Nanomaterials Market Expected to Reach $62.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Nanomaterials Market," the global nanomaterials market size was valued at $16.3 billion in 2021and is projected to reach $62.8 billion by 2031, growing at a CAGR of 14.6% from 2022 to 2031.

Nanomaterials are structures of up to one dimension. There are four major types of segments in the nanomaterials market namely, zero-dimensional, one-dimensional, two-dimensional and three-dimensional. Nanoparticles are amorphous or crystalline one-dimensional structures. They also come in different shapes and sizes. Acicular particles have the shape of nanotubes, nanorods, and nanowires. A two-dimensional form of nanomaterial is a nanofilm. There are various applications of nanomaterials.

Nanomaterials are used in various end user industries due to its properties such as high strength, hardness, elasticity, electrical conductivity, antibacterial and self-cleaning properties. Scratch resistance and chemical resistance are the main reasons for using these nanomaterials in several end use industries. In recent years, the electronics market has experienced high acceptance of nanomaterials. The need for medical devices and nanoparticles also leads to high acceptance rates. Battery electrodes, fabric surface treatments, and transportation industries are increasing market usage. Airplanes are in desperate need of nanomaterials. The ceramic coating market is also experiencing extraordinary demand for its products during the forecast period. Emerging markets face high demand for nanomaterials in water treatment applications. Rise in need for nanomaterials in various industries is projected to foster the nanomaterials market growth in the coming years. These nanomaterials market trends create high market value for nanomaterials.

The nanomaterials market is categorized on the basis of material type, end user industry, and region. By material type, the metal based nanomaterials segment accounted for a market share of 82.6% in 2021 and is projected to grow at a CAGR of 14.8% over the forecast period. Metal based Nanomaterials are a focus of the biomedical and pharmaceutical industries. The power here is the chemical binding or conjugated properties that metal-based nanoparticles offer. That power if found in the ability of multi-bond materials to be joined chemically with antibodies or pharmaceuticals. Metal based nanomaterials are used in healthcare such as contrast dyes that work with MRI and scanning devices for diagnostic purposes.

By end user industry, the paints & coating segment dominated the global market with a share of 21.5% in 2021. Many paints for indoor and outdoor applications contain biocides and additives for protection against microbial, physical and chemical deterioration. It is proposed that engineered nanomaterials in paints will improve their properties, such as hydrophobation, water repellence, scratch resistance, durability, antimicrobial properties, UV-light-filtering, self-cleaning properties, photocatalytic activity, improved rheology, and increased bleaching resistance. Due to these properties, the nanomaterials market share is expected to rise in paints & coating industry over the forecast period.

By region, Asia Pacific is leading region in nanomaterials market and expected to be fastest growing region owing to strong demand for nanomaterials in Asia-Pacific as many new companies are trying to enter the market, especially in China, India, Japan, and others.

Major players operating in the global nanomaterials market analysis include, Arkema Group, Daikin Industries Ltd, DuPont, Evonik Industries AG, Lanxess Corporation, LG Chem, Merck KGaA, Nanoco Technologies Ltd, Nanocyl S.A., and Umicore N.V.

COVID-19 Impact on Market

• The COVID-19 pandemic's emergence caused the market for nanomaterials to fall, which in turn decreased consumer spending power. In 2020, despite the COVID-19 pandemic, the aerospace, automobile, and electronics sectors all have seen decreased demand. The ease of limitations and financial packages proposed by governments to start the economies, which have strengthened consumer demand, have led to a revival in demand in 2021.
• Nevertheless, a number of R&D organizations are creating fresh potential uses for nanomaterials in the detection, prevention, and treatment of COVID-19 and other viral infections. Due to their antibacterial, antioxidant, and anticancer capabilities, nanomaterials are rapidly being used in biomedical or imaging applications, implants, photothermal therapy, and drug delivery. Such medical applications are expected to reduce the impact on the growth caused by Covid-19.

KEY FINDINGS OF STUDY

• By material type, dendrimers is anticipated to be the fastest-growing material type segment in terms of value, growing at a CAGR of 16.2%, throughout 2022–2031. Dendrimers have a broad range of applications in supramolecular chemistry, particularly in host-guest reactions and self-assembly processes. Currently, drug delivery, imaging, photodynamic therapy, anti-cancer drugs, MRI, gene delivery, sensors, and neutron capture therapy are some of its successful applications.
• In nanomaterials industry, the paints & coating end-user industry segment emerged as the global leader by acquiring around 21.5% market share in 2021 in terms of revenue and is anticipated to show a significant growth rate over the forecast period.
• Region-wise, Asia Pacific is the major consumer of nanomaterials among other regions. It accounted for around 39.1% of the global market share in 2021 and Asia-Pacific is expected to witness lucrative growth rate over the forecast period.