The Global Nanomaterials Market is estimated to be valued at US$ 12.57 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Global Nanomaterials Market have very unique properties and characteristics as compared to their larger counterparts. They possess enhanced mechanical, optical and electronic properties which makes them suitable for applications in automotive, energy, electronics and healthcare industries. Their small size allows for better absorption and increased reactivity.
Market key trends:
Carbon nanotubes (CNTs) exhibit remarkably high electrical conductivity, high mechanical strength and flexibility which makes them suitable to be used in the production of integrated circuits, batteries, fuel cells, lightweight composite materials. Mass production and lower costs of manufacturing carbon nanotubes is facilitating their adoption in various commercial applications. Also, silicon nanomaterials are gaining popularity owing to their applications in lithium-ion batteries, solar cells and transistors. Continuous research and development to develop novel production processes for scaling up nanomaterials and discover their new applications across industries is expected to drive the market growth over the forecast period.
SWOT Analysis
Strength: Nanomaterials offer superior properties as compared to conventional materials. Properties like high strength, lightweight, flexibility, durability, heat resistance makes nanomaterials suitable for various applications.
Weakness: High costs involved in production and R&D of nanomaterials. Concerns regarding health and environmental impact of some nanomaterials.
Opportunity: Growing application of nanomaterials in industries like electronics, healthcare, energy etc. due to their unique properties.
Threats: Stringent regulations around production and applications of nanomaterials. Competition from alternative materials.
Key Takeaways
The Global Nanomaterials Market is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing demand from industries like electronics, healthcare and energy storage.
The Asia Pacific region is expected to dominate the nanomaterials market during the forecast period. This is attributed to growing electronics industry, increasing automotive production and strong presence of nanomaterials producers in countries like China, Japan and India.
North America is also expected to exhibit significant growth in the coming years due to extensive R&D activities for development of advanced nanomaterials.
Key players operating in the nanomaterials market are ACS Material, American Elements, Arkema Group, BASF SE, Cabot Corporation, CHASM Advanced Materials Inc., Chengdu Organic Chemicals Co. Ltd (Timesnano), Jiangsu Cnano Technology Co. Ltd, LG Chem, Nano-C, Nanocyl SA, Nanophase Technologies Corporation, OCSiAl, Raymor Industries Inc., Showa Denko K.K., And Zyvex Technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it