The global gold nanorods market is expected to grow positively over the forecast period on account of its developing application in the medical sector. Gold nanorods are single gold crystals, which are basically made in water owing to which they are referred as colloidal particles. Gold nanorods are used as optical materials for multiple applications. Calcium phosphate, titanium dioxide, and zinc oxide are key materials used in nanorods production across the globe. Attributable to gold nanorods heat releasing property, they are widely used in many photothermal properties. On account of strong electric field presence on the nanorods surface, they are used in solar cells for improving their light absorption properties on the basis of which huge global gold nanorods demand is expected from the solar market for its application over the forecast period. Growing gold nanorods applications in the biomedical sector are expected to propel the global gold nanorod market over the forecast period. They have the ability to absorb the light and scatter them along with its nontoxic nature, which makes them useful in a wide range of biomedical applications which includes imaging, cancer therapy, and diagnostics.
Huge demand is expected from the medical industry for cancer treatment, which is expected to propel the global gold nanorods market over the forecast period. Gold nanorods are expected to be best for the photothermal heating process in which absorbed light is converted in heat. If they are exposed to too much light, then they have a tendency to drop their optical property. Sometimes they require silicon coatings in order to protect them from their outer environment. Many ongoing types of research are expected to increase gold nanorods demand over the forecast period if it comes out to be successful as anticancer drugs. The growing solar sector is expected to be the major opportunity for market growth in the coming years across the globe. High price coupled with volatility in gold price is expected to hinder the market growth over the forecast period.
The global gold nanorod market is segmented on the basis of application. The application segment includes sensing, obscurant materials, medical & healthcare sector, electronic industry, optical coatings, optical tomography, and tableware sector. In the medical &healthcare industry, gold nanorods are used for photothermal cancer therapy. In the electronic industry it is used in many applications such as in solar cells, flash memory devices, and in LCDs. Gold nanorods are widely used as decorative material in the tableware industry. Among all the gold nanorods applications, the medical industry is holding the largest market share and expected to grow over the forecast period.
North America was holding a major gold nanorods market share on account of huge demand from the medical and healthcare industry. Owing to the major number of research and development related institutes present in North America is also expected to raise gold nanorods demand in the coming years. The Asia Pacific is expected to be the fastest and largest growing market in the coming years. Countries such as China, Japan, Korea, India, and Taiwan are the major contributors in the market growth owing to the increasing healthcare sector in these countries. The stagnant market growth rate is expected in Europe over the forecast period.
Global gold nanorods market players include BB International, Nano Composix, Tanaka, Johnson Matthey, Nanopartz Inc., and Sigma- Aldrich. The market is highly concentrated across the globe owing to a few major companies operating in this field. Many new companies are expected to join the market over the forecast period on account of growing gold nanorods demands in various applications. Many operating companies are expected to continue their research and development activities especially related to medical industries for anticancer drugs. Companies are expected to collaborate with smaller companies or expand their production facilities in order to strengthen their global network
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The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor.