"Increasing application of nanomaterials will spur the market revenue growth"
The global nanomaterials market accounted for US$ 17.81 Bn in 2021 and is anticipated to grow to US$ 40.39 Bn growing at a CAGR of 14.5% throughout the forecast period from 2023 to 2030.
Increasing applications of nanomaterials and on-going research and development for developing new and advanced materials are factors bolstering the growth of nanomaterials market. The combination of factors including excellent physio-chemical properties of nanomaterials, financial support from government organizations, and rising application of these materials in healthcare, and automotive among others are driving the demand of nanomaterials market globally. The rapidly growing nanotechnology and nanoscience domain are also having a positive influence on the growth of the global nanomaterials market. Apart from this the growing use of nanomedicines in the healthcare industry and emerging applications in electronics industry are further boosting the nanomaterials market growth.
Additionally, increasing availability of various methods and tools to synthesize nanomaterials such as covalent synthesis, and self-assembly among others are enhancing the market growth. The benefits offered by nanomaterials include high surface to volume ratio, high porosity, and enhanced physio-chemical properties among others. However, factors such as high cost of nanomaterials and stringent environmental regulations may hamper the growth of the market.
Carbon-based segment to dominate the market during the forecast period.
Based on product, the nanomaterials market is classified into carbon-based (nanotubes, fullerenes, and grapheme), metal based (silver, gold, nickel, and quantum dots), dendrimers (nanoclay and nanocellulose), and composites segments. Carbon-based segment dominated the global nanomaterials market. This can be attributed with the various benefits offered by it including high strength, light weight, flexibility, and durability among others. In addition, the rising application of carbon-based materials in various industries such as aerospace & defense and automotive among others for making air frame structure, and engine parts etc. are proliferating the nanomaterials market growth.
In contrast, composites segment is projected to grow with the highest CAGR throughout the forecast period. This is due to their wide applications including catalysts, metal-semiconductor junctions, and optical sensors among others.
"Rising foreign investments to bolster the growth in Asia Pacific region"
In 2021, North America region dominated the global nanomaterials market and contributed a share of more than 30% of revenue generated worldwide. The major share of which comes from the US which held the largest market in North America with a share of more than 80%. This can be associated with, large application and use of nanotechnology in various end-use industries including electronics, healthcare and chemical among others.
In contrast, Asia Pacific region is expected to expand rapidly during the forecast period. Owing to the rising demand of nanotechnology, increasing spending by organizations towards research and development in the region, and support from government among others. For instance, in 2019, BASF a leading nanotechnology company spend almost Euros 2.03 Bn in research and development activities. The increasing demand of specialty materials in the region and rapidly growing industries such as energy, healthcare, and construction among other in countries including China, and India among others are proliferating the growth of nanomaterials market. The nanomaterials market is led by Japan in the Asia Pacific region followed by China, India and South Korea. This can be attributed to Japan being technological hub with highest consumption of electronic products.
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Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Nanomaterials market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
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Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report