Nanomaterials Market to Cross $61.05 billion Revenue by 2030

Nanomaterials Market Overview

“The Nanomaterials Market Predictable at $11.18 billion in 2022, is estimated to increase at a CAGR of 17.28% from $19.36 billion in 2023 to $61.05 billion by 2030.”

Nanomaterials are structures with dimensions less than 100 nanometers, categorized into four types: zero-dimensional, one-dimensional, two-dimensional, and three-dimensional. Nanoparticles, amorphous or crystalline, are zero-dimensional nanomaterials found in various shapes and sizes.

One-dimensional nanomaterials like nanotubes, nanorods, and wires, and two-dimensional plate-like structures like nanofilms, nanolayers, and nano-coatings, can be created using various chemical substances and inserted into a matrix material.

Three-dimensional nanomaterials are bulk nanomaterials with dimensions greater than 100 nm, containing nanoparticle dispersions, nanowire bundles, and nanotubes.

Nanomaterials possess numerous properties such as strength, hardness, elasticity, electric conductivity, antibacterial, self-cleaning, scratch resistance, and chemical resistance, making them valuable in various applications.

The aging population, technological advancements, and global chronic diseases are expected to boost demand for nanomaterials, while advancements in electrocardiographic technology could benefit from the rise in cardiovascular illnesses.

The global medical industry is adapting its research and product development strategies to incorporate nanoparticle technologies, benefiting from increased demand for extended life expectancy and cost-effective diagnostic programs from private enterprises. This development is expected to boost demand for medical gadgets and the nanomaterials sector.

Nanotechnology, a rapidly growing field, is divided into three subfields: nanotools, nanomaterials, and nanodevices, with increasing engagement in various applications.

Nanotechnology has the potential to boost the growth of the nanoparticles market in various industries such as electronics, healthcare, defense, agriculture, and energy, thanks to its diverse applications.

The nanotechnology market's rapid expansion is attributed to increased funding, technological partnerships, and the growing demand for compact, powerful gadgets at reasonable prices in both public and private sectors.

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Market Dynamics

Growth Factors

The market for nanoparticles is expected to grow due to their excellent physicochemical properties and increasing use in various sectors. Despite a decline in demand in aerospace, automotive, and electronics in 2020, a rebound in 2021 is expected due to government restrictions and economic stimulus packages, boosting customer demand.

Research organizations are exploring nanomaterials' potential applications in Covid-19 prevention, diagnosis, and treatment due to their antibacterial, antioxidant, and cancer-fighting properties. These nanomaterials are being used in biomedical, imaging, implantation, phototherapeutic, and drug delivery, with market expansion expected in value sales.

The market for nanomaterials is expected to rapidly grow due to its wide application scope, posing a threat to new competitors. These new entrants must compete with established industry companies and their client base, as well as potential backward or forward integration by parent market enterprises.

Growth Drivers

The increasing application of nanoparticles in the healthcare industry to drive market growth

Nanoparticles and fullerenes are being used in biomedical applications due to their low toxicity, high selectivity for specific targets, and potential use in advanced drug delivery systems to reduce or avoid side effects of chemotherapy and radiation therapy.

Increasing the use of nanomaterials in wastewater treatment to boost market growth

The growing issue of water-borne diseases due to lack of fresh water is expected to drive market expansion. With over 2 billion people living in water-stressed countries, the situation is likely to worsen due to climate change and population growth. Microbial contamination from feces is the primary concern for drinking water safety.

Opportunities

Nanotechnology's potential in military applications is significant, as it enhances camouflage and detects biological agents like viruses, bacteria, and fungi. This increased use in the military sector could create market opportunities.

Nanoparticles, due to their lightweight and strength, can significantly reduce the weight of automobile components, leading to significant fuel savings in vehicles, trucks, planes, boats, and spacecraft, indicating significant growth potential

Trends

Nanomaterials in sports equipment

Nanotechnology is being utilized in athletic goods like baseball bats, tennis rackets, and golf clubs, resulting in lighter, stronger, and more robust products. This trend of health and wellness, coupled with an increase in sports participation, is driving market expansion in this area.

Antimicrobial nanotechnology is becoming more popular.

