New York, US, Aug. 06, 2021 (GLOBE NEWSWIRE) -- Magnetite Nanoparticles Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Magnetite Nanoparticles Market Information by Application, and Region- Forecast till 2027”, the market is forecasted to reach USD 112.43 Million by 2027 at a CAGR of 10.9%.
Key Growth Drivers:
The magnetite nanoparticles market exhibits significant growth potential and has turned quite lucrative in the last few years, thanks to the manufacturers’ rising interest in research & development activities. Magnetite nanoparticles are gaining traction in view of their superparamagnetic characteristics and are therefore, finding diversified applications across numerous industries. Companies are working on designing innovative magnetite nanoparticles-based products by using some of the latest techniques to accommodate the soaring customer demand from various industries.
Magnetite nanoparticles have become a crucial component in the bio-medical sector, on account of their biological properties. These properties are encouraging manufacturers and research laboratories to spend substantially on exhaustive R&D activities to try and explore new potential applications. Additionally, the global market firms could find attractive opportunities in the medical field, with magnetite nanoparticles’ growing applications in drugs & therapy, drug delivery, vivo imaging, and microfluidics.
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Market Competitive Outlook:
The important market contenders are
- Chemicals, Inc.
- US Research Nanomaterials, Inc.
- American Elements
- Nanoshel LLC
- Merck KGaA
- Nanocomposix, Inc.
- Reade International Corp.
- Cytodiagnostics, Inc.
- SkySpring Nanomaterials, Inc.
- Nanografi Nano Technology
These vendors are largely focused on widening their geographical presence and on launching highly advanced solutions. They follow a few strategic practises to up their market rankings, some of which are collaborations, agreement, and partnerships. For instance, in July 2021, with funding from ARC LIEF grant as well as contribution from the RMIT and Monash University, a new molecular imaging technique called Magnetic Particle Imaging (MPI) has been launched. This technology helps analyze the magnetic nanoparticles in any location of the body with impressive sensitivity, allowing the researchers to detect nanoparticles in vivo.
Browse In-depth Market Research Report (140 Pages) on Magnetite Nanoparticles: https://www.marketresearchfuture.com/reports/magnetite-nanoparticles-market-10559
COVID-19 Analysis
Without a doubt, COVID-19 pandemic has caused significant damage to several industries, posing a host of financial challenges. Some of the most affected industries are energy and power, healthcare, construction and more. As a result of these being major end-users of magnetite nanoparticles, the global industry had to deal with huge revenue losses. Even the imbalance in demand and supply gap brought on by the crisis slowed down the market growth rate.
Having said that, the global market is recovering swiftly with the government funding research and development activities and extending financial aid to the top manufacturers.
Market Restraints:
Uncertainty surrounding the prices of the raw materials could have a negative impact on the production costs of magnetite nanoparticles, ultimately leading to weakened market demand.
Market Segmentation
Major applications of magnetite nanoparticles are in electronics, wastewater treatment and biomedical. Bio medical held the top position in 2019 and is also identified as the fastest-advancing segment in the global market. Magnetite nanoparticles have extensive use in MRI scans, where they act as contrasting agents. Their increasing use in MRI scans for detection of a variety of medical conditions is responsible for the rapid segmental growth. Additionally, magnetite nanoparticles’ expanding applications in cancer treatment and pharmaceutical drug delivery will further enhance the segmental share in the global industry.
Electronics applications of magnetite nanoparticles have been increasing at a significant rate as well, as the latter helps facilitate advances in the data storage technology. They can also be potentially deployed in developing ‘Magnetoresistive RAM.’
By 2027, the wastewater treatment segment shall accrue a considerable share in the worldwide market, in view of magnetite nanoparticles’ commercial use in removal and remediation of several pollutants including glyphosate from the wastewater.
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Regional Status
The magnetite nanoparticles industry has been geographically split into Latin America, Asia Pacific or APAC, North America, along with Europe as well as MEA or Middle East & Africa.
The North American market is marked by extreme diversity given the presence of established as well as emerging companies across Canada and the United States. Collective efforts by players to research and develop more advanced magnetite nanoparticles and explore their potential applications in multiple end-use sectors is bound to favor the regional market in the future. Surging health awareness has raised the need for clinical analysis as well as effective therapeutic solutions. With the rising use of magnetite nanoparticles in treatment as well as diagnosis of numerous medical conditions like brain tumor and cancer shall expedite their biomedical applications in the region over the following years.
APAC is all set to capture the highest growth rate between 2020 and 2027, considering the rapid surge in research areas such as MRI, which could foster the use of magnetic nanoparticles. India and China are the highest gainers in the region, respectively. Supportive government and high availability of low-cost labour in both the countries happen to be key growth boosters. Apart from this, the expanding budget allocated for research and development activities and burgeoning applications in energy storage could also benefit the magnetite nanoparticles market in the region.
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