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Nanomaterials Market

Nanomaterials Market: Information by Product (Gold, Platinum, Titanium, Nickel, Aluminum Oxide), Application (Aerospace, Automotive, Paints and Coatings), and Region — Forecast till 2030

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Market Overview

The global nanomaterials market size was valued at USD 10.8 billion in 2021. It is projected to reach USD 34.89 billion by 2030, growing at a CAGR of 14.45% during the forecast period (2022-2030).

Nanomaterials are substances having at least one spatial dimension and size between 1 and 100 nanometers and can be produced with various modulation dimensionalities. Individual nanostructures include atomic clusters, quantum dots, nanocrystals, nanowires, and nanotubes. Arrays, assemblages, and superlattices of various nanostructures are examples of collections. Physical and chemical properties of bulk or atomic-molecular materials with the same composition might vary significantly from those of nanomaterials. The distinctiveness of the structural characteristics, responses, dynamics, chemistry, and energetics of nanostructures forms the basis of nanoscience. The nanomaterials market is expected to be researched in several problematic sectors, such as nanoparticles or nanocrystals of metals and semiconductors, nanotubes, nanowires, and nanobiological systems.

Market Snapshot

market snapshot
Base Year
: 2021
Study Period
: 2020-2030
: 14.45 %
Fastest Growing Market
: North America
Largest Market
: Asia-Pacific
Market Size
: 34.89
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Market Dynamics

Global Nanomaterials Market Drivers

Rapid Technological Progress in the Medical Sector

Due to several variables, including a rapidly aging population, technology improvements, and an increase in the prevalence of chronic illnesses worldwide, the global medical business is expected to grow. Furthermore, thanks to advancements in electrocardiographic technology, an increase in cardiovascular disorders is anticipated to benefit the market. The global medical sector is restructuring its research and ensuing goods based on recent nanoparticle advancements. Additionally, the desire to raise the population's average life expectancy and the cost-effective diagnostic programs offered by private companies are anticipated to benefit the demand for medical devices and support the nanomaterials industry.

Medical equipment uses nanoparticles to diagnose a variety of ailments. One of the most common uses of magnetite nanoparticles for scanning is magnetic resonance imaging (MRI). Due to their ability to provide precise and effective medication administration, nanomaterials also provide high functionality in nanomedicine applications. They are anticipated to solve the drawbacks of traditional therapy. For the targeted and regulated administration of therapeutic agents in a wide range of chronic diseases like diabetes, pulmonary TB, atherosclerosis, asthma, and others, nanomaterials have assisted the development of a wide variety of drug carriers.

Global Nanomaterials Market Restraint

Toxicity Assessment of Nanomaterials

The toxicological evaluation of the nanoparticles is one of the significant issues facing the business. The demand for more dependable and consistent methodologies for assessing the toxicity of the nanoparticles under various exposure, biological, and dosage settings has increased due to increased research and production of nanoparticles. Using animal tests as a test subject makes it challenging to comprehend how the product affects the human body. The manufacturing method is labor-intensive, and the cost of the finished product increases because the nanoparticles must be coated with other materials and cannot be injected directly into the human body. Regulations are crucial when it comes to products that use nanoparticles.

To enable the responsible transfer of trustworthy research findings to assess the toxicity of the nanoparticles, developers, regulatory authorities, and researchers must implement effective communication techniques. Lack of knowledge about the product's qualities, applications, and risks is a significant barrier to the market's expansion, restraining the nanoparticle industry's growth. Industry challenges are predicted in terms of nanoparticle characterization techniques and attributes. For the duration of a product's life cycle, it is essential to confirm and comprehend a nanoparticle's physio-chemical, size, and shape features.

Global Nanomaterials Market Opportunities

Growing Applications in Different Sectors

Due to its employment in a rising variety of potential applications, nanotechnology is expanding quickly. The three subfields of nanotechnology are nanotools, nanomaterials, and nanodevices. Due to the technology's extensive range of applications, numerous sectors stand to benefit, which is expected to accelerate the expansion of the nanoparticles market over the forecast period. Nanotechnology has numerous applications in various fields, including electronics, healthcare, defense, agriculture, and energy. Due to reasons like expanding financing for R&D activities in the public and private sectors, technical partnerships, and the rising demand for powerful and tiny gadgets at reasonable rates, the nanotechnology market is experiencing substantial expansion.

