by Nanomaterials are substances that measure between 1 to 100 nanometers in at least one dimension. They exhibit unique optical, electronic and mechanical properties and find wide applications in sectors like cosmetics, healthcare, electronics and energy. In the healthcare sector, nanomaterials are used to synthesize new generation of drugs that provide targeted drug delivery and better treatment outcomes. 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:
The wide range of applications of nanomaterials across industries is one of the key trends driving the market growth. Nanomaterials like carbon nanotubes, metal oxides and quantum dots are finding increasing usage in electronics for developing miniaturized devices with enhanced performance. In the healthcare sector, functionalized nanomaterials help in bio-imaging, drug delivery and development of prosthetics, thus driving the demand. Growing R&D activities to synthesize novel nanomaterials with enhanced properties will further increase their commercialization in the coming years.
SWOT Analysis
Strength: Nanomaterials provide improved properties in terms of strength, hardness, conductivity etc. They also offer greater reactivity and unique optoelectronic properties.
Weakness: High production costs and lack of standardized production processes. Safety issues related to environmental and health hazards also pose challenges.
Opportunity: Wide application areas in electronics, energy storage, biomedicine etc. Growing R&D in the areas of nanomedicine and bionanotechnology also provide opportunities.
Threats: Stringent regulations around nanomaterial production and waste disposal. Competition from alternative materials in some application areas.
Key Takeaways
The Global Nanomaterials Market Size is expected to witness high growth over the forecast period supported by increasing demand from various end-use industries. The Asia Pacific region currently dominates the market owing to presence of key producers and growing end-use industries 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.
Regional analysis: The Asia Pacific region accounts for the largest share of the global nanomaterials market supported by rapid industrial growth along with increasing investments in R&D activities by major players in the region. China represents the major market on account of large production bases of nanomaterials and components. North America and Europe are other major nanomaterials markets globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
