is a major manufacturer of various electronic products and the origin of COVID-19 from China has forced the various top companies to shift to other Asia nations such as India and Vietnam.
Some of the top market players operating in the nanomaterials market are Strem Chemicals, Inc., American Elements, US Research Nanomaterials, Inc., Nanocomposix, Inc., Frontier Carbon Corporation, Nanoshel LLC, SkySpring Nanomaterials, Inc., Nanophase Technologies Corporation, Cytodiagnostics, Inc. and Quantum Materials Corp.
Middle East & Africa (MEA)
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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
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