Nanomaterials Market Outlook
According to a new report by Expert Market Research titled, “Global Nanomaterials Market Size, Share, Analysis, Report and Forecast 2023-2028″, the nanomaterials market reached a value of USD 25.8 billion in 2022. Aided by the growing demand for advanced materials across various industries and the extensive application spectrum of nanomaterials, the market is projected to further grow at a CAGR of 15.60% between 2023 and 2028 to reach a value of USD 61.02 billion by 2028.
Nanomaterials are materials engineered at a nanoscale, typically between 1 and 100 nanometres in size. These materials exhibit unique physical and chemical properties owing to their nanoscale dimensions. Nanomaterials are widely used across a range of industries, including electronics, healthcare, energy, environmental science, and aerospace, for their superior mechanical, thermal, and optical characteristics.
The escalating consumer demand for innovative materials is a key driver of the global nanomaterials market growth. As technology continues to evolve at a rapid pace, there is a significant shift towards materials that offer enhanced functionality, improved efficiency, and reduced environmental impact. This shift leads to an uptick in the demand for nanomaterials across various sectors.
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Moreover, the growing application spectrum of nanomaterials plays a substantial role in propelling nanomaterials market growth. In the electronics sector, nanomaterials contribute to the development of faster, smaller, and more portable systems, with extended lifetimes and improved energy efficiency. In healthcare, nanomaterials are employed for various purposes, including drug delivery, imaging, diagnostics, and artificial tissues. Their unique optical properties are exploited in the energy sector for photovoltaic applications, and their mechanical strength is utilised in the aerospace sector for lightweight, high-strength composites.
Additionally, the burgeoning trend of sustainability and eco-efficiency has significantly boosted the nanomaterials market expansion. These materials, due to their inherent properties, can contribute to energy efficiency, waste reduction, and the use of renewable resources, aligning with the global shift towards a more sustainable and circular economy.
Further, nanomaterials are being increasingly recognised as crucial components in the manufacturing of next-generation products. With advancements in nanotechnology and the rising emphasis on research and development, nanomaterials are set to play an increasingly integral role in the conception of future technologies, thereby spurring the nanomaterials market development.
Lastly, the rise in consumer awareness and acceptance of nanotechnology-based products have provided a significant boost to the market for nanomaterials. While the field of nanotechnology was once considered niche, it has now gained mainstream acceptance, with consumers recognising the benefits that these advanced materials can offer.
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Nanomaterials Market Segmentation
The market can be divided based on product type, structure type, end use, and region.
Market Breakup by Product Type
- Nonmetal Oxides
- Complex Oxides
Market Breakup by Structure Type
- Non-polymer Organic Nanomaterials
- Polymeric Nanomaterials
Market Breakup by End Use
- Personal Care
- Paints and Coatings
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global nanomaterials companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Arkema Group
- LG Chem, Ltd.
- Cabot Corporation
- Nanoshel LLC
- CHASM Advanced Materials, Inc.
- ACS Material
- US Research Nanomaterials, Inc.
- Strem Chemicals, Inc.
- Fortis Life Sciences Company
- Nanophase Technologies Corporation
- SkySpring Nanomaterials, Inc.
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