The
Nanomaterials market is estimated to be valued at US$ 12.57 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Nanomaterials refer to materials that are between 1 to 100 nanometers in
size. They demonstrate unique optical, magnetic and mechanical properties due
to their nanoscale dimensions. Nanomaterials find wide application in
electronics, energy, healthcare and other industries. In the healthcare sector,
nanomaterials are used in drug delivery, implants, prosthetics and diagnostics
due to their small size enabling accurate targeting at cellular level.
Market Dynamics:
The nanomaterials market is mainly driven by rising demand from the
healthcare industry. Nanomaterials allow for precision targeting and delivery
of drugs in the body. For example, gold nanoparticles are being explored as
drug delivery carriers to treat cancer. They help enhance bioavailability and
delivery of chemotherapy drugs directly at tumor sites. Nanomaterials are also
finding increasing usage in medical implants and prosthetics due to their high
strength to weight ratio and biocompatibility. Additionally, growing demand for
lithium ion batteries from the automotive industry is also fueling growth of
the market. Nanomaterials such as silicon nanoparticles are being used to
enhance battery capacity and life. They allow for fast charging rates and high
energy density.
SWOT Analysis
Strength: Nanomaterials exhibit unique
physical and chemical properties at nano scale which are not observed in their
bulk counterparts. Their small size enables novel applications across various
industries. Nanomaterials possess higher surface area as compared to their bulk
materials which enhance their reactivity.
Weakness: High production cost of
nanomaterials limits their widespread adoption. Health and environmental
hazards associated with some nanomaterials impedes their commercial use.
Opportunity:
Growing demand for lightweight and durable materials from end-use industries
like automotive, aerospace creates opportunity for nanomaterials. Adoption of
nanotechnology in healthcare sector is expected to spur demand for nanomedicine
and biomedical applications.
Threats: Stringent government regulations
pertaining to production and usage of nanomaterials may hamper their growth.
Substitutes like graphene pose threat for some conventional nanomaterials.
Key Takeaways
The
Global
Nanomaterials Market is expected to witness high growth, exhibiting
CAGR of 14.% over the forecast period, due to increasing demand from end-use
industries like electronics, healthcare and energy. The growing demand for
lightweight and durable materials from automotive and aerospace industries is
fueling the nanomaterials consumption.
Regional analysis
North America dominates the global nanomaterials market and is expected to
continue its lead over the forecast period owing to presence of major
nanomaterials producers like ACS Material and American Elements in the region.
Asia Pacific exhibits the fastest growth and is projected to register a CAGR of
over 15% during 2023 - 2030 on account of rapidly growing electronics and
automotive industries in China and India.
Key players
Key players operating in the nanomaterials market are ACS Material, American
Elements, Arkema Group, BASF SE, Cabot Corporation, CHASM Advanced Materials
Inc., Chengdu Organic Chemicals Co. Ltd (Timesnano), Jiangsu Cnano Technology
Co. Ltd, LG Chem, Nano-C, Nanocyl SA, Nanophase Technologies Corporation,
OCSiAl, Raymor Industries Inc., Showa Denko K.K., And Zyvex Technologies.
The global nanomaterials market is consolidated in nature with leading players
accounting for over 60% of the total market share. Major players are focused on
new product development to meet the evolving needs of end-use industries.
Read More - https://www.dailyprbulletin.com/carbon-nanotubes-segment-is-the-largest-segment-driving-the-growth-of-nanomaterials-market/
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