The global nanomaterials market size is expected to grow USD 32.76 billion by 2030 and expand at a CAGR of 14.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to a wide range of existing and potential applications of the product in electronics, biomedical, drug delivery, and optical fields. In addition, nanotechnology is extensively used in the healthcare industry in various applications such as anti-infective, neurology, and cardiovascular disorders.
Nanotechnology is also widely used in the electronics industry for making nano sensors, nanofibers, and nanotubes. In addition, it is used in 3D-printed batteries, biodegradable electrodes, and super flexible chips capable of encircling a hair strand. This technology is also used in wastewater treatment and in removing suspended metal particles from water systems.
Rapid advancements in healthcare technology, development in the medical diagnostics industry, and several benefits in medical imaging applications are projected to uplift the market. Additionally, a rise in the focus on research pertaining to rising government expenditure on pharmaceutical and biotechnology research and development (R&D), and nanotechnology are expected to up-scale the growth of the global nanomaterials market during the forecast period.
Nanomaterials are mainly synthesized for commercial and research purposes. The raw materials are procured by commercial manufacturers for large-scale production and by research laboratories for small-scale production. Nanomaterials are produced in laboratories for research purposes, wherein these nanoparticles are studied and explored for their use in potential applications.
Aluminum oxide nanomaterials are used in a diverse range of applications owing to their unusual structural and physicochemical properties like high resistance to mechanical stress, wear, and chemicals. In addition, they exhibit favorable optical properties, as well as large surface areas. The low cost of preparation and the ease of availability and handling of aluminum oxide nanoparticles are expected to further drive their demand globally during the forecast period.
Toxicity assessment of the nanoparticles is expected to be one of the major restraints faced by the industry. The increasing production of nanoparticles has resulted in augmenting the need for more standardized and reliable methods for evaluating the harmfulness of nanoparticles under various biological, dosing, and exposure conditions.
Nanomaterials are supplied to end users through a network of distributors such as Fisher Scientific and BIO Scientific Pty Ltd. Distributors. These distributors supply the product to several end-user industries such as biomedical, energy, electronic, and wastewater treatment. In some cases, nanomaterials are manufactured in university laboratories for captive consumption. However, these universities also procure the end product from commercial manufacturers such as Nanoshel Inc. to conduct research in biomedical, electronics, and energy applications.
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Nanomaterials Market Report Highlights
The titanium (Ti) nanomaterials product segment is expected to grow at a CAGR of 16.2% during the forecast period. The chemicals industry is the largest user of titanium nanomaterials owing to their excellent corrosion resistance. The aerospace industry is the second-largest user owing to high strength and low density, as well as their ability to withstand high (and cryogenic) temperatures
The aerospace application segment is expected to expand at a CAGR of 12.1% over the forecast period. Rising demand for lighter and more efficient aircraft has driven the rapid adoption of nanomaterials in aircraft manufacturing.
Prominent players have been utilizing different business strategies such as business and product development, mergers and acquisitions, and collaborations to stay competitive in the global nanomaterials market. In addition, several companies and universities are engaged in R&D activities to find the application of nanomaterials in drugs and diagnostics of diseases
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Nanomaterials Market Segmentation
Grand View Research has segmented the global nanomaterials market based on material, application and region:
Nanomaterials Material Outlook (Revenue, USD Million, 2018 - 2030)
Gold (Au)
Silver (Ag)
Iron (Fe)
Copper (Cu)
Platinum (Pt)
Titanium (Ti)
Nickel (Ni)
Aluminum Oxide
Antimony Tin Oxide
Bismuth Oxide
Carbon Nanotubes
Other Nanomaterials
Nanomaterials Application Outlook (Revenue, USD Million, 2018 - 2030)
Aerospace
Automotive
Medical
Energy & power
Electronics
Paints & Coatings
Other
Nanomaterials Regional Outlook (Revenue USD Million, 2018 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Asia Pacific
China
India
Japan
Central & South America
Brazil
Middle East & Africa
List of Key Players in Nanomaterials Market
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.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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