India Nano Silver Market Expected to Reach $208.2 Million by 2027

According to a new report published by Allied Market Research titled, “The India Nano Silver Market by Method of Synthesis and End User: Country Opportunity Analysis and Industry Forecast, 2020–2027,” the India nano silver market size was valued at $61.6 million in 2019, and is projected to reach $208.2 million by 2027, growing at a CAGR of 21.3% from 2020 to 2027. Nano silver materials/particles are ultra-fine particles of silver ranging from 1 to 100 nm. Some of the factors that drive the market growth include increase in need for energy efficient lighting system alongside expanding penetration of light emitting diode (LED) lighting and rise in demand for antibiotic coatings in healthcare applications. Some of the advantages of nano silver in antibacterial application are strong sterilization, strong permeability, and others. However, silver nanoparticles are required to have ultra-high purity and ultra-low defects.

To control the properties of nano silver, the manufacturing process must be reliable along the atomic length scale. For instance, nano silver requires high purity and achieving this purity level requires materials to be processed at elevated temperatures & pressures, large amounts of organic solvents, or under a controlled environment. This results in a significant overall cost of production for silver nanoparticles. In addition, the concerns regarding the impact of nano silver products on human health and the environment and stringent government environmental regulation are some of the factors hindering the market growth in India.

Depending on method of synthesis, the chemical reduction segment held the highest market share of around 52.4% in 2019, and is expected to maintain its dominance during the forecast period. This is owing to rise in demand for nano silver products from various applications including antimicrobial coatings, textiles, wound dressings, biomedical devices and others. In addition, rise in demand for nano silver in pharmaceutical and medical applications is expected to fuel the growth of the market during the forecast period.

On the basis of end user, the electrical & electronics segment holds the largest market share, in terms of revenue, and is expected to maintain its dominance during the forecast period. 

This growth is attributed to ongoing trend of designing compact and smart electrical & electronics products with high-end features. In addition, India is one of the major countries in Asia-Pacific electronics market, owing to which it is favorite destination for conductive ink manufacturers which in turn is anticipated to propel the demand for nano silver in the upcoming years.

India nano silver market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include American Elements, Filo Lifesciences Pvt. Ltd, Merck KGaA, Mincometsal, Nanochemazone, Inc., Nanocomposix, Nano Labs, Nanoshel LLC, Reinste Nanoventures Pvt. Ltd, and Sisco Research Laboratories Pvt. Ltd.

Other players operating in the value chain of the India nano silver market are Otto Chemie Pvt. Ltd., Indian Platinum Pvt. Ltd., Nano Research Elements, Inc., Jigchem Universal, Sensors Tech Pvt. Ltd., Khandelwal Laboratories Pvt. Ltd., and others.

COVID-19 impact on the market

The India nano silver market is anticipated to witnessing steady and sluggish growth for the year 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries across the country. In addition, ongoing projects from various industries such as construction, oil & gas, manufacturing, and others are on hold or cancelled, which has affected the sales of material handling equipment, electronics equipment and others. This further resulted in restraining the growth of the nano silver market till the effect of pandemic becomes less.

KEY FINDINGS OF THE STUDY

• In 2019, the chemical reduction segment accounted for majority of the share of the India nano silver market, and is expected to maintain its lead throughout the forecast period.
• In 2019, the chemical reduction segment accounted for around 52.4% of the share in the India nano silver market, and is expected to maintain its dominance till the end of the forecast period.
• In 2019, the biological segment is accounted for 29.6% market share in 2019, and is anticipated to grow at a rate of 22.7% in terms of revenue, increasing its share in the market.
• Pharmaceuticals is the fastest-growing end user segment in the market, expected to grow at a CAGR of 22.3% during 2020–2027.
• In 2019, the electrical & electronics segment dominated India nano silver market with more than 28.3% of the share, in terms of revenue.