Nanosensors, nanofibers, and nanotubes are frequently produced in the electronics sector thanks to nanotechnology. Additionally, it is utilized in biodegradable electrodes, 3-D printed batteries and extremely flexible semiconductors that can enclose a hair strand. In addition, wastewater treatment and the elimination of suspended metal particles from water systems utilize this technology. Nano agriculture is one of the more recent uses that protect plants, find animal and plant diseases, and tracks plant growth while also boosting food production, enhancing food quality, and reducing waste.

Segmental Analysis

The global nanomaterials market is segmented by product and application.

Based on Product, the global market is bifurcated into gold, platinum, titanium, nickel, aluminum oxide, copper, and others.

The copper segment owns the highest market share and is expected to grow at a CAGR of 12.70% during the forecast period. High electrical conductivity and melting point, minimal electrochemical migratory behavior, high bioavailability, and low production costs are all characteristics of copper (Cu) nanoparticles. Future nanodevices, including printed electronics, solar cells, robot memory chips, and microprocessors, are anticipated to be a crucial component. In the manufacture of medicines, these nanomaterials can also take the place of pricey metals like palladium and platinum. Copper nanoparticles can also be used as sintering additives, wear-resistant coatings, microelectronic devices, inks, pastes, and conducting coatings.

Gold nanomaterials are adaptable and can be used in medicinal, chemical, and nanoelectronic applications. Gold nanoparticles' optical and electronic properties are being extensively researched for usage in high-tech products like therapeutics, electronic conductors, and sensory probes. They are anticipated to be used for drug administration in biological and medicinal applications and organic photovoltaics. When applied to polymers, coatings, nanofibers, and textiles, these nanomaterials also serve as antibiotic, antifungal, and antimicrobial agents. Due to their high density, gold nanoparticles can be utilized as transmission electron microscopy probes. These nanomaterials can be employed for medical applications such as photothermal therapy (PTT), medicine, and gene transfer by altering their inherent properties, such as their optical, electrical, and physicochemical qualities.

Nanomaterials made of platinum (Pt) are among the most expensive and difficult to find. In addition to photonics, optics, and pharmaceutical applications, they are employed in organic catalysis, fuel cells, water gas shift reactions, the electronic and petrochemical industries, cars, and biosensors. Additionally, carbon monoxide is selectively oxidized using these nanoparticles (CO). Due to their substantial surface area, platinum nanoparticles are distinctive. They are used in various catalytic applications as catalysts for petrochemical cracking and automotive catalytic converters. The most common form of these nanomaterials used is colloids or fluid suspensions. Platinum nanoparticles have a broad size distribution and huge surface area.

Based on Application, the global market is bifurcated into aerospace, automotive, medical, energy and power, electronics, paints and coatings, and others.

The medical segment is the highest contributor to the market and is expected to grow at a CAGR of 15.60% during the forecast period. In the medical field, nanomaterials are utilized for various specialized functions, including imaging, targeted medication administration, surgical nanorobots, nanodiagnostics, cell healing, and nanobiosensors. Nanoparticles are employed more frequently in biomedical settings to diagnose and treat various illnesses, including cancer and brain tumors. In addition, the product's superparamagnetic properties at room temperature make it sound like a T2 contrast agent in MRIs. Magnetite nanoparticles are coated with several polymers, such as carboxylate, hydroxyl, styrene, carboxyl, and vinyl alcohol groups, before being injected into the human body. Bioactive materials, such as medicinal pharmaceuticals, are becoming more prevalent in the biomedical industry.

The swift uptake of nanomaterials in aircraft production is a result of the public's increased interest in lighter, more fuel-efficient airplanes. In order to increase an airplane's security, comfort, and affordability, nanomaterials are widely used in the production of aerostructure, glass, and textile components for the aerospace industry. These materials provide significant benefits in speed, weight, and strength. Additionally, the high costs and harsh conditions in space have prompted the development of new materials that can endure intense radiation and high temperatures. Nanomaterials' high strength and low weight and nanoelectronics' quick working speed are predicted to promote their uptake in aeronautical applications.

Vehicle weight reduction is a significant focus for automakers to increase fuel efficiency while maintaining structural integrity and adhering to safety regulations set by various governments. In order to minimize the vehicle's overall weight, steel is being replaced with lightweight metals and polymers. Although the vehicle's permanent strength is maintained, carbon nitride nanoparticles embedded in steel offer an additional weight reduction. Nanoparticles are added to paints and varnishes to increase the vehicle's scratch and wear resistance. These nanoparticles are used as fillers in clear coat coatings and applied over standard automotive paint to protect cars against abrasion, UV degradation, and scratches.

Regional Analysis

The global nanomaterials market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA. 

