Report ID : CBI_1346 |
Base Year: | 2022 |
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CAGR: | 4.2% |
Forecast Year: | 2023 - 2031 |
Revenue 2022: | $273.17 Mn |
Revenue 2023: | $283.16 Mn |
Revenue 2031: | $392.79 Mn |
Consegic Business Intelligence analyzes that the platinum nanoparticles market is growing with a CAGR of 4.2% during the forecast period (2023-2031). The market accounted for USD 273.17 million in 2022 and USD 283.16 million in 2023, and the market is projected to be valued at USD 392.79 Million by 2031.
Platinum nanoparticles are extremely small particles of platinum metal, typically measuring between 1 and 100 nanometers in diameter. They are typically synthesized by reducing platinum ions in solution with a stabilizing or capping agent. This process can be carried out using a variety of methods, including chemical reduction, electrochemical reduction, and photochemical reduction.
Platinum nanoparticles have several unique properties that make them useful in a wide range of applications. For example, they are highly catalytic, meaning that they can speed up the rate of chemical reactions. They are also very good at absorbing and scattering light, which makes them useful in optical applications. Additionally, platinum nanoparticles are non-toxic and biocompatible, making them suitable for use in biological and medical applications.
The increasing use of platinum in catalysis is driving the demand for platinum nanoparticles. Platinum nanoparticles are highly catalytic which can help to speed up the rate of chemical reactions. This makes them ideal for use in a variety of catalytic applications, such as automotive catalytic converters, petrochemical cracking catalysts, and fuel cell catalysts. Platinum is a key component of automotive catalytic converters. Catalytic converters are devices that convert harmful exhaust emissions from vehicles into less harmful gases. This helps to reduce air pollution and improve air quality.
Platinum nanoparticles are used in catalytic converters because they are highly catalytic. This makes them ideal for converting harmful exhaust emissions into less harmful gases. Significant growth in the production of automotives across the globe is driving the demand for automotive catalytic converters. For instance, according to the report by the European Automobile Manufacturer's Association in February 2023, car production in the Europe region increased by 7.1% in 2022. Thus, the significant growth in the production of automobiles across the various regions worldwide is driving the demand for platinum nanoparticles for the manufacturing of automobile catalytic converters and driving the market growth.
Platinum nanoparticles have high electrical conductivity, making them ideal for use in electrical contacts and interconnects. This is because platinum nanoparticles have a large surface area, which allows them to efficiently conduct electricity. Platinum nanoparticles have high thermal conductivity, making them ideal for use in heat sinks and other thermal management applications. This is because platinum nanoparticles can efficiently transfer heat away from electronic components, preventing them from overheating. Furthermore, Platinum nanoparticles are highly chemically stable, making them resistant to corrosion and other environmental degradation. This is important for electronic components, which must be able to operate reliably in a variety of environments.
The increasing government initiatives for the development of electronics production across their countries are driving the demand for platinum nanoparticles for electronics across the globe. For instance, in July 2022, the Indian Ministry of Electronics and IT announced the flagship Production Linked Incentive (PLI) Schemes for the promotion of manufacturing of electronic components and semiconductors, modified electronics manufacturing cluster (EMC 2.0) Scheme are major step towards making India "AtmaNirbhar" in electronics manufacturing. Thus, the increasing government initiatives for the development of electronic production are driving the demand for platinum nanoparticles across the globe.
Platinum nanoparticles have been shown to be toxic to both humans and the environment. When inhaled, platinum nanoparticles can accumulate in the lungs and other organs, leading to a variety of health problems, such as inflammation, fibrosis, and cancer. Platinum nanoparticles can also contaminate water and soil, harming aquatic life and plants. The toxicity of platinum nanoparticles is limiting the adoption of platinum nanoparticles in new applications. Many companies are hesitant to invest in new products that use platinum nanoparticles, due to the potential health and environmental risks, as well as the high cost.
Moreover, the toxic nature and high cost of platinum nanoparticles are making it difficult for existing platinum nanoparticle manufacturers to compete with other manufacturers of nanomaterials. For example, silver nanoparticles and gold nanoparticles are less expensive and less toxic than platinum nanoparticles, and they are finding increasing use in a variety of applications. Thus, the high price and environmental hazards proposed by the platinum nanoparticles are restraining the market growth across the globe.
Emerging applications for platinum nanoparticles in the biomedical field are providing lucrative growth opportunities for the global platinum nanoparticles market. Platinum nanoparticles are being used to develop new and innovative treatments for a variety of diseases, including cancer, infections, and neurodegenerative disorders. One of the most promising emerging applications for platinum nanoparticles is in cancer treatment. Platinum nanoparticles can be used to deliver chemotherapy drugs directly to cancer cells while minimizing damage to healthy cells. This is because platinum nanoparticles can be targeted to cancer cells using specific antibodies or other ligands.
Platinum nanoparticles are also being used to develop new photothermal therapy treatments for cancer. In photothermal therapy, platinum nanoparticles are injected into the body and then irradiated with light. The light heats up the platinum nanoparticles, which kill the surrounding cancer cells. Another emerging application for platinum nanoparticles is in the treatment of infections. Platinum nanoparticles can be used to develop new antibiotics and antifungal drugs that are more effective and have fewer side effects than traditional antibiotics. Platinum nanoparticles can also be used to develop new vaccines that are more effective at preventing infections. The increasing prevalence of cancer is increasing the demand for effective cancer therapies across the globe. For instance, according to the report by the National Center for Biotechnology Information in January 2023, the global number of cancer deaths is increasing as the world population grows and ages. In 2023, 1,958,310 new cancer cases and 609,820 cancer deaths are projected to occur in the United States. Thus, the emerging applications of Platinum Nanoparticles in biomedical applications is expected to provide lucrative growth opportunities for the market over the forecast period.
Report Attributes | Report Details |
Study Timeline | 2017-2031 |
Market Size in 2031 | USD 392.79 Million |
CAGR (2023-2031) | 4.2% |
By Product Type | Spherical, Cube, Square, and Others |
By End-user Industry | Automotive, Health Care, Chemical, Electrical and Electronics, Aerospace, and Others |
By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Key Players | American Elements, HiQ-Nano s.r.l., Meliorum Technologies, Inc., Metrohm India Limited, NanoBio Chemicals India Pvt. Ltd., NANOCHEMAZONE, Nanocomposix, Nanoshel LLC, Particular GmbH, PlasmaChem GmbH, Sigma-Aldrich, Stream Chemicals, Inc., and TANAKA HOLDINGS Co., Ltd |
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Download Sample ReportThe 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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Download Sample ReportThe 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.
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Regional Growth Insights
Download Sample ReportIn 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.
Details Countries Growth Insights
Download Sample ReportThe platinum nanoparticles market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
In 2022, the market size of platinum nanoparticles was USD 273.17 million.
In 2031, the market size of platinum nanoparticles will be expected to reach USD 392.79 million.
Increasing use of platinum in catalysis across the globe is fueling market growth at the global level.
In 2022, the spherical segment accounted for the highest market share of 35.37% in the overall platinum nanoparticles market.
North America accounted for the highest market share in the overall market.