Market Overview
According to Market Research Future (MRFR), the Global Nanomaterials Market 2020 is anticipated to garner significant market value, expanding at a notable CAGR of 20% during the assessment period from 2022-2030.
The extensive application of materials in the healthcare sector to cure tumors is expected to be a significant factor that can fuel the demand for nanomaterials. The material is likely to witness a notable requirement in the aerospace industry for constructing the automotive components of aircraft, which is expected to actuate the nanomaterials market size. The availability of numerous methods, such as; green synthesis and equipment to synthesize nanomaterials, is expected to surge its demand and bolster the market. In addition, the on-going technological development is projected to increase the importance of nanomaterials in cosmetics and electronics that can prompt market growth.
On the flip side, the increasing environmental pollution is expected to hinder the growth during the review period. However, the high mechanical strength and good thermal & electrical conductivity are predicted to counter hampering causes and aid in strengthening the market.
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Market Segmentation
The global nanomaterials market has been segregated on the basis of material type, application, and region.
By material type, the global nanomaterials market has been divided into metal and non-metal oxides, carbon-based, chemicals & polymers, nano-ceramics, metals, dendrimers, and others. The metal and non-metal oxides segment accounted for the largest market share in 2018 and is expected to be the leading material type segment during the forecast period. The increasing demand for nano-oxides (silica, alumina), copper nanoparticles, silver nanowires, and nano-sized rhodium and palladium in the automotive and electronics industries is expected to be the key factor driving the growth of the segment during the review period. However, the carbon-based nanomaterials segment is projected to register the highest CAGR during the forecast period, 2019–2024.
On the basis of application, the global nanomaterials market has been categorized into transportation, electrical & electronics, healthcare, construction, packaging, consumer goods, energy, and others. The transportation segment is expected to be the leading application segment during the forecast period owing to the widespread use of nanomaterials in the automotive and aerospace industries. Nanostructured metals and polymer nano-composites are widely used in these industries owing to the various advantages offered by these materials, such as superb weight-to-strength ratio, enhanced resilience to vibration and fire, lightweight, reduced wear and corrosion resistance, UV resistance, and reduction in friction and emissions by the engine.
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Nanomaterials Market Regional Analysis
Based on the region, the global market for nanomaterials is segmented into North America, Asia-Pacific, Europe, and the Middle East & Africa.
As per the analysis by MRFR, North America is expected to dominate the global market during the forecast period due to the rising application of the material in chemical products, electrical & electronics, and pharmaceuticals. Among all countries of the region, the US is anticipated to be the largest market due to the extensive application of nanotubes in several fields like molecular electronics.
Europe market is anticipated to acquire significant market value during the forecast period owing to the mass production of nanomaterials. Besides, the presence of eminent players is expected to play a significant role in strengthening the regional market.
The APAC region is expected to be the fastest-growing region and is likely to be the most lucrative market in the coming period. The growing demand for specialty materials and the growing awareness about a various environmental crisis like global warming is projected to be another cause which can actuate the market during the assessment period.
The RoW region is expected to acquire a lesser market share as compared to the other regions during the review period. The presence of Middle East countries, such as; Saudi Arabia and Qatar, are predicted to play a salient role in actuating the regional market. Furthermore, the presence of untapped opportunities in the region is likely to provide a conducive environment for market growth during the assessment period.
Competitive Analysis
The prominent players in the global nanomaterials market are BASF SE (Germany), Arkema Group (France), Evonik Industries AG (Germany), Hongwu International Group Ltd (China), SHOWA DENKO K.K (Japan), NANOCHEMAZONE (Canada), Strem Chemicals, Inc (US), Canum Nanomaterials Inc. (Canada), Promethean Particles Ltd (UK), and NanoMaterials Technology Pte Ltd (Singapore).
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