The global nanomaterials market is anticipated to attain a valuation of US$ 12.6 billion in 2023 and is expected to reach US$ 51.5 billion by 2033, trailing a CAGR of 15.1 % during the forecast period.
The growing demand for nanomaterials in electronic applications is expected to drive market growth, fueled by its enhanced surface area during application and notable superparamagnetic properties.
The medical industry is witnessing an increasing utilization of 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 aimed at creating new and improved materials. Factors that are driving the global demand include:
- The strong physicochemical properties of nanoparticles.
- Financial support from government organizations.
- The increasing adoption of these materials in sectors like healthcare and automotive.
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.
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The growing availability of diverse techniques and tools for synthesizing nanomaterials, including covalent synthesis and self-assembly, is fueling the growth of the industry. These nanomaterials offer various 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 an FMI Analyst
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 some 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, and 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 Segments Profiled in the Nanomaterials Industry Survey
Product Type:
- Carbon-Based Nanomaterials
- Metal Based Nanomaterials
- Dendrimers-based Nanomaterials
- Nanomaterials from Composite Segments
Application:
- Nanomaterials for Transportation
- Nanomaterials for Electrical & Electronics
- Nanomaterials for Healthcare
- Nanomaterials for Construction
- Nanomaterials for Packaging
- Nanomaterials for Consumer Goods
- Nanomaterials for Energy
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global nanomaterials market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the nanomaterials market, the market is segmented based on product, application, and region.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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