by Nanomaterials are atomically or molecularly modified materials with novel properties arising from their nanoscale dimensions. They can be engineered to have unique properties and functions at the nanoscale level which make them suitable for a wide range of applications. Nanomaterials find applications in various industries such as electronics, energy, healthcare, automotive, and construction. In the electronics industry, they are used in the manufacture of printed circuit boards, OLEDs, solar panels, batteries, and semiconductors. In the healthcare sector, nanomaterials are utilized in disease diagnosis, targeted drug delivery, tissue engineering, and medical implants.
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 Dynamics:
The wide range of applications of nanomaterials across various end-use industries is expected to drive the growth of the market over the forecast period. Nanomaterials find use in electronics, energy, healthcare, automotive, and construction industries. Increasing investments in R&D activities to develop advanced and innovative nanomaterials is also propelling the market growth. For instance, in June 2022, BASF SE launched a new carbon nanotube material called ‘Basfol CNT’ for lightweight construction applications.
Moreover, increasing government funding for nanotechnology research is fueling the nanomaterials market. Various government organizations are providing grants and funding to encourage private entities and academic institutions for nanotechnology R&D. For example, the U.S. National Nanotechnology Initiative has invested over US$ 30 billion since 2001 for research in nanoscience, instrumentation, and engineering.
Segment Analysis
Nanomaterials can be segmented into two main types based on dimensionality – zero-dimensional nanomaterials and one-dimensional nanomaterials. Zero-dimensional nanomaterials include nanoparticles which have typical dimension less than 100 nm in all three dimensions. This segment currently dominates the nanomaterials market both in terms of volume and value. Nanoparticles have a very high surface area to volume ratio which makes them very reactive and suitable for applications across various end-use industries like paints & coatings, healthcare etc.
PEST Analysis
Political: Governments across the globe are supporting R&D in nanotechnology by providing funding. However, lack of regulations regarding EHS (environmental, health & safety) issues of nanomaterials is a challenge.
Economic: Growing end-use industries like healthcare, automotive, electronics are driving demand for nanomaterials which is boosting market growth. However, high costs associated with manufacturing and R&D of nanomaterials is hampering widespread adoption.
Social: Safety concerns regarding inhalation or ingestion of nanomaterials needs to be addressed. However, increasing applications in healthcare for drug delivery and cancer treatment is positively impacting the market.
Technological: Continuous advancements are happening in developing newer varieties of nanomaterials like graphene, carbon nanotubes etc. 3D printing using nanomaterials is gaining popularity. However, scaling up production while retaining nano properties remains a technological challenge.
Key Takeaways
The Global Nanomaterials Market Size is expected to witness high growth over the forecast period of 2023 to 2030 at a CAGR of 14%. Regionally, Asia Pacific dominates and is expected to grow the fastest during the forecast period driven by presence of key nanomaterials manufacturers like BASF SE, LG Chem, and Jiangsu Cnano Technology Co. Ltd in countries like China and Korea.
Regional analysis comprises: The Asia Pacific region accounts for the largest share of the global nanomaterials market, both in terms of value and volume. This is attributed to presence of large nanomaterials manufacturers, growing end-use industries, and government support for research in the region. China dominates the Asia Pacific nanomaterials market and is poised to grow at a high rate during the forecast period supported by strong manufacturing base and R&D.
Key players comprises: 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. Companies are investing in R&D to develop newer varieties of nanomaterials and applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
