Nanomaterials market size will reach approximately US$43.1 billion by 2030

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According to Precedence Research, the global nanomaterials market size is expected to reach approximately 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 world nanomaterials market The size was estimated at US$9.68 billion in 2021. The increasing use of nanoparticles in the janitorial trade and therefore the increasing use of nanomaterials in water treatment applications is likely to increase global demand of nanomaterials.

Nanomaterials are referred to at the nanometric scale as structures that have at least one dimension less than a hundred nanometers. Nanomaterials are classified into one, two and three dimensions. Zero-dimensional nanomaterials are known as crystalline or amorphous nanoparticles and are available in different shapes and sizes.

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Massive nanomaterials are called the willy-nilly gigantic giant 3-dimensional nanomaterials of a hundred nm. They consist of bundles of nanowires, dispersions of nanoparticles and nanotubes. Nanomaterials have a range of qualities like high strength, hardness, elasticity, electrical conductivity, drug and automatic self-cleaning, chemical and scratch resistance, making them progressively useful in a wide selection of applications. Various medical devices, electronic devices, boats, airplanes and building materials are among the commercial applications of nanomaterials.

Report scope

Report attributes

Details

Market size in 2021

$9.68 billion

Revenue forecasts by 2030

$43.1 billion

CAGR

18.05% from 2022 to 2030

base year

2021

forecast year

2022 to 2030

Key players

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

Report Highlights

  • Based on the productThe carbon nanotube segment holds the largest market share in the global market and is expected to maintain its dominance over the forecast period.

  • Based on an applicationthe 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 nanomaterials.

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Regional overview

Asia-Pacific is expected to dominate the nanomaterials market, accounting for the highest market share in 2020. The growing use of nanomaterials across different industry verticals such as electronics, medical devices, the region and military, automotive and textile sectors are driving the market growth significantly in terms of sales value. Due to the growing demand for technology, the various organizations are increasing their investments in research and development, which is exponentially driving the market in countries like China and Japan, and government support is among the factors fueling market growth. For example, BASF, a well-known organization in the field of nanotechnology, spent more than 2.03 billion euros on research and development in 2019.

Continuous efforts in R&D of nanotechnology and nanomaterials, to explore potential applications in various end-use industries, are expected to fuel the market growth over the forecast period. Rising demand for microelectronics and nanoelectronics due to increasing use of advanced devices is expected to propel the market growth over the forecast period. In Central and South America, the market is expected to witness significant growth owing to the growing focus of several multinational companies on expanding their businesses in developing markets. Moreover, Brazil is known to be a pioneer in R&D activities related to nanomaterials. Thus, the aforementioned facts are likely to provide immense opportunities for market growth.

Technological advancements in various industries including medicine, electronics, and automobiles have contributed significantly to the development of the standard of living of the masses in countries like the Middle East and Africa. Moreover, the increase in disposable income of the middle class income group and the growing demand for luxury goods including laptops, cell phones and other electronic devices have led to an increase in the demand for electronic appliances.

Market dynamics

Drivers

Growing demand from electronics industry to increase market growth

During the forecast period, rising demand for nanomaterials in the electronics industry is driving the market growth in terms of sales value. Various consumer electronics devices have rapidly gained popularity among global consumers over the past few years owing to the growing digital revolution across the globe. Rising consumer disposable income in developing economies is driving demand for high-tech consumer electronics. Growing investments in research and development to manufacture efficient and durable electronic products are expected to drive the market growth in the coming years. Also, increased research and developments to manufacture new nanomaterials are expected to support the growth of the global market in terms of sales value.

Restrict

Strict rules and regulations to restrain market growth

Factors such as the expected increase in the number of individuals exposed to these nanoparticles, the exposure to the activity, and therefore the expected evolution of the potentially harmful consequences in the years to come should encourage the establishment of laws more strict. As a result, the expected progressive stringency in nanomaterials and engineering laws is expected to restrain the market growth in the future.

Opportunities

Growing adoption of nanomaterials in the personal care industry

Rising personal disposable income of consumers, the personal care industry is booming which is also likely to provide immense opportunities for the growth of the nanomaterials market over the forecast period in terms of the value of sales. Nanoparticles are used in cosmetics as well as in skin care products. For example, oxide nanoparticles block ultraviolet rays and minimize the white layer on the skin. Thus, the adoption of nanomaterials in the personal care industry is likely to offer immense market growth opportunities over the forecast period in terms of sales value.

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Impact of covid 19

Market growth is affected by the lockdown and economic crisis caused by the Covid-19 pandemic in 2020. However, during the pandemic, the lockdown restrictions and the closure of international borders resulted in disrupted supply chain and a lack of manpower. China is a major manufacturer of various electronic products and the origin of COVID-19 from China has forced the various big companies to move to other Asian countries such as India and Vietnam.

High Nanomaterials Manufacturers in 2020

Some of the major 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.

Market segmentation

By product

By app

  • Aerospace

  • Automotive

  • Medical

  • Energy and power

  • Electronic

  • Paints and coatings

  • Others

By geography

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