Nanotech developers have developed materials that protect humans from sickness and infection using the smallest materials. These compounds are integrated into sports towels and mats, which can be chemically treated to reduce microorganisms, ensuring the health and safety of athletes.

Competitive Landscape of the Nanomaterials Market

• Frontier Carbon Corporation
• Nanoshel LLC
• SkySpring Nanomaterials, Inc.
• Nanophase Technologies Corporation
• Cytodiagnostics, Inc.
• Quantum Materials Corp
• Strem Chemicals, Inc.
• American Elements
• US Research Nanomaterials, Inc.
• Nanocomposix, Inc.
• Cabot Corporation

Recent Developments in Nanomaterials Market

In March 2021, Cabot Corporation announced the launch of the ENERMAX 6 series of carbon nanotubes (CNTs). The ENERMAX 6 carbon nanotube products are the company's latest development in the field of high-performance CNTs. It has proven to be the best conductive multi-wall CNT product in Cabot's portfolio.

 In March 2021, OCSiAl opened one of the cleanest facilities in the world for the production of distributed graphene nanotubes for lithium-ion batteries. The use of graphene nanotubes is currently the only cost-effective solution on the market to the degradation problem of silicon anodes. The newly opened factory sets a new safety standard: the entire production process, including the finished product dispersed packaging area  and the quality control area, has been designed for a clean room class.

LG Chem inaugurated a carbon nanotube plant in Korea in June 2021 to manufacture cathodes for electric vehicle batteries.

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.

Regional Insights

Why is Asia-Pacific Emerging as a Market for Opportunistic Nanomaterials?

Asia Pacific is projected to contribute 33.56% of the nanomaterials market revenue in 2023, with demand expected to grow at a CAGR of 15.8% during the forecast period.

The increasing use of nanomaterials in various sectors, including electronics, medical equipment, aerospace, textiles, and automotive, is largely due to ongoing research and investment in China and Japan.

The growing demand for nanotechnology is driving increased investment in research and development, along with government support, by various organizations in the region.

BASF invested over Euros 2.03 billion in research and development in 2019, driven by the growing demand for speciality materials and rapidly developing industries in China and India. Japan leads the Asia Pacific nanomaterials market, followed by China, India, and South Korea, due to its technological power and high per capita electronic equipment usage.

What role does Europe play in the growth of the nanomaterials market?

European market for nanomaterials will reach $4.26 billion by 2030, driven by government support and investment in local markets. The market is expected to grow at a CAGR of 14.25%, while demand in the UK is expected to rise at 15.3%.

The European Commission has launched the 2D-Experimental Pilot Line, a $23.0 million initiative, to study the fabrication of advanced electrical, photonic, and sensor devices integrating graphene and nanomaterials.

Segments Covered in Nanomaterials Market

Nanomaterials Market By Product

• Titanium Nanoparticles
• Silver Nanoparticles
• Aluminum Oxide Nanomaterials
• Gold (Au)
• Iron (Fe)
• Copper (Cu)
• Platinum (Pt)
• Nickel (Ni)
• Antimony Tin Oxide
• Bismuth Oxide
• Others

Nanomaterials Market By Application

• Aerospace
• Automotive
• Medical
• Energy & power
• Electronics
• Paints & Coatings
• Others

Nanomaterials Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions:

What is the current size of nanomaterials market?

The Nanomaterials Market Predictable at $11.18 billion in 2022, is estimated to increase at a CAGR of 17.28% from $19.36 billion in 2023 to $61.05 billion by 2030.

What will be the CAGR of global nanomaterials market?

The global nanomaterials market is expected to drive growth at a CAGR of 17.28% from 2023 to 2030.

Who are the major players operating in the nanomaterials market?

The major players operating in the nanomaterials market are Strem Chemicals, Inc., American Elements, US Research Nanomaterials, Inc., Nanocomposix, Inc., Frontier Carbon Corporation, Nanoshel LLC, SkySpring Nanomaterials, Inc., Nanophase Technologies Corporation, Cytodiagnostics, Inc., and Quantum Materials Corp.

Which are the driving factors of the nanomaterials market?

Exceptional physio-chemical characteristics and rising use of nanomaterials in natural philosophy,aerospace, healthcare, and textiles sectors are anticipated to propel the market growth during the forecast years.