Global nanoscale chemicals and materials market is expected to witness high growth on account of widening nano application base in diverse fields such as biological sensors, fibrous devices, microelectronics fabrications, and solar cells. Nanoscience uses the basic principle of physics, chemistry, and other various fields to gain knowledge about the system mechanism when the materials are contracted to the nanometer scale. Rapid technological advancement is expected to augment the global market growth over the forecast period. Solar cells, medical field, microelectronics fabrications, sensors, and fibrous devices are the various areas where the nanotechnology principles are expected to be applied.
A wide range of nanoscale chemicals and materials are developed to build nanoscale electronics, nano-based medical cures, nanoscale manufacturing with self-assembly capability, nanoscale computers, and molecule-sized machines. Zirconia, silica, and aluminum oxide are key nano-size chemicals applied. Major nanoscale materials include cobalt, carbon, gold, silver, and iron. Fluerence, nanofibers, hollow polymeric nanospheres, dendrites, and carbon nanotubes are various polymeric based and carbon-based nanomaterials. Extensive R & D in nanosize silica and nanomaterials field is expected to continue in developing regions over the forecast period to develop nanotechnology use. Growth in the electronic and electrical industry, a rise in demand for innovative products is expected to drive the market over the forecast period. The use of nanoscale chemicals and material also reduces the overall product weight along with less power consumption owing to which nanoscale materials are widely used in transistors, electronic circuits, and switches. Nanoscale materials are broadly used in the construction industry by improving the material functions & properties and conserving energy during construction activities. Nanoscale materials and chemicals are having extensive acceptance in the medical sector also.
Global nanoscale chemicals and materials market is segmented on the basis of product. The product segment is sub-categorized into nanosize metallic materials, polymeric nanomaterials, nanosize metal oxides & ceramic materials, and carbon-based nanomaterials. Nanosize metallic materials include gold, cobalt, iron, and silver. The polymeric nanomaterial is further segmented into solid and hollow polymeric nanospheres and dendrites. Nanosize metal oxides & ceramic materials include TiO2, zirconia, silica, and aluminum oxides. The carbon-based nanomaterial is segmented into nanofibers, fullerenes, and carbon nanotubes.
North America was dominating the global nanoscale chemicals and materials market, being the largest nanoscale materials and chemicals producer and consumer. Widening nanoscale chemicals and materials application base in the medical sector and construction industry is expected to boost the North America market. North America, having a large number of nanotechnology-based research institutes, is also expected to innovate the nanoscale chemicals and materials based products over the forecast period. Europe is also expected to witness significant growth over the forecast period on account of increasing government initiatives in developing nanotechnology in the region. Asia Pacific is expected to show stagnant growth owing to an increase in disposable income, the establishment of various research institutes, and development in the medical & construction industry.
Global nanoscale chemicals and materials market is highly consolidated in nature. Major market players are from developed regions mainly North America and Europe. Key players in the global market are Qinhuangdao Taiji Ring Nano-Products Co., Ltd., Akzo Nobel/Eka, Tokuyama, Advanced Nano Products, Inc., and NanoMas Technologies. Companies are expected to continue their nanoscale chemicals and materials related research and development activities in order to introduce new product lines in the market. In addition, new entrants are expected to fragment the nanoscale chemicals & materials market on account of its increasing application base in diverse areas including medical, construction, and electronics.
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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.