The global nanochemicals market is anticipated to progress at a steady growth rate over the forecast period. Rising demand for engineered chemicals in several end-use industries have led to a demand for nanochemicals. Nanochemicals are specially formulated chemicals using nanotechnology on the conventional chemical building blocks such as ethane, propane and butanes. The nanoscale chemicals exhibit unique properties such as self catalysis, anti-corrosion which give these chemicals added advantage over the conventional chemicals. These chemicals may also lead to innovative ways to carry out chemical reactions in much reduced times as their conventional counterparts. Nanochemical market may be segmented on the basis of product type namely metal finishing chemicals, electronic chemicals, cleaners, industrial & specialty gases, engineering plastics, moulding powder, bio-chemicals, rubber chemicals and wet chemicals. Key application segments of nanochemicals include construction chemicals, mining chemicals, semiconductors & IC process chemicals, pesticides, rubber chemicals, printing ink, ceramic industry, plastic additives, textiles, water treatment & management and specialty polymers.
Rising demand of chemical-based products having multiple phases that enhances chemical reactions with maximum product yield has been the major factor driving the market demand for nanochemicals globally. Use of nanochemicals has reduced associated risk to health and environment which is favorable for market growth. Additionally, increasing applications of these chemicals for manufacturing agrichemicals, multifunctional coatings having increased durability and self-cleaning properties will further fuel the demand for nanochemicals globally. Increasing application of nanotechnology in the chemical industry and a new application of nanochemicals in catalyst designing coupled with technological advancements and governmental regulations on chemical manufacturing are expected to offer immense growth opportunities for the nanochemical market.
North America has been identified as the one of the largest regional markets for nanochemicals. Europe is another developed market for nanochemicals owing to the increasing regulatory push for use of chemicals and expanding applications of nanomaterials in chemical manufacturing in this region. Asia Pacific is expected to show significant growth in nanochemicals market in the next six years on account of expanding industries and shifting the focus of companies from conventional chemicals to nano-based chemicals. Additionally, governmental support in terms of tax benefits and increased foreign investments especially in emerging markets of China and India is expected to boost the market over the next few years.
Key players operating nanochemicals market include DuPont Agriculture, Dow AgroSciences, BASF SE, Siegwerk group, Bayer CropScience AG, Syngenta AG, Sumitomo Corporation and Solvay S.A, Evonik Industries, Kemira OYJ, SABIC Business Segments, ELANTAS Beck India Ltd., Huntsman Corporation, Rhodia S.A., Harima Chemicals Inc., Omnova Solutions Inc., W.R.Grace & Co., Hexion Specialty Chemicals, PCAS, AkzoNobel N.V., Toyo Ink Mfg. Co., Ltd., Sensient Technologies Corp., Michael Huber München GmbH, Solaris Chemtech Industries Limited, Aarti Industries Ltd, Thor Group, Cargill Incorporated, Sensient Food Colors, Sakata Inx Corp. and Azelis.
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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.