The global nanomaterials market size was valued at USD 11.0 Bn in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 14.24% from 2023 to 2030. The use of nanomaterials is increasing in several applications across the world including energy and power, electronics, healthcare, construction, and other end-user industries. Moreover, it is becoming increasingly important in the development of lightweight, portable devices and systems that are cheaper and more environmentally friendly which is a key reason driving growth of the nanomaterials market. Some of the key applications include solar energy production, targeted drug delivery, regenerative medicine and diagnostics, electronics, cosmetics, textiles and information technology.
Global Nanomaterials Market: Regional Insights
Based on geography, the global nanomaterials market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia-Pacific accounted for the largest share of the global nanomaterials market in 2021, owing to the rapidly developing applications of nanotechnology in the region. This is mainly due to the increasing use of nanotechnology in electronics, medical equipment, aerospace and defense, and textiles.
The North America accounted for the second largest share of the global nanomaterials market, owing to the expanding usage of nanotechnology in the region’s various end-use industries. This is mainly due to the presence of several companies that specialize in the production of nanomaterials.
Europe is the third-largest region of the global nanomaterials market, attributed to the increasing penetration of these products in the European countries. This is primarily attributed to the continuous efforts in R&D of nanomaterials and nanotechnology in various end-use industries, such as energy, medical, and aerospace.
Figure 1. Global Nanomaterials Market Share (%), By Region
Global Nanomaterials Market Drivers:
Growing use of nanomaterials in healthcare industry to foster market growth
Biomedical applications are being formulated with nanoparticles and fullerenes that can be made to retain biological activity, have a low toxicity, and have high selectivity for specific targets. These can be incorporated in advanced drug delivery systems, which may have the potential to reduce or avoid side effects of chemotherapy and radiation therapy.
Increasing usage of nanomaterials in wastewater treatment industry to augment market growth
Growing prevalence of water borne disease due to scarcity of fresh water is expected to fuel market growth. According to the World Health Organization, over 2 billion people live in water-stressed countries, which is expected to be exacerbated in some regions as result of climate change and population growth. Globally, at least 2 billion people use a drinking water source contaminated with faeces. Microbial contamination of drinking-water as a result of contamination with faeces poses the greatest risk to drinking-water safety.
Global Nanomaterials Market Opportunities:
One of the most promising applications for nanotechnology is in military applications. The military has used nanoparticles in mobile pigment systems to improve camouflage and sensor systems to detect biological agents such as viruses, bacteria, and fungi. Hence growing application in military sector is expected to hold potential market opportunities.
Because nanoparticles are lighter and stronger, they can reduce the weight of car parts. This can lead to significant fuel savings for cars, trucks, airplanes, boats, and spacecraft. Thus, nanoparticles for fuel applications is expected to serve major growth opportunities.
|Base Year:||2022||Market Size in 2022:||US$ 11.0 Bn|
|Historical Data for:||2017 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||14.24%||2030 Value Projection:||US$ 31.9 Bn|
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
|Restraints & Challenges:||
Global Nanomaterials Market Trends:
Nanomaterials in sports goods
The use of nanoparticles in sporting goods is a popular application for nanotechnology. For example, baseball bats, tennis rackets, and golf clubs made with carbon nanotubes are lighter, more resilient, and powerful than those that haven't been made with them. Thus, trend of health and wellness with increasing number of people participating in sports is propelling market growth.
Antimicrobial Nanotechnology is a growing trend
Using the smallest materials possible, nanotech engineers have created a variety of materials that can be used to help protect us against disease and infection. Some of these materials have been infused into the materials that are used to make towels and mats for sports. These materials can be soaked in water and treated with chemicals to reduce the number of bacteria on them, which will help to keep athletes healthy and safe.
Global Nanomaterials Market Restraints:
High cost of the technology to hinder market growth
High fund required for research and development activities for the integration of nanotechnology into various application is expected to hinder the market growth. Nevertheless, growing popularity of nanotechnology will favor the market growth in the near future.
Health risk associated with the use nanomaterials
The use of these materials can pose health risks in some cases and is therefore subject to rigorous toxicity testing. This restraining factor could limit the market growth. Inhalation of airborne nanoparticles can cause lung inflammation and heart issues. They can also enter the bloodstream and affect the circulatory system. These can also be harmful to the skin and may lead to erythema.
