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Overview
The Global Nanomaterials Market size
is forecast to reach USD 49.24 billion by 2029, after growing at a CAGR of 18.15%
during the forecast period 2024-2029. The market for nanomaterials is fueled by increasing
demand from multiple industries such as electronics, healthcare, energy, and
automotive sectors. Nanomaterials find applications in various products and
technologies, including electronics, coatings, batteries, sensors, drug
delivery systems, and more. The market is projected to witness significant
growth during the forecast period, driven by advancements in nanotechnology,
government initiatives promoting nanomaterial research, and increasing
investments by major companies. The growing focus on sustainable and
eco-friendly materials is also contributing to the market expansion. Multiple
uses in the fields of electronics, aerospace, energy storage, biomedical
engineering, and more are driving the market for carbon nanomaterials.
Report Coverage
The report “Global
Nanomaterials Market – Forecast (2024-2029)”, by IndustryARC, covers an in-depth
analysis of the following segments of the global nanomaterials market.
By Type: Carbon-Based Materials, Metal
Based Materials, Dendrimers, Nanocomposites
By End Use
Industry: Paint & Coatings, Automotive & Aerospace, Healthcare & Life
Science, Electronics & Semiconductor, Consumer Goods, Energy, Others
By Geography: North America, South
America, Europe, APAC, and RoW
Key Takeaways
·
The North American region is anticipated
to dominate the global nanomaterials market with a value share of approximately
40% in 2023, followed by Asia Pacific with a 32% value share in the global
nanomaterials market.
·
As electronic devices become
more compact, there is a need for nanomaterials that offer superior performance
in smaller sizes. Nanomaterials, such as nanowires, quantum dots, and
nanoparticles, enable enhanced functionality, higher electrical conductivity,
improved energy storage, and optical properties required for next-generation
devices. Due to the need for miniaturization and performance enhancement, the
demand for nanomaterials in the electronics industry is anticipated to rise.
By Type - Segment Analysis
The Carbon-Based Materials segment dominated the global
nanomaterials market in 2023. Carbon-based nanomaterials include graphene and
its derivatives, fullerenes, carbon nanotubes, graphene oxide, nanodiamonds,
and carbon-based quantum dots. These materials have generated a lot of
attention in a variety of fields, including biological applications, because of
their exceptional mechanical, electrical, thermal, optical, and chemical
capabilities as well as their distinctive structural dimensions. Recent years
have seen a notable rise in the utilization of stimuli-responsive carbon-based
nanomaterials due to their intelligent behavior.
Based on the stimulus-response characteristics of carbon-based nanomaterials,
researchers have used them to cure various diseases. Smart materials with
dynamically tunable physicochemical qualities in response to changes in
internal or external environmental stimuli can be employed, such as
carbon-based stimuli-responsive nanomaterials. Their many chemical and
nanostructure combinations, along with their functional complexes with various
carriers, open new possibilities for the creation of sophisticated smart
nanomaterials.
By End Use Industry - Segment Analysis
The Electronics and Semiconductor end-use industry dominated the global
nanomaterials market in 2023. Increasing demand from semiconductor
manufacturers is driving significant growth in the global nanomaterials market.
The surge in demand for advanced, high-performance microelectronic components
for consumer electronics and other applications is also projected to create
lucrative opportunities for the global nanomaterials f market. For instance, in
2022
,the US government allocated funds of $50 billion under the CHIPS
and Science Act to maintain U.S. leadership in the manufacturing of
semiconductors and encourage high-paying jobs. The rise in government funds or
grants for manufacturing semiconductors is also anticipated to boost the nanomaterials
market. Nanomaterials with exceptional electrical conductivity include graphene
and carbon nanotubes. Because of this, they can be used in a variety of
semiconductor-related applications, such as conductive elements in transistors,
interconnects, and other electronic components.
By Geography - Segment Analysis
North America region dominated the global
nanomaterials market in 2023 Due to the widespread use of nanoscience and
nanotechnology as a vital component of manufacturing across a variety of
industries, the United States is regarded as the industry leader in the field
of nanomaterials. The nation is currently experiencing substantial
technological developments in nanoscience and its implementation in a broad
range of applications. According to the US National
Nanotechnology Initiative, federal government funding for nanotechnology
programs increased steadily from $464 million in 2001 to over $6.2 billion in
2019. The United
States National Nanotechnology Initiative (NNI) has been allocated a budget of
around $31 billion for 2021, with the National Institute of Standards and
Technology (NIST) and other organizations receiving the greatest share of funds
for risk- and standard-related nano-research. The rising government’s funds and
support are also anticipated to drive the market growth.
Drivers – Global Nanomaterials Market
·
Increasing
Adoption of Nanomaterial in Drug Delivery and Medical Devices Propels the
Market Growth
The increasing demand for efficient
& cost-effective healthcare treatment & diagnostics is accelerating the
adoption of nanomaterials in drug delivery and medical devices. The increasing
use of large-sized materials in drug delivery poses significant challenges
which include in-vivo instability, poor absorption in the body, issues with
target-specific delivery and tonic effectiveness, inadequate solubility, low
absorption, and likely harmful effects of medications. Therefore,
nanotechnology plays a significant role in advanced medicine and drug
formulations.
