GVR Report cover Nanomaterials Market Size, Share & Trends Report

Nanomaterials Market Size, Share & Trends Analysis Report By Product (Gold, Silver, Iron, Copper), By Application (Aerospace, Automotive, Medical), By Region, And Segment Forecasts, 2021 - 2028

  • Report ID: GVR-4-68038-565-6
  • Number of Pages: 142
  • Format: Electronic (PDF)

Report Overview

The global nanomaterials market size was estimated at USD 8.0 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 14.1% from 2021 to 2028. Excellent physio-chemical properties and growing usage of nanomaterials in electronics, healthcare, aerospace, and textiles industries are expected to drive the market over the forecast period. The market for nanomaterials plummeted due to the outbreak of the COVID-19 pandemic, leading to a decline in the purchasing power of the population. The declining demand in the aerospace, automotive, electronics sector continued in 2020 amidst the COVID-19 pandemic. However, there has been a revival in demand in 2021 mainly due to the ease of restrictions and financial packages announced by governments to jumpstart the economies, which have improved consumer demand.

U.S. nanomaterials market size, by product, 2018 - 2028 (USD Million)

However, several R&D organizations are developing new potential applications of nanomaterials in the diagnosis, prevention, and treatment of COVID-19 and other viral diseases. Nanomaterials are increasingly being used in biomedical or imaging applications, implants, photothermal therapy, and drug delivery owing to their antimicrobial, antioxidant, and anticancer properties. Such medical applications are expected to reduce the impact on the growth caused by Covid-19.

The U.S. market for nanomaterials is anticipated to witness the highest growth in the region owing to the increasing application scope of nanomaterials in various industries such as biomedical, energy, electronics, and wastewater treatment. To lead technological advancement across the globe, the U.S. government invests heavily in nanotechnology. It coordinates work on nanomaterials through the National Nanotechnology Initiative (NNI) program.

The market for nanomaterials is projected to grow at a tremendous rate on account of its wide application scope, therefore the threat of entrants is expected to be high. New market entrants would first have to compete with companies that have established a strong foothold in the industry as well as a well-established customer base. The threat of new entrants is also expected as a result of backward or forward integration by companies operating in the parent market.

Factors such as the expected rise in the population exposed to these nanoparticles, occupational exposure along with expected evolution of potentially harmful effects in the coming years are expected to trigger the implementation of stringent regulations. Thus, the expected incremental stringency in the norms related to nanomaterials and nanotechnology is expected to pose a challenge for industry growth in the future.

Product Insights

The carbon nanotubes segment dominated the market and accounted for the largest revenue share of 23.7% in 2020 and is widely used in lithium-ion batteries as they exhibit the highest reversible capacity. Their large surface area and ability to absorb and conjugate diagnostic and therapeutic agents, including drugs, genes, vaccines, biosensors, and antibodies, have enabled the use of carbon nanotubes in a wide range of pharmaceutical and medical applications.

The titanium nanoparticles segment accounted for a significant revenue share of 22.2% in 2020. The growth can be attributed to its growing applications in aerospace, chemicals, medical, petrochemicals, and architectural industries. These are also used as antimicrobial, antibiotic, and antifungal agents in plastics and soaps, nanofibers, bandages, nanowires, and textiles.

The silver nanoparticles segment accounted for the second-largest revenue share of 13.5% in 2020. These are used in a broad range of applications as antimicrobial agents, biomedical device coatings, drug-delivery carriers, imaging probes, and diagnostic and optoelectronic platforms owing to their unique properties such as high electrical conductivity, discrete physical and optical properties, and biochemical functionality.

Aluminum Oxide nanomaterials are expected to witness a significant rise in demand on account of their exceptional structural and physicochemical properties, including superior resistance to mechanical stress, chemicals, and wear. The segment is estimated to reach USD 1.9 billion by 2028 and is expected to witness significant growth over the forecast period.

Application Insights

The medical application segment led the market and accounted for the largest revenue share of around 29.98% in 2020. This growth can be attributed to its wide range of applications, including imaging, targeted drug delivery, nanorobots for surgery, nanodiagnostics, cell repair, and nanobiosensors.