Asia-Pacific Dominates the Global Market

Asia-Pacific is the most significant shareholder in the global nanomaterials market and is expected to grow at a CAGR of 17.40% during the forecast period. The demand for nanomaterials in Asia-Pacific is anticipated to increase because of the region's robust expansion in the electronics, medical equipment, aerospace and military, textiles, and automotive industries. Several international corporations are investing in the nanomaterials market. For instance, in September 2020, Birla Carbon, a leading global supplier of carbon black, and CHASM Advanced Materials, Inc., a leading developer and manufacturer of advanced proprietary materials hybridized at the nanoscale, formed a strategic alliance to commercialize novel nanomaterials for high-performance tires, conductive plastics, novel coatings, and next-generation batteries. The regional nanomaterials industry is expanding as a result of these investments by market players.

North America is expected to grow at a CAGR of 13.10%, generating USD 9,529.28 million during the forecast period. The nanomaterials industry in North America has matured, consolidated, and liberalized its approach to incorporating new technologies in order to boost the efficacy of finished products. Due mainly to North America's status as a global leader in manufacturing, the area has experienced rapid expansion. The regional market is anticipated to be driven by ongoing nanomaterials and nanotechnology R&D efforts to investigate possible applications in various end-use sectors.

The advancement of nanotechnologies is crucial to Europe's economic expansion and the realization of its innovation potential. One of the key drivers of the region's economic expansion is the pharmaceutical sector. This sector is a critical asset and a significant source of employment in Europe due to the significant expenditures made in research and development activities by many economies in the region, particularly Germany, France, Italy, and the UK. However, the pharmaceuticals business is anticipated to significantly influence growth due to the UK's exit from the European Union. Biomedical advancements in Europe are being driven by the use of nanomaterials in the healthcare industry, which has the potential to meet the unmet medical needs of the general public.

Several governments in Central and South America have developed and launched national nanotechnology strategies and programs to promote the industries and businesses engaged in nanotechnology. For instance, the National Nanotechnology Laboratory (LANOTEC) in Costa Rica focuses on the study, development, and use of technologies connected to nanotechnology and nanomaterials. It focuses on the creation and research of new materials as well as the dissemination of scientific information and technological advancements across a range of businesses. Similarly, one of Chile's top centers for nanoscience and nanotechnology is Centro de Nanociencia I Nanotecnologia (CEDENNA).

Nanomaterials Market Regional Analysis
Regional Growth Insights Download Free Sample

Top Key Players of Nanomaterials Market

The global nanomaterials market’s major key players are

  1. American Elements
  2. Nanocomposix, Inc.
  3. SkySpring Nanomaterials, Inc
  4. Frontier Carbon Corporation
  5. Nanoshel LLC
  6. Strem Chemicals, Inc.
  7. SkySpring Nanomaterials Inc
  8. Nanophase Technologies Corporation
  9. Cytodiagnostics, Inc
  10. Quantum Materials Corp

Report Scope

Report Metric Details
CAGR 14.45%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
  1. By Product
    1. Gold
    2. Silver
    3. Iron
    4. Copper
    5. Platinum
    6. Titanium
    7. Nickel
    8. Aluminum Oxide
    9. Antimony Tin Oxide
    10. Bismuth Oxide
    11. Carbon Nanotubes
    12. Others
  2. By Applications
    1. Aerospace
    2. Automotive
    3. Medical
    4. Energy and power
    5. Electronics
    6. Paints and Coatings
    7. Others
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa

Recent Developments

  • January 2022- The Society of Chemical Manufacturers & Affiliates (SOCMA), the top trade association for specialty and fine chemical manufacturers and service providers, recognized Ascensus Specialties with the Silver Performance Improvement Award for outstanding efforts in improving environmental, health, safety, and security (EHS&S).
  • December 2021- Wychem Limited ("Wychem"), a renowned UK-based maker of fine chemicals for pharmaceutical and specialty applications, was acquired by Ascensus Specialties ("Ascensus" or the "Company"), a major U.S. distributor of specialty materials for the life sciences and advanced technology markets. Ascensus's current capabilities are enhanced by this deal, strengthening the company's commitment to serving the pharmaceutical industry.

Nanomaterials Market Segmentation

By Product

  • Gold
  • Silver
  • Iron
  • Copper
  • Platinum
  • Titanium
  • Nickel
  • Aluminum Oxide
  • Antimony Tin Oxide
  • Bismuth Oxide
  • Carbon Nanotubes
  • Others

By Applications

  • Aerospace
  • Automotive
  • Medical
  • Energy and power
  • Electronics
  • Paints and Coatings
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
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