MAGNETITE NANOPARTICLES MARKET ANALYSIS

The global magnetite nanoparticles market size was valued at USD 54.97 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 9.78% from 2022 to 2030. The global magnetite nanoparticles market is expected to grow at a rapid rate during the forecast period. The increasing demand for the products is mainly due to their use in medical applications, such as diagnostic imaging and brain tumor treatment. The increasing incidence of life-threatening disorders such as cancer and Alzheimer's disease is also a major factor contributing to growth of the market. Moreover, increasing usage in biomedical research is further projected to augment market growth.

Global Magnetite Nanoparticles Market: Regional Insights

Regionally, North America is anticipated to hold the largest market share during the forecast period owing to the increasing adoption of nanotechnology in the U.S. Another major factor fuelling growth of the market is the availability of cheap labor and favorable government policies.

At the same time, Asia Pacific is also projected to witness fastest growth in the global market owing to the expanding consumer electronic market. According to the India Brand Equity Foundation, the Indian electronics manufacturing industry is projected to reach US$ 520 billion by 2025. The demand for electronic products is expected to rise to US$ 400 billion by 2025 from US$ 33 billion in FY20.

Figure 1. Global Magnetite Nanoparticles Market Value Share (%), By Region, 2021

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Global Magnetite Nanoparticles Market Drivers:

Growing demand for magnetic nanoparticles in the bio-medical industry is projected to drive growth of the magnetic nanoparticles market. It is widely used in the hyperthermia treatment for cancer, drug delivery, chemotherapy, MRI contrast agents, scaffold-based tissue engineering, theragnostic platforms, and organ/tissue imaging. Increasing prevalence of genetic disorders, chronic diseases, and cancer, along with growing investments in regenerative medicine research, is propelling the demand for magnetite nanoparticles in bio-medical applications.

Increasing demand from wastewater treatment application is again augmenting market growth. The scarcity of freshwater and water pollution problems have been increasingly growing around the globe in the last few years. According to the Coherent Market Insights analysis, at present, around 3.1% of deaths happening every year, which is over 1.7 million all over the world, are caused just because of unsafe and lack of reliable sources of drinkable water. It is projected that more than 57% of the world’s population will have difficulties in accessing water throughout the year by 2050.

Global Magnetite Nanoparticles Market Opportunities:

Growing application in electronic manufacturing industry is projected to offer significant growth opportunities for players in the near future. According to Zentralverband Elektrotechnik- und Elektronikindustrie eV (ZVEI), the German Electrical and Electronic Manufacturers' Association, global electric production was at EUR 4.2 trillion in 2017, which was estimated to increase by EUR 4.4 trillion in 2018 and was further estimated to reach EUR 4.6 trillion in 2019. Asia registered the fastest growth of around +5% in 2019, while America and Europe was expected to register a growth of around +3% and +2%, respectively, during the same period.  

Increasing healthcare expenditure is expected to bring lucrative market opportunities in the near future. According to the OECD statistics on health expenditure by country, the Japanese healthcare market ranked third in the world, following the United States and China. According to the latest official figures from the Ministry of Health, Labour and Welfare (MHLW) Annual Pharmaceutical Production Statistics, the Japanese market for medical devices and materials in 2019 was over USD 30 billion.

Global Magnetite Nanoparticles Market Trends:

Increasing number of nano-drug projects has been observed as a major trend in the market. According to the European Foundation for Clinical Nanomedicine, the United Kingdom had around 104 nano-drug projects in the pipeline in 2019. Moreover, According to the same source, there are around 29 nano-drug projects in the pipeline in Spain as of 2019.

Key players are adopting growth strategies such as partnership and agreement to expand their reach. This could be a major trend for magnentic nanoparticles market. For instance, in February 2019, nanoComposix signed an agreement with CliniSciences, thereby establishing a partnership for expanding the distribution of nanoComposix’s materials and technologies to customers throughout Europe.

Global Magnetite Nanoparticles Market Restraints:

Unfavorable condition arising due to Covid-19 pandemic has negatively impacted the market growth. The outbreak of coronavirus (COVID-19) in the early 2020 is becoming more severe than the great financial crisis in 2007–08. This pandemic is expected to lead to the decreased investment and/or is expected to postpone the ongoing projects in various industries. According to Zentralverband Elektrotechnik- und Elektronikindustrie e.V. (ZVEI), the global electronis industry is expected to decline by around 3% compared to 2018. Meanwhile, Europe and the Americas are expected to register a decline of 7% each.

High cost of magnetic nanoparticles is expected to limit its adoption. This is projected to hinder the market growth. For instance, the cost ranges from USD 380 per kg (for iron oxides, both magnetite and maghemite) to USD 2,255 per kg (for nZVI) for commercial magnetite nanoparticles without any functionalization.           

Figure 2. Global Magnetite Nanoparticles Market Value Share (%), By Application, 2021

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Global Magnetite Nanoparticles Market Segmentation:

The global magnetite nanoparticles market report is segmented into application and geography

Based on application, the market is segmented into Biomedical, Electronics, Wastewater Treatment Energy, and Other Applications. Out of which, Biomedical is expected to dominate the global market over the forecast period and this is attributed to the growing demand from hyperthermia, drug delivery, bio imaging, cell labelling and gene delivery, due to their excellent properties such as biocompatibility, non-toxicity, chemical stability, high saturation magnetization, and high magnetic susceptibility.        

Wastewater Treatment segment is also expected to witness significant growth in the near future owing to its effective adsorbent property. They have large surface-to-volume ratio and magnetic property which makes them ideal for wastewater treatment application.

Global Magnetite Nanoparticles Market: Key Developments

In February 2019, nanoComposix signed an agreement with CliniSciences, thereby establishing a partnership for expanding the distribution of nanoComposix’s materials and technologies to customers throughout Europe.

In June 2019, nanoComposix  partnered  with  Veritas  to improve access to the suite of nanoparticle products  and  services  offered  by  the company, for its customers in Japan.

Global Magnetite Nanoparticles Market: Key Companies Insights

The global magnetite nanoparticles market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global magnetite nanoparticles market are American Elements, Cytodiagnostics Inc., nanoComposix, Nanografi Nano Technology, Nanoshel LLC, NNCrystal US Corporation, Sigma-Aldrich (Merck KGaA), SkySpring Nanomaterials Inc. (ssnano.com), Strem Chemicals Inc., and US Research Nanomaterials Inc.

*Definition: Magnetite nanoparticles exhibit superparamagnetic properties. Their saturation magnetization is about 88.1 emu/g, and their squarness ratio is about 0.14. These characteristics allow them to be used as contrast agents in MRI imaging. Magnetite nanoparticles can be biocompatible and accumulate in different tissues. They have also shown a high capacity for biomedical applications. For example, magnetic nanoparticles are useful for targeted drug delivery, therapy, and even medical diagnosis. Magnetic nanoparticles are stable in water and cause minimal toxicity. As a result, pharmaceutical companies are now working on ways to use this technology to enhance drug delivery.