The paints and coatings segment is expected to witness significant growth owing to the development of modern techniques to tailor the manufacture and use of nanomaterials in the coating industry for specific needs. Nanomaterials improve the hardening, UV-light absorption, and biocide properties of paints and coatings. Titanium dioxide (TiO2) and silicon dioxide are major nanomaterials used in paints. In addition, nanosilver is increasingly used in paints owing to its superior antimicrobial and deodorizing properties.

Nanomaterials market share, by application, 2020 (%)

The demand for nanomaterials in electronics applications is significantly increasing owing to their rising penetration as nanowires, spintronics, and quantum dots in the nanoelectronics industry. Furthermore, rapid developments in the electronics industry, on account of increasing demand for high-tech products, are likely to positively impact the product demand over the forecast period.

The energy and power sector is projected to witness significant demand for nanomaterials and is expected to witness a CAGR of 14.9% over the forecast period, owing to the increasing consumption of nanomaterials in batteries, fuel cells, and photovoltaic film coatings. Nanoparticles are extensively used in research activities for obtaining efficient prototype solar panels, thermoelectric materials, and nano-bioengineering of enzymes.

Regional Insights

Asia Pacific dominated the nanomaterials market and accounted for the largest revenue share of 35.5% in 2020. The growth can be attributed to the growing use of nanomaterials in electronics, medical equipment, aerospace and defense, textiles, and automotive industries. In North America, the growth of the market can be attributed to its reputation as a manufacturing powerhouse. Continuous efforts in the R&D of nanomaterials and nanotechnology, to explore potential applications in various end-use industries, are expected to drive the regional market over the forecast period. Rising product demand from microelectronics and nanoelectronics on account of increasing usage of advanced devices is anticipated to augment market growth.

In Europe, the market is expected to reach USD 4.5 billion by 2028, owing to support from the national governments and investment in the respective domestic markets in the region. European Commission established a new USD 23.0 million collaborative project, the 2D-Experimental Pilot Line (2D-EPL), to explore the manufacturing of breakthrough electronic devices, photonic devices, and sensors that integrate graphene and layered nanomaterials in the region.

In Central and South America, the market is anticipated to witness significant growth over the forecast period as several multinational companies are focusing on the expansion of their businesses in the untapped markets of the region. Among all South American countries, Brazil is recognized as a frontrunner in research related to nanomaterials. Technological research in the country is well funded at the public level and is carried out by universities and research institutions.

Technological innovations in different sectors such as electronics, medical, and automotive have significantly contributed to improvements in the standard of living of the masses in the economies of the Middle East & Africa. Rising disposable income of the middle class and surging demand for luxurious products such as mobiles, laptops, and other electronic gadgets have resulted in an increased demand for electronic appliances in the region.

Key Companies & Market Share Insights

Key industry participants spend heavily on product and services innovation and customized products to meet the customer needs. To stay competitive in the global market, prominent players have been using a variety of business strategies such as capacity building, business expansion, collaborations, mergers and acquisitions, and application development. The industry exhibits fragmented nature, owing to the presence of multiple small players engaged in the market. Companies in the market concentrate on specific types of nanomaterials as well as applications. The major companies are consistently focused on research and development for product innovation and capacity growth, as well as cooperation with local or regional distributors and manufacturers. Key industry players are expected to maintain their position in the market by introducing innovative products, thereby expanding their portfolio. The products launch with advanced features and customized product offerings is likely to strengthen the position of the industry players. Some of the prominent players in the 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

 Nanomaterials Market Report Scope

Report Attribute


Market size value in 2021

USD 9.4 billion

Revenue forecast in 2028

USD 23.1 billion

Growth Rate

CAGR of 14.1% from 2021 to 2028

Base year for estimation


Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; 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

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global nanomaterials market report on the basis of product, application, and region:

  • Product Outlook (Revenue, USD Million, 2017 - 2028)

    • Gold (Au)

    • Silver (Ag)

    • Iron (Fe)

    • Copper (Cu)

    • Platinum (Pt)

    • Titanium (Ti)

    • Nickel (Ni)

    • Aluminum Oxide

    • Antimony Tin Oxide

    • Bismuth Oxide

    • Carbon Nanotubes

    • Others

  • Application Outlook (Revenue, USD Million, 2017 - 2028)

    • Aerospace

    • Automotive

    • Medical

    • Energy & power

    • Electronics

    • Paints & Coatings

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • U.K.

      • Germany

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

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