The global nanomaterials market accounted for US$ 7.63 Bn in 2018 and is anticipated to grow to US$ 28.15 Bn at a CAGR of 17.8% throughout the forecast period from 2019 to 2027.
Increasing applications of nanomaterials and ongoing research and development for developing new and advanced materials are factors bolstering the growth of the nanomaterials market. The combination of factors, including excellent physio-chemical properties of nanomaterials, financial support from government organizations, and rising application of these materials in healthcare, and automotive, among others, are driving the demand for nanomaterials market globally. In addition, the rapidly growing nanotechnology and nanoscience domain are also positively influencing the growth of the global nanomaterials market. Apart from this, the growing use of nanomedicines in the healthcare industry and emerging applications in the electronics industry are further boosting the nanomaterials market growth.
Additionally, the increasing availability of various methods and tools to synthesize nanomaterials, such as covalent synthesis and self-assembly, are enhancing market growth. The benefits offered by nanomaterials include high surface-to-volume ratio, high porosity, and enhanced physio-chemical properties, among others. However, factors such as the high cost of nanomaterials and stringent environmental regulations may hamper the market's growth.
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Based on product, the nanomaterials market is classified into carbon-based (nanotubes, fullerenes, and Graphene), metal-based (silver, gold, nickel, and quantum dots), dendrimers (nanoclay and nanocellulose), and composites segments. The carbon-based segment dominated the global nanomaterials market. This can be attributed to its various benefits, including high strength, light weight, flexibility, and durability, among others. In addition, the rising application of carbon-based materials in various industries, such as aerospace & defense and automotive, for making airframe structures, engine parts, etc., are proliferating the growth of nanomaterials.
In contrast, the composites segment is projected to grow with the highest CAGR throughout the forecast period. This is due to their wide applications, including catalysts, metal-semiconductor junctions, and optical sensors.
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In 2018, the North American region dominated the global nanomaterials market and contributed a share of more than 30% of revenue generated worldwide. The major share of which comes from the U.S., which held the largest market in North America with a share of more than 80%. This can be associated with the large application and use of nanotechnology in various end-use industries, including electronics, healthcare, and chemicals.
In contrast, the Asia Pacific region is expected to expand rapidly during the forecast period. Owing to the rising demand for nanotechnology, increasing spending by organizations towards research and development in the region, and support from the government, among others. For instance, in 2019, BASF, a leading nanotechnology company, spend almost Euros 2.03 Bn on research and development activities. In addition, the increasing demand for specialty materials in the region and rapidly growing industries such as energy, healthcare, and construction, among others in countries including China and India, are proliferating the growth of the nanomaterials market. As a result, the nanomaterials market is led by Japan in the Asia Pacific region, followed by China, India, and South Korea. This can be attributed to Japan being a technological hub with the highest consumption of electronic products.
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This study report represents analysis for each segment from 2017 to 2027, considering 2018to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
o Nanotubes
o Fullerenes
o Graphene
o Silver
o Gold
o Nickel
o Quantum Dots
o Nanoclay
o Nanocellulose
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the overall nanomaterials market better. In addition, the global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.