Figure 2. Global Nanomaterials Market Share (%), By Segment
Global Nanomaterials Market Segmentation:
The global nanomaterials market report is segmented into product type, structure type, end-user industry, and geography
Based on product type, the market is segmented into Nanoparticles, Nanofibers, Nanotubes, Nanoclays, and Nanowires. Out of which, Nanoparticles is expected to dominate the global market over the forecast period and this is attributed to the growing demand from bio-nanotechnology such as therapeutics, diagnostics, imaging and sensing, and photothermal therapy.
Nanofibers segment is also expected to witness significant growth in the near future and this is owing to the growing demand from agriculture sector.
Based on structure type, the market is segmented into Non-polymer Organic Nanomaterials and Polymeric Nanomaterials. Out of which, Non-polymer Organic Nanomaterials is expected to dominate the global market over the forecast period and this is attributed to the growing demand from electronics, plastics, inks, coatings, and green technology applications.
Polymeric Nanomaterials segment is also expected to witness significant growth in the near future owing to the growing application in coatings and adhesives from wide range of industries such as planes, automobiles, ships, facades and the interior of buildings, machinery, household appliances, furniture, and data storage device
Based on end-user industry, the market is segmented into Healthcare, Electronics, Energy, Construction, Rubber, Personal Care, and Other End-user Industries. Out of which, Healthcare is expected to dominate the global market over the forecast period and this is attributed to the growing demand from diagnostics, drug delivery, drug discovery, regenerative medicine, delivery of therapies or theranostics, and many applications
Electronics segment is also expected to witness significant growth in the near future. Semiconductor nanomembranes are used in the development of smartphone and e-reader displays. Graphene and cellulosic are other nanomaterials used in electronic devices.
Global Nanomaterials Market: Key Developments
In October 2019, Cabot Corporation announced that it expanded its current portfolio of advanced carbons with new ATHLOS carbon nanostructures (CNS).
In April 2020, Cabot Corporation acquired Shenzhen Sanshun Nano New Materials Co. Ltd (SUSN) for approximately USD 115 million. The business will be integrated into Cabot’s performance chemicals Segment.
In August 2020, CHASM Advanced Materials Inc. announced a strategic partnership with Henkel Adhesive Technologies (Henkel AG & Co. KGaA). Henkel has certified and will carry one of CHASM’s Signis line of patented Carbon Nanotube (CNT) inks under its LOCTITE brand. LOCTITE ECI 5006 E&C is a carbon nanotube (CNT) ink designed for screen printing transparent conductors on a wide range of plastic films manufactured using CHASM's patented V2V technology.
In September 2020, Birla Carbon, a leading global manufacturer and supplier of carbon black, and CHASM Advanced Materials Inc., a developer, and manufacturer of advanced proprietary materials hybridized at the nanoscale, have elevated their joint development agreement signed in 2019 into a strategic partnership to commercialize novel nanomaterials to benefit various market segments including high-performance tires, conductive plastics, novel coatings, and next-generation batteries.
In April 2020, LG Chem announced that it will invest about KRW 65 billion (around USD 54 million) by Q1 of 2021 to expand production of carbon nanotubes (CNT) by 1,200 metric ton at the company’s Yeosu plant. Once the expansion is made, LG Chem will have a total production capacity of 1,700 metric ton by adding to the existing 500 metric ton.
In June 2020, Nano- C collaborated with Nantero on high density, DRAM-Class memory applications. The partnership is to commercialize the first generation NRAM products on hand to address high-performance nonvolatike memory with DRAM-level performance
Global Nanomaterials Market: Key Companies Insights
The global nanomaterials 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 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
*Definition: Nanotechnology is a science that uses the smallest materials possible to create products and devices with improved functionality. These tiny materials are called nanomaterials and can have many different applications in industries.
Nanomaterials are materials that have a size range from a few nm to a few hundred nm. They are sometimes called nanoparticles or 'nano-scale particles', and they are used to create a wide variety of products and devices. These nanomaterials can be made from many different types of materials, including metal, metal oxide, carbon, and organic. The most common production process is to start with a large piece of material, or "base" material, and then break it down by chemical and physical means into a useful nanomaterial. This method typically produces the most complex and powerful nanomaterials.
Increasing demand for nanomaterials in the medical industry and water treatment applications is expected to drive growth in the global market. Rising adoption of boron nitride nanotubes in a variety of applications is also contributing to the market growth. Moreover, technological advancements and increased R&D in the field of nanotechnology are again expected to fuel market growth in the future. These developments will help to enhance product performance and provide additional functionality. Furthermore, the government’s investment in research and development for nanotechnology is further expected to drive industry growth.
On the other hand, high cost of the technology is expected to hamper the market growth.
Key features of the study:
Joining thousands of companies around the world committed to making the Excellent Business Solutions.View All Our Clients