New York, United States, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Nanomaterials are substances between one and one hundred nanometers in size and at least one spatial dimension. It is possible to create nanomaterials with different modulation dimensionalities. Atomic clusters, quantum dots, nanocrystals, nanowires, and nanotubes are examples of individual nanostructures. Collections include superlattices, arrays, and assemblages of different nanostructures. Bulk or atomic-molecular materials with the same composition may have physical and chemical properties that are very different from nanoparticles.
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Market Dynamics
Rapid Technological Progress in the Medical Sector Drives the Global Market
The global medical industry is anticipated to expand due to several factors, including a growing aging population, advances in technology, and an increase in chronic illnesses globally. Additionally, the market for cardiology equipment is predicted to profit from an increase in cardiovascular problems attributable to developments in electrocardiographic technology. The global medical industry is revamping its research and subsequent products in light of current nanoparticle developments. This led to the development of advanced medical diagnostic systems.
Nanoparticles are used by medical equipment to identify several diseases. Magnetic resonance imaging (MRI) is one of the most popular scanning applications for magnetite nanoparticles (MRI). Nanomaterials also offer great functionality in nanomedicine applications since they can deliver accurate and effective medication administration. Nanomaterials have helped develop a wide range of drug carriers for the targeted and controlled delivery of therapeutic agents in various chronic diseases like diabetes, pulmonary TB, atherosclerosis, asthma, and others.
Growing Applications in Different Sectors Creates Tremendous Opportunities
Nanomaterials, nanodevices, and nanotools are the three subfields of nanotechnology. Numerous industries stand to gain from the technology's vast array of applications, which is anticipated to hasten the growth of the nanoparticles market. Numerous industries use nanotechnology in diverse ways, including electronics, healthcare, defense, agriculture, and energy. The nanotechnology industry is developing significantly due to increased funding for R&D initiatives in the public and private sectors, technical alliances, and the rising need for potent and small devices at affordable prices.
Nanotechnology is widely used in the electronics industry to make nanosensors, nanofibers, and nanotubes and is also used in 3-D printed batteries, biodegradable electrodes, and highly flexible semiconductors that can envelop a hair strand. This technology is also used for wastewater treatment and removing suspended metal particles from water systems. One of the more recent applications of nanotechnology is in agriculture, where it can be used to protect plants, detect animal and plant diseases, track plant growth, increase food output, improve food quality, and decrease waste.
Regional Analysis
Asia-Pacific is the most significant shareholder in the global nanomaterials market and is expected to grow at a CAGR of 17.40% during the forecast period. The market for nanomaterials in Asia-Pacific is anticipated to increase due to the region's rapid expansion in the electronics, medical equipment, aerospace and military, textiles, and automotive industries. Numerous global corporations are investing in the market for nanomaterials. For instance, in September 2020, Birla Carbon, a top-tier manufacturer and developer of advanced proprietary materials hybridized at the nanoscale, and CHASM Advanced Materials, Inc., a top-tier developer and supplier of carbon black on the global market, formed a strategic alliance to commercialize novel nanomaterials for a variety of market segments, such as high-performance tires, conductive plastics, novel coatings, and next-generation batteries.
North America is expected to grow at a CAGR of 13.10%, generating USD 9,529.28 million during the forecast period. The nanomaterials industry in North America has matured, consolidated, and liberalized its approach to incorporating new technologies to boost the efficacy of finished products. The region's growth is primarily due to North America's position as a global leader in manufacturing. The regional market is predicted to be driven during the projection period by continued efforts in nanomaterials and nanotechnology R&D to look into potential applications in various end-use sectors.
The development of nanotechnologies is essential for Europe's economy to grow and for its innovative potential to be realized. The pharmaceutical industry has played a significant role in the growth of the area's economy. This industry is a crucial resource and a significant employer in Europe due to the sizeable investments made in research and development operations by various economies in the area, including Germany, France, Italy, and the UK. However, due to the UK's exit from the European Union, it is projected that the pharmaceutical industry will considerably impact growth. The use of nanomaterials in the healthcare sector, which has the potential to address the unmet medical requirements of the general public, is driving biomedical developments in Europe.
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Key Highlights
- Based on product, the global nanomaterials market is bifurcated into gold, platinum, titanium, nickel, aluminum oxide, copper, and others. The copper segment owns the highest market share and is expected to grow at a CAGR of 12.70% during the forecast period.
- Based on application, the global nanomaterials market is bifurcated into aerospace, automotive, medical, energy and power, electronics, paints and coatings, and others. The medical segment is the highest contributor to the market and is expected to grow at a CAGR of 15.60% during the forecast period.
- Asia-Pacific is the most significant shareholder in the global nanomaterials market and is expected to grow at a CAGR of 17.40% during the forecast period.
Competitive Players
- American Elements
- Nanocomposix, Inc.
- SkySpring Nanomaterials, Inc
- Frontier Carbon Corporation
- Nanoshel LLC
- Strem Chemicals, Inc.
- SkySpring Nanomaterials Inc
- Nanophase Technologies Corporation
- Cytodiagnostics, Inc
- Quantum Materials Corp
Recent Developments
- January 2022- The Society of Chemical Manufacturers & Affiliates (SOCMA), the top trade association for specialty and fine chemical manufacturers and service providers, recognized Ascensus Specialties with the Silver Performance Improvement Award for outstanding efforts in improving environmental, health, safety, and security (EHS&S).
- December 2021- Wychem Limited ("Wychem"), a renowned UK-based maker of fine chemicals for pharmaceutical and specialty applications, was acquired by Ascensus Specialties ("Ascensus" or the "Company"), a major U.S. distributor of specialty materials for the life sciences and advanced technology markets. Ascensus's current capabilities are enhanced by this deal, strengthening the company's commitment to serving the pharmaceutical industry.
Segmentation
- By Product
- Gold
- Silver
- Iron
- Copper
- Platinum
- Titanium
- Nickel
- Aluminum Oxide
- Antimony Tin Oxide
- Bismuth Oxide
- Carbon Nanotubes
- Others
- By Applications
- Aerospace
- Automotive
- Medical
- Energy and power
- Electronics
- Paints and Coatings
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East And Africa
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