The Nanomaterials Market is predicted to grow at a CAGR of 12% during the forecast period of 2022-2027 and reach the market value of US$17.1 billion by 2027. The growth of the nanomaterials market would be remarkably dependent on the electronics and medical & healthcare sectors. Nanomaterials are available naturally or can be manufactured by performing specialized processes. These materials can have diverse chemical and physical properties. During the past few years, there has been a significant development in nanomaterials and nanotechnology. Carbon-based nanomaterials include graphene, fullerenes, carbon nanotubes and many others. Graphene has emerged as a significant nanomaterial that can be used in sensors, biodevices and optics. Medical & healthcare is one of the major industries using Nanomaterials specifically for drug delivery, bacteria sensors, imaging and medical diagnosis.
Nanomaterials Market: Electronics Segment Leads the Market
On the basis of end-use industry, the Nanomaterials market can be segmented into aerospace, automotive, energy & power, medical & healthcare, electronics, paints & coatings, cosmetics & personal care, packaging, sports, construction, agriculture and others. The electronics segment dominated the nanomaterials market in 2021, with a share of over 21%. Nanomaterials are extensively used due to their advantages in the computing and electronics industry. These are employed in the production of several electronics products and in the manufacturing of electronic circuits. These are further utilized in optics, graphene electrodes, display devices and nanoelectronics. According to Semi-Conductor Industry Association, in 2020, the global sale of the semiconductor industry stood at US$ 439 billion dollars, showing a 6.5% increase from 2019. Thus, the growth of the electronics and semiconductor industry is boosting the growth of the Nanomaterials market.
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Nanomaterials Market: Asia-Pacific Holds the Largest Share
On the basis of geography, the Nanomaterials market can be categorized into North America, Europe, Asia-Pacific, South America and the Rest of the World. According to IndustryARC’s analysis, Asia-Pacific has emerged as one of the most lucrative regions in the market. In 2021, the Asia-Pacific region held a market share of 37% of the overall market. This growth has mainly been attributed to the presence of a wide range of industries such as electronics, automotive, cosmetics & personal care, packaging, energy & power, construction and others. The manufacturers in this region are more inclined towards the production of products using nanotechnology and nanomaterials. As per the 2021 report by the European Automobile Manufacturers Association on global vehicle production, China produced 32% of 74 million cars manufactured worldwide with Japan & Korea producing 16%. Therefore, the growth in such end-use industries is fueling the growth of the nanomaterials market in this region. Asia-Pacific is followed by North America which is expected to gain demand for the Nanomaterials market. The major countries in North America include the U.S., Canada and Mexico.
Nanomaterials Market: Competitive Landscape
The key companies holding a major share in the Nanomaterials market are Strem Chemicals, Inc., American Elements, US Research Nanomaterials, Inc., Nanocomposix, Inc., Nanoshel LLC, SkySpring Nanomaterials, Inc., Nanophase Technologies Corporation, Cytodiagnostics, Inc., Quantum Materials Corp. and Inframat Advanced Materials.
Mr. Venkat Reddy
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