2018 Nanomaterials Market- Latest trends, Growth and Forecast up to 2024
Nanomaterials Market size is expected to witness noteworthy growth over the forecast period owing to ongoing technological development. In addition, increasing availability of several methods such as green synthesis and tools to synthesize nanomaterials are driving nanomaterials market growth.
Synthetic methods such as covalent synthesis and self-assembling techniques & processing to fabricate the nanoparticles provide better opportunity for computer simulation and modelling. Further financial support from government organizations are expected to escalate the product growth. These materials having at least one spatial dimension in the size range from 1 to 100 nanometres. Increasing applications of particles in different fields such as health care for tumour treatment, will fuel nanomaterials market over the forecast period.
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The physical and chemical properties of the particles can differ from their atomic, molecular and bulk materials for same composition. Particles find their applications in health care, electronics, cosmetics, aerospace, and other industries. Nanomaterials are both natural and synthetic. Natural are found in biological systems for instance viral caspids, natural colloids. The synthetic particles can be attained through bottom up and top down methods. Further, the synthetic method should be such that size of particle can be controlled in order to attain the required properties.
Several regulatory bodies namely EPOA, RCRA, TSCA, NIOSH, REACH, CLP/GHS are involved in monitoring the generation of hazardous substances due to manufacturing and processing of nanomaterials. REACH organization recommends the need to properly evaluate and manage the risks posed by product on health and environment. Increasing risk to health and environment may hamper nanomaterials market growth over the forecast period.
With reduction in particle size, the surface area increases which enhances the rate of absorption through the skin, lungs and digestive tracks. Another factor that hinders the nanomaterials market growth is lack of research and understanding. However, its impact may diminish over the forecast period with the ongoing extensive research.
The nanomaterials market is segmented based on applications into electrical & electronics, chemical products, health care, aerospace, pharmaceuticals, and polymer and composites. Chemical product segment holds major share while pharmaceuticals, and polymer & composites are expected to witness significant growth in coming years. In the cheamical products, aerogels, so-gels, and inorganic oxide materials find major application owing to catalytic and high surface area with high absorption properties.
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Aerospace sector is expected to witness significant growth over the forecast period as nanomaterials market creates new business opportunity for automotive as it makes parts stronger, tougher, and long lasting. It is revealed in the study that use of this product increases the fatigue life by 200 to 300%.
Based on type of materials, market is divided into metal & metal oxides (silica, zinc oxide, aluminium oxide/hydroxide, iron oxide, titanium dioxide and others), chemicals & polymers (liposomes, nanopharmaceuticals, other chemicals), carbon based, nanoclay, dendrimers, metal based, nanocellulos, and other materials. Metal and metal oxides account for a major share owing to increasing application in fabrication of sensors, micro circuits and passivation coatings. Carbon based nanomaterials market projected to hold noteworthy share due to thermal & electrical conductivity, optical and high mechanical strength properties.
North America led by U.S., is potential nanomaterials market with rising product application in major segments in electrical & electronics, chemical products, and pharmaceuticals. U.S. dominate the overall market owing to large application of nanotubes in various fields like energy storage, molecular electronics. In 2017, the federal budget has allocated funds to National Nanotechnology Institute, a U.S. Government Research & Development initiative which has boosted the nanomaterials market.
Europe market growth is driven by mass production of the nanomaterials that has in turn led to fall in the price. Asia-Pacific is the most lucrative nanomaterials market for the new entrant’s due to the constant support from government funding’s and increasing demand for speciality materials, rising environmental consciousness.
The nanomaterials market is consolidated with major players being BASF, Ahlstrom, Bayer, Evonik Industries, DuPont, Fuso Chemicals, Southern Clay Products, EMFUTUR Technologies, Altair Nanotechnologies. The key players to gain major share of nanomaterials market, adopt strategies such as partnerships, mergers & acquisitions, business expansion, and product & application development. In order to gain competitive share and maximize the benefit, BASF is planning to spend more than one quarter of their capital expenditures in lucrative regions having above average growth.
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