Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Nanomaterials market.
Trusted Business Insights presents an updated and Latest Study on Nanomaterials Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Nanomaterials market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Global Nanomaterials Market
The global nanomaterials market size was valued at USD 7.4 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 12.0% from 2021 to 2027. High potential for product adoption for aerospace applications, in order to improve the strength and durability of aircraft parts, is expected to drive the market over the forecast period 2021-2027. Rapid developments in healthcare technology, growth in the medical diagnostics industry, and various advantages of medicinal imaging applications are anticipated to drive the market. Furthermore, increased focus on research concerning nanotechnology and rising government spending on biotechnology and pharmaceutical R&D is expected to augment growth of the nanomaterials market.
The U.S. is expected to remain a major consumer in the industry, owing to rising demand for nanomaterials from various end-use industries. Nanomaterials are expected to have the highest application in the biomedical sector, on account of the increasing occurrence of chronic diseases and a rising elderly population in U.S. over the forecast period. The regulatory review by the European Commission pertaining to nanoparticles concluded that the material is similar to standard substance or chemical in which some are likely to be toxic. Probable risks are associated to specific nanomaterials and specific applications. Hence, risk evaluation is required to be conducted on a case-by-case basis.
The abundance of available raw materials, including metals, polymers, and alloys for the synthesis of nanomaterials, coupled with innovative synthesis methods to reduce the overall cost is expected to augment its adoption. However, volatility in raw material prices may affect the price of end products, thereby resulting in subsiding profit margins of manufacturers. Toxicity assessment of nanomaterials has proven to be a barrier to the commercialization of nanotechnology. An international standard has been developed for labeling of consumer products containing manufactured nano-objects, which allows informed choices when purchasing and for the use of consumers. However, the present labeling standard only lists the manufactured nano-objects contained in a product.
Product Insights: Global Nanomaterials Market
Carbon nanotubes accounted for the largest market share of 26.9% in 2019 and are widely used in lithium-ion batteries as they exhibit the highest reversible capacity. In addition, they are highly preferred for the production of supercapacitor electrodes. Their large surface area and thermal conductivity allow their usage as an electrode catalyst support in PEM fuel cells.
Titanium dioxide nanoparticles are expected to witness a significant rise in demand on account of their ability to inhibit bacterial growth and prevention of formulation of further cell structure. The segment is estimated to reach USD 4.1 billion by 2027 and is expected to witness significant growth over the forecast period.
Graphene nanoparticles are expected to witness fastest growth over the forecast period, expanding at a CAGR of 14.6%, which can be attributed to its rising demand for extensive applications in energy, environmental, and biomedical science. Graphene nanoparticles are also used in a wide range of biomedical applications, such as graphene-enhanced cell differentiation and growth, bio-sensing, and ionization for mass spectrometry.
Aluminum oxide nanoparticles are used in a diverse range of applications owing to their exceptional structural and physicochemical properties, including superior resistance to mechanical stress, chemicals, and wear. The low cost of preparation and ease of availability and handling of these nanoparticles is likely to drive their demand further.
Application Insights: Global Nanomaterials Market
The medical application segment accounted for market share of 29.1% in 2019 and is expected to exhibit significant growth over the forecast period, owing to its wide range of applications, including imaging, targeted drug delivery, nanorobots for surgery, nanodiagnostics, cell repair, and nanobiosensors.
Rapid developments in the electronics industry, on account of increasing demand for high-tech products, are likely to positively impact the demand for nanomaterials over the forecast period. Nanomaterials are used as coatings in printed electronics, nanoelectronics, and nanoelectromechanical systems on account of their high magnetic susceptibility, which provides an effective magnetic enhancement.
The energy and power sector is projected to witness significant demand for nanomaterials and is expected to witness a CAGR of 13.4% over the forecast period, owing to the increasing consumption of nanoparticles in batteries, fuel cells, and photovoltaic film coatings. Nanoparticles are extensively used in research activities for obtaining efficient prototype solar panels, thermoelectric materials, and nano-bioengineering of enzymes.
Nanomaterials are gaining traction in the automotive sector owing to the rising demand for efficient vehicles coupled with the efforts to reduce the overall carbon footprint. Nanomaterials such as nanopowders and nanocoatings are increasingly being used as cost-efficient solutions to significantly enhance the sustainability of automotive paints and coatings.
Regional Insights: Global Nanomaterials Market
The Asia Pacific held the largest market share of 34.5% in 2019. The region is expected to witness the fastest growth on account of the growing semiconductor manufacturing industry, coupled with rising product penetration. The region is expected to witness a CAGR of 16.2% over the forecast period, owing to increasing demand for nanomaterials from microelectronics and nanoelectronics on account of the growing usage of advanced devices.
The economy in North America is characterized by high diversity owing to the presence of major developed and advanced economies such as the U.S. and Canada. Continuous efforts in the research and development of nanoparticles to explore potential product applications in various end-use industries are expected to drive the market for nanomaterials in the region over the forecast period.
Europe is expected to reach USD 3.6 billion by 2027, owing to rising investments in technological advancements for efficiently harnessing renewable energy coupled with the ability of nanoparticles to increase the efficiency of organic solar cells. Increasing the adoption of nanoparticles for diagnosis and treatment of various medical conditions is expected to augment the demand for nanomaterials over the forecast period.
In U.S., the market for nanomaterials is anticipated to witness the highest growth in the region owing to the rising application scope of nanoparticles in various industries such as biomedical, energy, electronics, and wastewater treatment. The market for nanomaterials is anticipated to augment over the forecast period owing to the properties of the nanoparticles, such as a large surface area with decreasing particle size.
Key Companies & Market Share Insights: Global Nanomaterials Market
The market for nanomaterials presently witnesses a limited number of manufacturers, as the product is in the nascent stage of commercialization. The potential applications of the product are still under continuous exploration in research laboratories. However, major manufacturers in the industry are continuously engaged in the supply of the products with suitable specifications. Key players position themselves in the market for nanomaterials by offering a wide range of nanomaterials with diverse technical specifications. Companies are continuously engaged in expanding their product portfolio using innovative and advanced methods to cater to varied customer demands, pertaining to different application industries. Some of the prominent players in the nanomaterials market include:
Key companies Profiled: Global Nanomaterials Market Report
- Strem Chemicals, Inc.
- American Elements
- US Research Nanomaterials, Inc.
- Nanocomposix, Inc.
- Reade International Corporation
- NanoMaterials Technology Pte Ltd.
- Frontier Carbon Corporation
- Nanoshel LLC
- SkySpring Nanomaterials, Inc.
- Nanografi Nano Technology
- Cytodiagnostics, Inc.
- Quantum Materials Corp.
- Hyperion Catalysis International Inc.
- Nanostructured & Amorphous Materials, Inc.
- Nanophase Technologies Corporation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global nanomaterials market report on the basis of product, application, and region:
Product Outlook (Revenue, USD Million, 2016 – 2027)
- Aluminum oxide nanoparticles
- Antimony tin oxide nanoparticles
- Bismuth oxide nanoparticles
- Carbon nanotubes
- Cerium oxide nanoparticles
- Copper oxide nanoparticles
- Titanium dioxide nanoparticles
- Silicon Dioxide
Application Outlook (Revenue, USD Million, 2016 – 2027)
- Energy & power
- Paints & Coatings
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