Moreover, Nanotechnology helps in reducing transport costs and even the
required dosages by improving shelf-life, thermo-stability, and resistance to
changes in the humidity of existing drugs. As a result, the demand for
nanotechnology is increasing for more efficient and effective drug delivery. The
emergence of Nanomedicine for the treatment of a wide range of chronic diseases
including cardiovascular disorders, diabetes, tuberculosis (TB), cancer, and
others which in turn is set to propel the growth of Nanotechnology for medical
purposes in the future.
·
Rising Demand
for Nanotechnology-based Devices Triggers Market Growth
Increasing demand for
nanotechnology-based devices is set to drive market growth during the forecast
period. Nanotechnology has greatly contributed to major advances in the
computing and electronics devices sector by helping to provide faster, smaller,
and more portable systems that can manage and store larger and larger amounts
of information. The increasing use of nanotechnology in Transistors that enable
modern computing is a factor that boosts the market growth of nanodevices. Additionally, integration of magnetic random-access memory which is
enabled by nano-meter‐scale magnetic tunnel junctions, in computers will be
able to save data quickly and effectively during a system shutdown or enable
resume‐play features. Furthermore, increasing the use of energy-efficient
Ultra-high-definition displays and televisions that use quantum dots to produce
more vibrant colors is also boosting the market growth. Moreover, the
increasing use of Flexible, bendable, foldable, rollable, and stretchable
electronics that include wearables, smartphones, e-reader displays, and so on
is also influencing the market growth.
·
Increasing
Need for Nanomaterials in the Auto Industry
Because of their outstanding mechanical
qualities and lightweight, nanoparticles are increasingly being used in the
automotive industry. These features prompted the automobile industry to
incorporate nanoparticles in the design and manufacture of car interiors and
exteriors. Nanomaterials are commonly utilized in automobiles to reduce aluminum
engine weight, improve grip, and minimize rolling resistance, as well as in
Li-ion batteries to shorten recharge time, boost tensile strength, and reduce
vehicle weight. These benefits are increasing the adoption of nanomaterials in
the automotive industry, hence driving market growth. Aerospace uses include
equipment enclosures, aircraft interiors, coatings, cockpits, crew gear, space
durable mirrors, nozzles, and solar array substrates. For example, Ford's
'Atoms to Engines' initiative has aided in the reduction of aluminum engine
weight, the use of carbon black in tires for improved grip and reduced rolling
resistance, the use of nanomaterials in Li-ion batteries to minimize recharge
time, and so on. The use of nanomaterials in the automotive sector is projected
to grow, with novel materials such as nanocatalysts, nanodispersions, and nano
additives finding use in lubricants, fuels, and coolants.
Challenges – Global Nanomaterials Market
The high cost of nanomaterials coupled with environmental risk has become
a prime concern for every organization which acts as a major challenge
restraining the market growth of the Nanotechnology market. Since the research
& and development budget is the most important factor considered while
organizations investing in developing advanced tools & and technologies,
the high cost of nanomaterials, slows down its market growth. For example, the price of one milligram and
one gram of gold nanoparticles is approximately $80 and $80,000, respectively. The high cost of nanomaterials negatively
impacts the nanotechnology market as it discourages end-users from using them for
various applications. Additionally, Nanotechnology is an expensive area of research and is
largely confined to developed nations with strong infrastructure. Many
social scientists are concerned that developing countries will fall further
behind as they cannot afford to develop a nanotechnology industry.
·
Issues
And Concerns in Nanotech Product Development
Issues & concerns in nanotech product development have become a
major factor that acts as a major constraint restraining the market growth of
Nanotechnology globally. The major challenges to the marketing of these
nanotechnology products can be the following factors such as inadequate
regulatory framework; lack of support and acceptance by the public, practicing
physicians, and industry; developmental considerations like scalability,
reproducibility, characterization, quality control, and suitable translation;
toxicological issues and safety profiles; lack of available multidisciplinary
platforms and poor intellectual property protection. Lack of standards for
evaluation and Bureaucratic delays limit the market growth. The lack of performance evaluation standards
at different stages of research is a major obstacle to the development of
nano-products. Because of this, there is a lack of standardizing standards by
which nanotechnologies can be evaluated which affects the process of patenting.
Market Landscape
Partnership, Funding, Product Launch, Collaboration, Agreement, and Investment
are key strategies adopted by players in the global nanomaterials market. In 2023,
the global nanomaterials market share has been consolidated by the top seven players
accounting for 44.75% of the share. Major players in the global market are Nanoco
Technologies, Showa Denko K.K., Merck KGaA, Bruker Corporation, Arkema Group,
Thermo Fisher Scientific, A123 Systems, and others.
Developments:
Ø In 2023, Merck KGaA Company’s Millipore® CTDMO Services after this
expansion encompass all key stages of mRNA technologies, lipids, lipid
nanoparticles (LNP), and fill/finish, including key products and biosafety
testing.
Ø In Bruker Corporation announced the launch of the new nanoElute® 2
nano-LC, of MetaboScape® and TASQ® 2023 software supporting fluxomics, and of
the latest advances in PaSER™’s intelligent acquisition to enhance research in
protein-protein interactions (PPIs) and metaproteomics applications.
Ø In 2022, American Elements announced that its engineers had invented
a novel nanoscale electrolyte material for use in cutting-edge Lithium-Sulfur
Battery technology.