Id: CBI_ 1475 | Pages: 212 | Format : PDF | Published : | Author : Pawan Chasta
Nanomaterials Market size is estimated to reach over USD 53.03 Billion by 2031 from a value of USD 15.79 Billion in 2023 and is projected to grow by USD 18.09 Billion in 2024, growing at a CAGR of 16.3% from 2024 to 2031.
Nanomaterials are materials whose one dimension is less than 100 nanometers. Their nanoscale provides them with rare physical, biological, and chemical properties. They can be nanoplates, nanoparticles, carbon nanotubes (CNTs), etc. These properties render them with a larger surface area which is relative to their volume. This allows them to possess effective strength. They also have enhanced durability and rare optical properties like light absorption and scattering, and excellent electrical and thermal conductivity. They tend to have several benefits, the primary one being its advanced functionality and cost-efficiency. They also have high performance and reduced energy consumption, making them highly environmentally friendly. They have their usage found its way in various industries, especially in the electronics and healthcare sectors. Examples of other industries that utilize these materials include cosmetics, aerospace, energy, and manufacturing sectors.
Nanomaterials have rare properties, making them a suitable choice for the electronics sector where smaller and efficient components are desired. For instance, graphene has such high-quality electrical conductivity, that it is ideal for the reduction of energy. They also have critical thermal conductivity which easily dissipates heat, improving the semiconductors. Unlike silicon-based semiconductors, these materials are two-dimensional which makes them ideal for the creation of transistors at atomic scale. It ensures the continuous shrinking of electronic components.
Thus, as the demand for more compact as well as durable electronics increases it fuels the broadening avenues for the market, leading to the nanomaterials market expansion and innovations.
The healthcare sector leverages the exceptional and unique properties of nanomaterials to promote effective treatments and diagnostics. Certain examples such as dendrimers or liposomes are essential for drug delivery. They can be designed to carry drugs to particular cells or tissues. It reduces side effects and increases favorable outcome rates. They can also be engineered to release drugs with controlled methods for longer durations. They are also employed as imaging agents for techniques like MRIs or CT scans and are important for the development of biosensors.
Therefore, as per the analysis, they offer solutions for cancer treatment, thus driving the nanomaterials market growth.
The production of nanomaterials often demands the usage of specially designed pieces of equipment. Further, the synthesis methods alone, such as chemical vapor deposition (CVD) or high-precision lithography require a developed infrastructure with generous investment. It makes their production comparatively expensive and reduces their scalability. There is also the need to have precise knowledge and expertise in nanotechnology, chemicals, etc to initiate the synthesis processes.
Therefore, manufacturing of nanoscale materials requires consistency and ongoing optimization which is difficult to maintain without proper technical skills. This, in turn, obstructs the nanomaterials market growth.
Nanocomposites, which are materials that are formed by integrating nanoparticles and matrix material, can be curated to respond to external stimuli. It can coerce favorable outcomes with certain magnetic fields or temperatures, etc. This makes nanocomposite a smart material capable of self-healing, longevity, and durability. It is then conducive to employment in a wide range of industries such as aerospace, infrastructure, etc. They are imperative in providing properties that result in a reduction of material usage, making nanocomposites very sustainable unlike conventional materials, such as silicon.
Thus, as per analysis, innovations and ongoing research on nanocomposites result in a wide range of applications for the material, such as in coatings and films, semiconductors, adaptors, etc. This creates leads to more nanomaterials market opportunities.
The market is segmented, based on material types, into Metal-Based Nanomaterials (copper nanoparticles, gold nanoparticles, silver nanoparticles), Carbon-Based Nanomaterials (Graphene, Nanotubes, Fullerenes), Nanoclay (Montmorillonite, Kaolinite), Dendrimers (Polyamidoamine (PAMAM) Dendrimers, Starburst Dendrimers), and Nanocomposites (Polymer Nanocomposites, Ceramic Nanocomposites, and others).
Trends in the material type:
The carbon-based segment accounts for the largest revenue share of 42.02% in the nanomaterials market share in 2023.
Nanocomposites are expected to have the fastest-growing CAGR during the forecasted period.
The market is segmented, based on product types, into Nanoparticles, Nanofibers, Nanotubes, Nanoclays, and Nanowires.
