The global nanomaterials market is expected to attain a valuation of US$ 12.6 billion in 2023 and is projected to reach US$ 51.5 billion by 2033, trailing a CAGR of 15.1 % during the forecast period.
Nanomaterials are nanometer-scale structures with at least one dimension of fewer than 100 nanometers. Nanomaterials are classed as zero-dimensional, one-dimensional, two-dimensional, or three-dimensional. Nanoparticles are zero-dimensional nanomaterials that can be amorphous or crystalline and come in a variety of shapes and sizes.
Nanotubes, nanorods, and nanowires are examples of one-dimensional nanomaterials. Nanofilms, nanolayers, and nano-coatings are examples of two-dimensional nanomaterials with plate-like structures. Two-dimensional nanoparticles may be manufactured from a variety of chemical compounds and incorporated into a matrix material.
Three-dimensional nanomaterials are bulk nanomaterials with three arbitrarily large dimensions exceeding 100 nm. They contain nanoparticle dispersions, nanowire bundles, and nanotubes.
Nanomaterials have a variety of qualities such as high strength, hardness, elasticity, electric conductivity, antibacterial and self-cleaning, scratch resistance, and chemical resistance, which makes them increasingly useful in a wide range of applications. Furthermore, there are some commercial applications of nanoscale materials, which include:
- Electronic products
- Medical devices
- Battery electrodes
- Surface treatments of fabrics
- Light-weighting of cars, trucks, airplanes, boats, and spacecraft
- High-power rechargeable battery systems,
- Nanostructured ceramic coatings
- Nanoparticles as catalysts
- Personal care products
- Construction materials
Which are Some Prominent Drivers Spearheading Nanomaterials Market Growth?
During the projected period, the increased demand for nanomaterials in the electronics sector is likely to be the primary factor driving worldwide market growth. Because of their high aspect ratio, notable mobility, high surface-to-volume ratio, and capacity to integrate on non-conventional substrates, nanomaterials such as nanowires, nanotubes, graphene, and cellulosic nanomaterials are utilized to produce various forms of flexible electronics.
The flexible nanomaterials market is likely to rise significantly throughout the review period, resulting in increased demand for nanomaterials in the forthcoming years. Furthermore, increased research and development to produce new nanomaterials is likely to drive worldwide market growth.
What are the Challenges Faced by the Nanomaterials Industry?
Factors such as the predicted increase in several people exposed to these nanoparticles, occupational exposure, and the expected evolution of potentially detrimental consequences in the coming years are likely to prompt the establishment of stricter laws. As a result, the predicted incremental stringency in nanomaterials and nanotechnology regulations is expected to provide a hurdle to industrial expansion in the future.
By Application, Which Segment is Expected to Generate Maximum Demand?
Healthcare Segment Fueling Market Growth with a Significant CAGR
The healthcare application sector held a significant share in 2022 and is projected to expand significantly due to its wide range of applications, including imaging, targeted medication administration, nanorobots for surgery, nano diagnostics, cell healing, and nano biosensors.
In 2022, the healthcare application segment accounted for a significant share of around 30.7% of global revenue, making it a notably growing market. The segment is projected to expand with a significant CAGR of 19% during the forecast period. This growth can be attributed to the widespread adoption of nanomaterials in the treatment of cancer and other malignant tumors, demonstrating a high level of market penetration.
Nanomaterials play a vital role in various medical tasks, including imaging, targeted drug delivery, nanorobotic surgeries, nano diagnostics, cell repair, and nano biosensors.
The demand for nanomaterials is expected to remain high due to their use as T2 contrast agents in MRI scans, leveraging their superparamagnetic behavior at room temperature. Additionally, nanoparticles are utilized as gene carriers in gene therapy and play a significant role in the body’s detoxification processes.
Start-ups in Nanomaterials Market
Start-ups have a crucial role in recognizing growth prospects and driving industry expansion. Their proficiency in transforming inputs into outputs and adapting to market uncertainties is valuable. In the nanomaterials market, several start-ups are engaged in manufacturing and providing related services.
NanoMaterials Ltd (Apnano) is a Nanotechnology cleantech firm that specializes in developing and manufacturing patented inorganic, multi-layered nano fullerenes and nanotubes.
C1 Nanomaterials manufactures high-performance carbon nanomaterials, such as fullerenes and graphene, and provides customized solutions for industries including automotive, construction, aeronautics, nutraceutical, and energy.
Nanomaterial Technology develops and licenses nano-material products for various markets, including oil and gas, coatings, plastics, glass, electronic materials, and chemicals. They utilize a technology platform called High Gravity Controlled Precipitation (HGCP) based on mass transfer principles to synthesize nano-sized materials.
NEMO Nanomaterials produces and supplies industrial-grade nanomaterials.
The market for nanomaterials is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players in the market are BASF, EMFUTUR Technologies, Evonik Industries, Sigma-Aldrich Co. LLC, Bayer AG, SkySpring Nanomaterials, Altair Nanotechnologies Inc., NANOCO TECHNOLOGIES LIMITED, and LG CHEM, NANOCYL S.A.
Recent Developments in the Nanomaterials Market
LG Chem inaugurated a carbon nanotube plant in Korea in June 2021 to manufacture cathodes for electric vehicle batteries.
Cabot Corporation introduced the ENERMAX 6 series of carbon nanotubes (CNTs) in March 2021, showcasing their latest advancements in high-performance CNT technology. ENERMAX 6 has established itself as Cabot’s top-performing multi-wall CNT product in its portfolio.
LG Chem disclosed plans in April 2020 to invest around KRW 65 billion (around US$ 54 million) by Q1 2021 to expand carbon nanotube (CNT) production at their Yeosu plant.
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