The global nanomaterials market size is expected to reach USD 24.91 billion by 2030 according to a new study by Polaris Market Research. The report “Nanomaterials Market Share, Size, Trends, Industry Analysis Report, By Application (Aerospace, Automotive, Medical, Energy & Power, Electronics, Paints & Coatings, Others), By Product; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Perceptible factors responsible for the market growth include the growing investment in research and development, increasing popularity of nanomaterials in many application sectors, and nanomaterials' superior physicochemical properties are driving the demand in diverse end-user industries. They are frequently added in modest amounts to increase the basic material's performance. However, the industry expansion may be hampered by factors such as strict environmental restrictions and the expensive cost of nanomaterials.
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Nanomaterials are being used in paints and coatings, adhesives and sealants, electronics and consumer goods, and personal care products. The market is projected to be dominated by the medical sector. The medical application sector, with its wide range of applications such as imaging, targeted medicine administration, surgical nanorobots, nano diagnostics, cell healing, and nano biosensors, held a substantial share in 2021 expected to grow significantly throughout the forecast period.
The prominent factors favoring the global market growth include the growing adoption of technology by various industries such as automotive, healthcare, and others. Also, increasing investment in technologies to create a safe environment within the organization will propel the industry in forecasting years.
Major participants such as Elmarco, Kuraray, BASF SE, Cabot Corporation, Chasm Technologies Ltd., Zyvex Technologies, Bayer AG, Finetex ENE, Glonatech SA, Ahlstrom, Nanocyl SA, Nanoviricides, Showa Denko, Sumitomo, and CNANO Technologies Ltd. are some of the key players operating worldwide. Cabot Corporation announced its intention of buying Shenzhen Sanshun Nano New Materials Co., Ltd., a prominent carbon nanotube manufacturer, in January 2020. Cabot Corporation improves its presence in the battery industry, particularly in the Asia Pacific area, as a result of this acquisition.
Polaris Market Research has segmented the nanomaterials market report on the basis of product, application, and region:
Nanomaterials, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Nanomaterials, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Nanomaterials, Regional Outlook (Revenue - USD Billion, 2018 - 2030)