The global nanomaterials market was valued at US$ 21.77 billion in 2023 and is anticipated to increase to US$ 51.59 billion by 2029, with a growing CAGR of 15.47% during the forecast period 2024 to 2029.
Materials that comprise at least one exterior dimension in the size range of approximately 1 to 100 nanometers are known as nanomaterials. The rising investment in research and development, the increasing popularity of nanoparticles in many application industries, and the superior physicochemical properties of nanomaterials are all factors driving demand for nanomaterials in various end-user industries, according to prominent corporations. Nanomaterials are frequently added in modest amounts to increase the basic material's performance. However, market expansion may be hampered by factors such as strict environmental restrictions and the expensive cost of nanomaterials.
Nanomaterials are being used in paints and coatings, adhesives and sealants, electronics and consumer goods, and personal care products. Nanomaterials is primarily a research and development industry. The majority of commercially available nanomaterials are in the early stages of their product life cycle. Industry firms and government organizations are investing heavily around the world to identify commercial applications for this diverse variety of nanomaterials. With government funding and assistance, several new and emerging applications for nanomaterials have been discovered throughout the years, including field emission displays, body armor, water purification, medicine delivery, biofuel cell, wind turbine blades, and others.
Over the projected period, the nanomaterials market is likely to be driven by excellent physiochemical characteristics and expanding use of nanomaterials in the electronics, healthcare, aerospace, and textiles industries. Due to the advent of the COVID-19 pandemic, the market for nanomaterials collapsed, resulting in a drop in the population's purchasing power. However, demand has risen in 2023, owing to the relaxation of limitations and financial packages provided by governments to stimulate economies, which have boosted consumer demand. Because of their antibacterial, antioxidant, and anticancer capabilities, nanomaterials are rapidly being employed in biomedical and imaging applications, implants, photothermal therapy, and drug delivery. Such medical applications are likely to lessen the influence of Covid-19 on growth.
Because of the vast range of applications, the market for nanomaterials is predicted to rise at a rapid pace, posing a significant danger of new entrants. Newmarket entrants would have to compete initially with established industry players with a well-established customer base. Backward or forward integration by enterprises operating in the parent market is also projected to pose a threat to new entrants.
Factors including the predicted increase in the number of people exposed to these nanoparticles, occupational exposure, and the expected evolution of possibly detrimental consequences in the coming years are expected to prompt the establishment of strict laws. As a result, the predicted tightening of rules relating to nanomaterials and nanotechnology is expected to constitute a future obstacle to business growth.
The new coronavirus epidemic has spread over the world, posing a global threat and causing severe health concerns for millions of individuals. The pandemic's mounting obstacles have resulted in a decrease in cancer research initiatives. According to studies, cancer patients are more susceptible to coronavirus problems than the general population. As a result, numerous oncologists are altering their everyday cancer-care routines in order to combat the infection. As a result of the aforementioned limitations, the nanomaterials industry's expansion from healthcare applications has declined.
However, most of the population is becoming aware of the novel possibilities presented by nanotechnology in the diagnosis, prevention, and treatment of COVID-19 and other viral illnesses. Various industries are putting a lot of effort into developing nanomaterial-based solutions. Diagnostics, disinfectants, Nanocarrier systems, and personal protective equipment (PPE) are among them, as is a vaccination to improve humoral and cellular immune responses, all of which will drive demand for various types of nanomaterials for use against viral diseases in the future years.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
15.47% |
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Segments Covered |
By Type, Application, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
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. |
Carbon nanotubes have been used in a wide range of pharmaceutical and medical applications due to their enormous surface area and capacity to absorb and conjugate diagnostic and therapeutic substances, including medicines, genes, vaccines, biosensors, and antibodies.
In 2023, the silver nanoparticles category had the second-largest revenue share at 13.5 percent because of its unique properties like high electrical conductivity, discrete physical and optical properties, and biochemical functionality, these are used in a wide range of applications as antimicrobial agents, biomedical device coatings, drug-delivery carriers, imaging probes, and diagnostic and optoelectronic platforms.
Imaging, targeted medication delivery, Nanorobots for surgery, Nano diagnostics, cell healing, and Nano biosensors are just a few of the applications that have fueled this rise. Because of the development of new techniques to tailor the manufacture and usage of nanomaterials in the coating sector for specific demands, the paints and coatings market is predicted to increase significantly. Paints and coatings with nanomaterials have better hardness, UV light absorption, and biocide characteristics. The main nanomaterials used in paints are titanium dioxide (TiO2) and silicon dioxide. Nanosilver is also becoming more popular in paints due to its better antibacterial and deodorizing capabilities.
The expanding use of nanomaterials in electronics, medical equipment, aerospace and defense, textiles, and automotive industries can be ascribed to the rise. Above all, the rapid development of infrastructure and the availability of a trained workforce at competitive rates are propelling the nanomaterials industry forward in the APAC region. China, for example, is heavily investing in nanotechnology research and development. The country's nanomaterials rules have aided in the discovery of sophisticated nanomaterials in order to reduce emissions and build environmentally friendly products.
Efforts to investigate potential applications of nanomaterials and nanotechnology in various end-use industries are projected to drive the regional market during 2022-2027. Nanomaterials market expansion is expected to be aided by rising product demand from microelectronics and Nanoelectronics as a result of the increased use of advanced gadgets.
The European Commission has launched a new USD 23.0 million collaborative project called the 2D-Experimental Pilot Line (2D-EPL) to investigate the manufacturing of breakthrough electrical devices, photonic devices, and sensors in the region that incorporate graphene and layered nanomaterials.
As several multinational organizations focus on expanding their businesses in the region's unexplored areas. Brazil is widely regarded as a leader in nanomaterials research among South American countries. The government funds technological research in the country, which is carried out by universities and research institutions.
Technological advancements in several fields such as electronics, medicine, and automobiles have considerably improved the standard of living of the majority in the Middle East and Africa's economies. The region's demand for electronic appliances has expanded as the middle class's disposable income has increased, as has a desire for fancy products such as mobile phones, laptop computers, and other electronic gadgets.
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 are some of the notable companies in the global nanomaterials market.
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By Application
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Frequently Asked Questions
The Global Nanomaterials Market is expected to grow with a CAGR of 15.47% between 2024-2029.
The Global Nanomaterials Market size is expected to reach a revised size of US$ 51.59 billion by 2029.
Nanomaterials, Inc., Nanocomposix, Inc., and Frontier Carbon Corporation are the three Nanomaterials Market key players.
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