The Global Nanomaterials Market Growth Accelerated by Wide Range of Applications
Nanomaterials are advanced materials engineered at the atomic or molecular scale, ranging from 1 to 100 nanometers in size. They have gained immense popularity owing to their unique physical, chemical, electrical, magnetic, and optical properties as compared to their bulk counterparts. Some key applications of nanomaterials include energy storage and conversion, medicine and drug delivery, biomedical implants, sensors, consumer goods, and construction among others.
The global 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 key trends:
One of the primary drivers propelling the nanomaterials market growth is the wide range of applications associated with these advanced materials. Nanomaterials are increasingly replacing traditional materials in various end-use industries owing to their superior properties. For instance, in electronics, nanomaterials like carbon nanotubes and fullerenes are being used to develop transistors which have gate lengths well below 10 nanometers. In medicine, the delivery of drugs through nanoscale carriers like fullerenes and dendrimers allows targeted treatment of diseases with minimal side effects. Nanomaterials also have applications in cosmetics and consumer goods for their antimicrobial and UV protection properties. Furthermore, ongoing research is expanding use cases of nanomaterials in sectors like construction, textiles, and energy storage. This wide applicability of nanomaterials across diverse industries has accelerated market growth over the past few years and is expected to continue driving demand over the forecast period.
Segment Analysis
Nanomaterials can be broadly segmented into carbon nanotubes, nanoparticles, graphene, and quantum dots. Among these, carbon nanotubes dominated the market and accounted for a share of over 30% in 2023 due to their exceptional mechanical strength and electrical conductivity. Carbon nanotubes find extensive applications in consumer electronics, batteries, coatings, and composites.
Key Takeaways
The Global Nanomaterials Market Size is expected to witness high growth. North America currently dominates the nanomaterials market owing to presence of major players and huge investments in nanotechnology R&D. The Asia Pacific region is expected to be the fastest growing market for nanomaterials during the forecast period driven by increasing government support and growing demand from industries like electronics and healthcare in countries like China, India, Japan, and South Korea.
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. These players are focusing on new product development and capacity expansions to meet growing demand for nanomaterials and consolidate their position in the market.
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