The global nanosilver market is expected to grow owing to industrial silver demand from various end-use industries in the next six years. Increasing use in consumer electronics coupled with growing antimicrobial applications in the pharmaceutical and medical sector are expected to result in market growth. Superior properties including small size, high conductivity along thermal and antimicrobial characteristics of nanosilver have resulted in application growth such as water & air purifier, hair dryer, washing machines, socks, drugs, medical devices, and food packaging. Increasing application scope is expected to be a key driver for the market over the forecast period. The market finds opportunities in niche applications such as solar energy, food & beverage, pharmaceuticals, and medical which are expected to contribute to high demand.
Nanosilver can be used as substitutes to graphene, carbon nanotubes, indium tin oxide, and conventional silver in LCDs, OLEDs, and smartphones which is expected to drive demand. Furthermore, antimicrobial applications including hospital doorknobs & handrails, wound dressings and medical device coatings are expected to positively impact nanosilver market growth. Higher product cost as compared to silver coupled with huge investments for production technology development is expected to restrict market demand over the forecast period. Silver price fluctuation adversely affects nanosilver prices thus hampering market growth.
Electronics application was the largest end-use, accounting for over 35% of the nanosilver market in 2013. Key electronics companies including LG, Samsung, and Daewoo consist of product offering including nanosilver. Smith & Nephew and Nano Care Technology are healthcare companies offering products comprising nanosilver. The market is expected to grow owing to increasing use in pharmaceuticals, drug delivery, creams, and lotions. North America is expected to be a key region witnessing high nanosilver demand from growing electronics and healthcare industries. Asia Pacific is also expected to witness significant growth owing to upcoming electronics manufacturing facilities in China and South Korea coupled with high demand for these products globally. The global market is fragmented in nature with a number of small manufacturers situated locally. Key market players include Advanced Nano Products, Ames Goldsmith Corporation, Applied Nanotech Holdings, Bayer MaterialScience, Creative Technology Solutions, Nano Silver Manufacturing, NovaCentrix, NanoMas Technologies, and Silvix.
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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.