In 2023, the nanomaterials market is projected to be worth US$ 12.6 billion, and by 2033, it is projected to be worth US$ 51.5 billion, growing at a CAGR of 15.1%.
The market is anticipated to expand due to the rising demand for nanomaterials in electrical applications and their remarkable superparamagnetic features, which increase their surface area during application.
The medical industry increasingly utilizes nanomaterials in various in-vitro and in vivo applications. The demand for nanomaterials is further expected to be driven by the rising investment from research laboratories and biomedical industries to enhance product penetration in targeted drug delivery, gene therapy, and the treatment of malignant tumors.
The industry is experiencing growth due to the expanding applications of nanomaterials and ongoing research and development efforts to create new and improved materials. Factors that are driving the global demand include:
- The physicochemical solid properties of nanoparticles.
- Financial support from government organizations.
- The increasing adoption of these materials in sectors like healthcare and automotive.
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The continuous advancements in nanotechnology are playing a significant role in fostering the growth of the global market. In addition, the increasing utilization of nano-medicine in the pharmaceutical sector and the emergence of novel applications in the electronics industry are fueling the expansion of the global nanomaterials market in the foreseeable future.
The growing availability of diverse techniques and tools for synthesizing nanomaterials, including covalent synthesis and self-assembly, is fueling the industry’s growth. These nanomaterials offer advantages such as a high surface-to-volume ratio, enhanced porosity, and improved physicochemical characteristics.
Nanotechnology holds great promise in military applications, particularly in improving camouflage through mobile pigment systems and enhancing sensor systems for detecting biological agents like viruses, bacteria, and fungi. This growing adoption in the military sector presents significant market opportunities.
Key Takeaways
- Nanomaterials market in Europe is projected to capture a CAGR of 14.7% during the forecast period.
- The demand for nanomaterials in Asia Pacific is predicted to expand with a significant CAGR of 15.8% from 2023 to 2033.
- By product type, the carbon-based nanomaterial segment is expected to lead the market with a CAGR of 17.4% between 2023 and 2033.
- By application, the healthcare segment is expected to generate significant demand with a CAGR of 19% during the forecast period.
Increasing applications of nanomaterials in the electronics sector and advancements in nanotechnology are expected to bode well for market growth – comments Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
The market for nanomaterials is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities. These players further focus on following effective strategies such as new product launches, mergers, acquisitions, and partnerships to strengthen their position in the market.
The key market players involved are
- BASF
- EMFUTUR Technologies
- Evonik Industries
- Sigma-Aldrich Co. LLC
- Bayer AG
- SkySpring Nanomaterials
- Altair Nanotechnologies Inc.
- NANOCO TECHNOLOGIES LIMITED
- LG CHEM
- NANOCYL S.A.
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Key Innovations in the Nanomaterials Market:
- LG Chem inaugurated a carbon nanotube plant in Korea in June 2021 to manufacture cathodes for electric vehicle batteries.
- Cabot Corporation introduced the ENERMAX 6 series of carbon nanotubes (CNTs) in March 2021, showcasing their latest advancements in high-performance CNT technology. ENERMAX 6 has established itself as Cabot’s top-performing multi-wall CNT product in its portfolio.
- In June 2020, Nano-C and Nantero joined forces to develop high-density, DRAM-class memory applications.
- LG Chem disclosed plans in April 2020 to invest around KRW 65 billion (around US$ 54 million) by Q1 2021 to expand carbon nanotube (CNT) production at their Yeosu plant.
Key Segmentation
By Product Type:
- Carbon-Based
- Metal Based
- Dendrimers-based
- Composite Segments
By Application:
- Transportation
- Electrical & Electronics
- Healthcare
- Construction
- Packaging
- Consumer Goods
- Energy
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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