The global nanomaterials market size was valued at USD 9.39 billion in 2021 and is expected to register at a CAGR of 14.9% during the forecast period. The market is expected to be driven by increasing demand for the product in electronic applications owing to its increased surface area at the time of application coupled with its high superparamagnetic properties. The application of nanomaterials is also increasing in the medical industry on account of the utilization of products in various in-vitro and in vivo applications. The rising investment by various research laboratories and biomedical industries for increasing product penetration in targeted drug delivery, gene therapy, and treatment of malignant tumors is expected to boost the growth of the nanomaterials market growth.
The raw materials required to produce nanomaterials vary with different manufacturing processes applied for the production. Raw materials, rare earth metals, alloys, polymers, and composites are either supplied to commercial manufacturers or research laboratories. AppliChem GmbH and Bernd Kraft GmbH are among the major suppliers in the market that provide the required raw materials. The nanomaterials market is quite fragmented, and companies focus on certain types of nanomaterials as well as applications. The major companies are consistently concentrated on research and development (R&D) for product alteration and capacity growth, as well as collaboration with local or regional distributors and manufacturers.
The nanomaterials market in the U.S. is expected to grow due to the growing R&D activities within the country. The U.S. government invests effectively in nanotechnology with the motive of becoming a global power and to lead technological development across the world. It coordinates with 20 government agencies through the National Nanotechnology Initiative (NNI)-an R&D initiative of the U.S. government that combines federal departments and agencies with interests in nanomaterials research, development, and commercialization. Strict regulations in North America and Europe are projected to hinder the growth in these regions.
Regulatory authorities such as the Food and Drug Administration, the U.S. Environmental Protection Agency, and the Health and Consumer Protection Directorate are looking into the harmful impacts of nanoparticles on human health and the environment. A wide range of thermo-chemical methods is used to synthesize nanoparticles, which can be categorized as either surfactant or polymer-assisted precipitation reactions and co-precipitation reactions. Major methods used for the synthesis of nanoparticles include co-precipitation, reverse micelle, copolymer template, and ion exchange resin.
Titanium nanoparticles accounted for a significant market share in 2021 and are expected to expand at the fastest CAGR of 16.3% in the forecast period. The product is expected to witness increased demand because of its ability to inhibit bacterial growth and prevent the formulation of further cell structure. Furthermore, titanium nanomaterials have a high strength-to-weight ratio, corrosion resistance, and biological compatibility. Hence, they are widely used in aerospace, chemicals, medical, petrochemicals, and architectural industries. These nanomaterials also exhibit excellent UV radiation resistance, biocompatibility, corrosion resistance, and mechanical strength.
Antimony tin oxide (ATO) nanomaterials are expected to grow at a CAGR of 15.7% during the forecast period. The product is exclusively used as essential components in display panels in the electronics sector owing to their anti-static properties, transparent conductivity, and infrared absorbance. In addition, ATO nanomaterials are ideal additives used in corrosion resistance applications as they exhibit excellent resistance to various organic and inorganic chemicals. Moreover, they are often used as additives in scratch-resistant coatings owing to their superior wear resistance. Gold nanomaterials offer optical and electronic characteristics which are being investigated widely for use in high-tech applications such as electronic conductors, therapeutic agents, and sensory probes. They are also expected to be used in organic photovoltaics and for drug delivery in medical and biological applications, this is expected to increase the demand for gold nanomaterials during the forecast period.
The medical application segment accounted for a major share of around 30.4% of the global revenue in 2021 and is also the fastest-growing market on account of the high penetration of the product for use in the treatment of cancer and other malignant tumors. Furthermore, nanomaterials are used for various specific tasks in the medical sector including imaging, targeted drug delivery, nanorobots for surgery, nano diagnostics, cell repair, and nano biosensors. In addition, the product is expected to witness the highest CAGR of 16.2% owing to its usage as a T2 contract agent in MRIs due to its superparamagnetic behavior at room temperature. Moreover, nanoparticles are also used as gene carriers for gene therapy as well as in the body detoxification process. Nanomaterials have applications in other industries including agriculture and food, environmental remediation, construction, and wastewater treatment. The rising awareness regarding the utilization of nanomaterials in various applications, owing to their unique catalytic, optical, electronic, and thermal properties, is likely to have a positive impact on the nanoparticle market growth during the forecast period.
The aerospace application segment is expected to expand at a CAGR of 12.3% in the forecast period. The rise in the demand for lighter and more efficient aircraft has driven the rapid adoption of nanomaterials in aircraft manufacturing. Nanomaterials are being used on a large scale in aerospace parts manufacturing including aerostructure, glass, and textile to improve the safety, comfort, and affordability of an aircraft. Furthermore, the high-strength and lightweight properties offered by nanomaterials as well as the fast-operating speed provided by nanoelectronics are expected to increase their penetration in aerospace applications. In addition, nanostructured metals not only exhibit improved properties but can be engineered to display certain properties that are uncharacteristic of conventionally sized materials. The demand for nanomaterials is also increasing in the construction industry. The common type of nanomaterials used in this industry includes titanium dioxide, aluminum oxide, copper, clay, and silica. Furthermore, the addition of nanomaterials including nano silica and carbon nanofibers in concrete leads to more durable, air-purifying, stronger, easy-to-clean, and quick-compacting concrete.