Trends in the Product Type:
Nanoparticles account for the largest revenue share in 2023.
Nanotubes are expected to have the fastest-growing CAGR during the forecasted period.
The market is bifurcated, based on structure type, into Non-polymer Organic Nanomaterials and Polymeric Nanomaterials.
Trends in the Structure Type:
Non-polymer organic nanomaterials account for the largest revenue share in 2023.
Polymeric nanomaterials are expected to have the fastest-growing CAGR during the forecasted period.
The market is segmented based on the synthesis method into Chemical Vapor Deposition (CVD), Physical Vapor Deposition (PVD), Sol-Gel Method, Biological Synthesis, Mechanical Milling, and others.
Trends in the Synthesis Method:
Chemical Vapor Deposition (CVD) accounts for the largest revenue share in 2023.
Biological synthesis is expected to have the fastest-growing CAGR during the forecasted period.
The market is segmented based on end-users into Healthcare, Electrical and Electronics, Energy, Construction, Personal Care, and others.
Trends in the End-user Industry:
The electrical and electronics sector accounts for the largest revenue share in 2023.
Healthcare is expected to have the fastest-growing CAGR in the market during the forecasted period.
The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific region was valued at USD 5.41 Billion in 2023. Moreover, it is projected to grow by USD 6.24 Billion in 2024 and reach over USD 19.48 Billion by 2031. Out of this, China accounted for the maximum revenue share of 43.2%.
The Asia-Pacific (APAC) region, especially countries like China, South Korea, Japan, India, etc is a global hub of IT and electronics. Since nanomaterials play an important role in the production of modern electronic components with enhanced performance and efficiency, the market for this has seen robust growth in this region. They have an increased demand for nano-scale materials and a massive consumer base that utilizes nanoparticles extensively.
Thus, the global market benefits immensely from the APAC region's prowess in the nanomaterials market trends.
North America is estimated to reach over USD 15.80 Billion by 2031 from a value of USD 4.74 Billion in 2023 and is projected to grow by USD 5.43 Billion in 2024. North America, especially the US and Canada is home to a strong industrial base with advancement in research and technology. The institutes of these nations with government support devote their resources to the development of nanotechnology, translating it for industrial and commercial use.
Europe is at the forefront of sustainable development and the adoption of green technologies. Countries like the UK, France, Germany, etc have employed nano-scale materials as they are biodegradable and offer energy storage as well as environmental remediation.
Many nations in the Middle East & Africa, especially the Gulf region have been focused on economic diversification to reduce their reliance on fossil fuels. This trend has led the governments of these regions, such as in Qatar or UAE encourage investment in smart technologies like nanotechnology as a part of their economic diversification strategies.
In Latin America, the agricultural sector also benefits from nanotechnology adoption. Nano-scale materials improve the productivity of crops and increase their sustainability through soil health monitoring, precise release of fertilizers, etc. These results in higher crop outputs and promise food security, which raises the nanomaterials market demand.
The nanomaterials market is highly competitive with major players providing it to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the nanomaterials market. Key players in the nanomaterials industry include:
Product Launches:
Partnerships and Collaborations:
Product Enhancements:
Investment and Fundings:
Report Attributes | Report Details |
Study Timeline | 2018-2031 |
Market Size in 2031 | USD 53.03 Billion |
CAGR (2024-2031) | 16.3% |
By Material Type |
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By Product Type |
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By Structure Type |
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By Synthesis Method |
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By End-user Industry |
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By Region |
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Key Players |
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North America | U.S. Canada Mexico |
Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
Middle East and Africa | GCC Turkey South Africa Rest of MEA |
LATAM | Brazil Argentina Chile Rest of LATAM |
Report Coverage |
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The major players in the market include BASF (Germany), and Frontier Carbon Solutions, LLC. (US), ssnano.com. (US), Ascensus (US), US Research Nanomaterials, Inc. (US), nanoComposix (US), Nanophase Technologies Corporation (US), Quantum Materials Corporation (US), Cytodiagnostics Inc (Canada), American Elements (US), Nanoshel LLC (US), and Altairnano (US).
The nanomaterials market is segmented into material type, product type, structure type, synthesis method, and end-user industry.
Asia Pacific is the fastest-growing region in the nanomaterials market.