Nanomaterials are atoms or molecules with dimensions measured in nanometers, which exhibit enhanced mechanical, electrical, magnetic, and optical properties. They are finding increasing usage in various industries due to their extremely small particle size and large surface area. Areas of application include electronics, energy, biomedicine, coatings and paints, and textiles. For instance, their use enhances the battery lifespan, surface properties of materials, drug delivery capabilities, and more.
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 key trends:
One of the key trends driving the Nanomaterials Market is the increasing miniaturization and performance enhancement demands of electronic devices. Nanomaterials such as carbon nanotubes and quantum dots are finding extensive usage in improving semiconductor properties, photovoltaic efficiency and display functionality. For example, quantum dots are being incorporated in LED and LCD displays for brighter and more vibrant colors. Their potential for energy storage in next-gen batteries is also spurring research and development activities in the market. Another major trend is the rising focus on green synthesis of nanomaterials through plant extracts and other natural methods, which are more eco-friendly and cost-effective compared to physical and chemical processes. This is expected to open up new growth avenues over the forecast period.
Threat of new entrants: Low capital requirements and established value chains pose low threats of new entrants in the nanomaterials market.
Bargaining power of buyers: Large buyers can negotiate lower prices due to scale economies. However, high quality requirements maintain suppliers’ bargaining power.
Bargaining power of suppliers: Suppliers of critical raw materials exert bargaining power due to differentiated offerings and access to intellectual property.
Threat of new substitutes: Nanomaterials face few substitutes due to unique chemical and physical properties for specific industrial applications.
Competitive rivalry: The global nanomaterials market is consolidated, leading to competition on pricing and quality improvements.
The Global Nanomaterials Market Size is expected to witness high growth over the forecast period. North America currently dominates the market owing to strong government funding for R&D initiatives and presence of key players.
Regional analysis: North America is expected to account for over 35% market share and grow at a CAGR of 15% during 2023-2030. Growing demand from applications such as energy storage, fuel cells and healthcare will drive the market. Asia Pacific is also projected to grow at a CAGR of over 13% during the forecast period with China emerging as the largest producer and consumer.
Key players: 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. The market is led by American Elements, BASF and Arkema Group.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it