Nanomaterials Industry Overview
The global nanomaterials market size is expected to reach USD 23.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.1% from 2021 to 2028. Factors such as increasing applications of nanomaterials in electronics and biomedical domains, financial support from the government, ongoing R&D, and rapid economic growth are expected to drive the market in the forecast period.
Nanomaterials Market Segmentation
Grand View Research has segmented the global nanomaterials market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Gold (Au), Silver (Ag), Iron (Fe), Copper (Cu), Platinum (Pt), Titanium (Ti), Nickel (Ni), Aluminum Oxide, Antimony Tin Oxide, Bismuth Oxide, Carbon Nanotubes and Others.
- The carbon nanotubes segment dominated the market and accounted for the largest revenue share of 23.7% in 2020 and is widely used in lithium-ion batteriesas they exhibit the highest reversible capacity. Their large surface area and ability to absorb and conjugate diagnostic and therapeutic agents, including drugs, genes, vaccines, biosensors, and antibodies, have enabled the use of carbon nanotubes in a wide range of pharmaceutical and medical applications.
- The titanium nanoparticles segment accounted for a significant revenue share of 22.2% in 2020. The growth can be attributed to its growing applications in aerospace, chemicals, medical, petrochemicals, and architectural industries. These are also used as antimicrobial, antibiotic, and antifungal agents in plastics and soaps, nanofibers, bandages, nanowires, and textiles.
- The silver nanoparticles segment accounted for the second-largest revenue share of 13.5% in 2020. These are used in a broad range of applications as antimicrobial agents, biomedical device coatings, drug-delivery carriers, imaging probes, and diagnostic and optoelectronic platforms owing to their unique properties such as high electrical conductivity, discrete physical and optical properties, and biochemical functionality.
- Aluminum Oxide nanomaterials are expected to witness a significant rise in demand on account of their exceptional structural and physicochemical properties, including superior resistance to mechanical stress, chemicals, and wear. The segment is estimated to reach USD 1.9 billion by 2028 and is expected to witness significant growth over the forecast period.
Based on the Application Insights, the market is segmented into Aerospace, Automotive, Medical, Energy & power, Electronics, Paints & Coatings, and Others.
- The medical application segment led the market and accounted for the largest revenue share of around 29.98% in 2020.
- The paints and coatings segment is expected to witness significant growth owing to the development of modern techniques to tailor the manufacture and use of nanomaterials in the coating industry for specific needs.
- Nanomaterials improve the hardening, UV-light absorption, and biocide properties of paints and coatings. Titanium dioxide(TiO2) and silicon dioxide are major nanomaterials used in paints.
- The demand for nanomaterials in electronics applications is significantly increasing owing to their rising penetration as nanowires, spintronics, and quantum dots in the nanoelectronics industry.
Nanomaterials Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies Profile & Market Share Insights
Key industry participants spend heavily on product and services innovation and customized products to meet the customer needs. To stay competitive in the global market, prominent players have been using a variety of business strategies such as capacity building, business expansion, collaborations, mergers and acquisitions, and application development.
Some of the prominent players in the nanomaterials market include:
- Strem Chemicals, Inc.
- American Elements
- US Research Nanomaterials, Inc.
- Nanocomposix, Inc.
- Frontier Carbon Corporation
- Nanoshel LLC
- SkySpring Nanomaterials, Inc.
- Nanophase Technologies Corporation
- Cytodiagnostics, Inc.
- Quantum Materials Corp
Order a free sample PDF of the Nanomaterials Market Intelligence Study, published by Grand View Research.