Asia Pacific is expected to be the fastest growing region with a CAGR of 17.8% in the forecast period, on account of the growing semiconductor manufacturing industry, coupled with rising product penetration. Furthermore, the substantial growth of electronics, medical equipment, aerospace and defense, textiles, and automotive industries in Asia Pacific is expected to fuel the demand for nanomaterials. The nanotechnology market in India is expected to grow at the highest CAGR of 19.1% during the forecast period. Nanomaterial is one possible means of bridging the gap between India’s abundant, varied natural resources and ever-increasing needs such as medical, electronics, hygienic water and food, and high-quality textiles. The growing saturation in Asia Pacific markets, such as Japan, South Korea, and Taiwan, is anticipated to shift the focus of major manufacturers in North America.
North America is expected to exhibit a CAGR of 13.5% during the forecast period on account of the growing penetration of products in various application industries. Furthermore, uninterrupted efforts in the R&D of nanomaterials and nanotechnology to identify further applications in various end-use industries, are projected to drive the regional market in the forecast period. The nanomaterials market in Canada is expected to expand at a CAGR of 13.1% during the forecast period owing to the growing development of activities for boron nitride nanotubes (BNNT) within the country. Canada is leading the development of BNNT which can be used to create super-strong, ultra-light, and heat-resistant materials. It is also a world leader in the production of cellulosic nanomaterials.
The key players operating in the global nanomaterials market include American Elements, BASF SE, Cabot Corporation, AkzoNobel, and Frontier Carbon Corporation. Prominent players have been utilizing different business strategies such as collaborations, business expansion, product development, and mergers and acquisitions.
Companies in the market focus on certain types of nanomaterials as well as applications. Additionally, they have been focusing on R&D for capacity growth and product innovation, as well as coordination with local or regional distributors and manufacturers. Some of the key players operating in the global nanomaterials market include:
Strem Chemicals, Inc.
American Elements
US Research Nanomaterials, Inc.
Nanocomposix, Inc.
Frontier Carbon Corporation
Nanoshel LLC
SkySpring Nanomaterials, Inc.
Nanophase Technologies Corporation
Cytodiagnostics, Inc.
Quantum Materials Corp.
Report Attribute |
Details |
Market size value in 2022 |
USD 10.89 billion |
Revenue forecast in 2030 |
USD 32.77 billion |
Growth rate |
CAGR of 14.9% from 2022 to 2030 |
Base year for estimation |
2021 |
Actual estimates/Historical data |
2017 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2030 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, application, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; and Middle East & Africa |
Country scope |
U.S.; Canada; Mexico; Germany; UK; France; China; India; Japan; Brazil |
Key companies profiled |
Strem Chemicals, Inc.; American Elements; US Research Nanomaterials, Inc.; Nanocomposix, Inc.; Frontier Carbon Corporation; Nanoshel LLC; SkySpring Nanomaterials, Inc.; Nanophase Technologies Corporation; Cytodiagnostics, Inc.; Quantum Materials Corp. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2022 to 2030. For this study, Grand View Research has segmented the nanomaterials market report based on product, application, and region:
Product Outlook (Revenue, USD Million, 2017 - 2030)
Gold (Au)
Silver (Ag)
Iron (Fe)
Copper (Cu)
Platinum (Pt)
Titanium (Ti)
Nickel (Ni)
Aluminum Oxide
Antimony Tin Oxide
Bismuth Oxide
Carbon Nanotubes
Other Nanomaterials
Application Outlook (Revenue, USD Million, 2017 - 2030)
Aerospace
Automotive
Medical
Energy & power
Electronics
Paints & Coatings
Other
Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Asia Pacific
China
India
Japan
Central & South America
Brazil
Middle East & Africa
b. The global nanomaterials market size was estimated at USD 9.39 billion in 2021 and is expected to reach USD 10.89 billion in 2022.
b. The nanomaterials market is expected to grow at a compound annual growth rate of 14.9% from 2022 to 2030 to reach USD 32.77 billion by 2030.
b. The carbon nanotubes product segment dominated the market with a revenue of USD 2,205.4 million in 2021 and is expected to grow at a CAGR of 13.9% owing to their extensive usage in different applications on account of their ability to inhibit bacterial growth and prevent the formulation of further cell structures.
b. Some of the key players operating in the nanomaterials market include Strem Chemicals, Inc., American Elements, US Research Nanomaterials, Inc., Nanocomposix, Inc., Frontier Carbon Corporation, Nanoshel LLC and SkySpring Nanomaterials, Inc.
b. The key factors that are driving the nanomaterials include rapidly growing usage of product in an increasing number of potential as well as existing applications such as cosmetics, electronics, healthcare, defense, agriculture, and energy.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for COVID-19 as a key market contributor.
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