Platinum Nanoparticles Market Forecast 2023 - 2031

By Product Type :

The product type is categorized into alloy spherical, cube, square, and others. In 2022, the spherical segment accounted for the highest market share of 35.37% in the platinum nanoparticles market. Spherical platinum nanoparticles are the most common type of platinum nanoparticle. They are relatively easy to produce and have the most consistent properties. Spherical platinum nanoparticles are used in a wide range of applications, including catalysis, fuel cells, and electronics. Spherical platinum nanoparticles are very effective catalysts. They can be used to accelerate a variety of chemical reactions, including fuel cell reactions, petrochemical reactions, and pharmaceutical reactions. Spherical platinum nanoparticles are used as catalysts in fuel cells to produce electricity from hydrogen and oxygen. Significant growth in the production of fuel cells across the globe is driving the segment growth across the globe. For instance, in March 2023, Japan's Honda Motor Co (7267.T) announced that they would start producing a new hydrogen fuel cell system jointly developed with General Motors Co. in 2023, in a bid to expand its hydrogen business. Thus, the growing initiative for the development of fuel cells is driving the segment growth.

Moreover, the cube segment is expected to hold the highest CAGR over the forecast period. Cube platinum nanoparticles have a unique cubic shape. They have a high surface area and can self-assemble into ordered structures. Cube platinum nanoparticles are finding increasing use in catalysis, and biosensors. Furthermore, cube platinum nanoparticles are very effective catalysts. They can be used to accelerate a variety of chemical reactions, including fuel cell reactions, petrochemical reactions, and pharmaceutical reactions. The increasing demand for platinum nanoparticles for catalytic applications and petroleum applications is expected to provide lucrative growth for the segment growth worldwide.

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By End-user Industry :

The end-user industry segment is categorized into automotive, health care, chemical, electrical and electronics, aerospace, and others. In 2022, the health care segment accounted for the highest market share in the overall platinum nanoparticles market, and it is also expected to hold the highest CAGR over the forecast period. In the healthcare industry platinum nanoparticles have a wide range of potential applications in the healthcare industry for drug delivery, cancer treatment, developing antimicrobial therapies, treatment of neurodegenerative disorders, and other diagnostic applications. Platinum nanoparticles are being used to develop new and innovative treatments for cancer, including targeted drug delivery, photothermal therapy, and immunotherapy. The increasing prevalence of cancer across the globe is driving the demand for platinum nanoparticles across the globe. For instance, according to the data published by the World Health Organization in February 2022, Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The most common in 2020 in terms of new cases of cancer were breast 2.26 million cases lung 2.21 million cases. Thus, the significant growth in demand for platinum nanoparticles from health care is driving the segment growth across the globe.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, North America accounted for the highest market share at 36.15% valued at USD 98.75 Million in 2022 and USD 102.50 Million in 2023, it is expected to reach USD 142.78 Million in 2031, and it is also the fastest growing region across the globe. In North America, the U.S. accounted for the highest market share of 62.23% during the base year of 2022. Platinum nanoparticles are being used to develop new catalytic converters, fuel cells, and batteries. For example, platinum nanoparticles are being used to develop new catalytic converters that are more effective at reducing emissions from cars and trucks. The increasing production of fuel cells across the region is driving market growth across North America. For instance, in October 2023, Nikola Corporation celebrated the commercial launch of the Nikola Tre FCEV, a hydrogen fuel cell electric truck. The ceremony was held at Nikola's manufacturing facility in Coolidge, Arizona. Thus, the growing focus on the development of fuel cell vehicles and the growing healthcare industry across the region are driving the market growth in North America.

Furthermore, Asia Pacific is expected to witness significant growth over the forecast period, growing at a CAGR of 4.6% during 2023-2030. Significant growth in electronics production across the Asia Pacific is improving the demand for platinum nanoparticles across the region. For instance, according to the report by the Government of China in March 2022, China's electronics manufacturing industry maintained steady expansion during the first two months of the year, with the added value of major electronics manufacturers rising 12.7% year-on-year, compared with the 7.5% growth seen in the overall industrial sector. Thus, the significant growth in the electronics industry across the Asia Pacific region is expected to create lucrative growth opportunities for the platinum nanoparticles market in the Asia Pacific region.