The global platinum nanoparticles market is expected to witness growth over the forecast period on account of increasing expenditure for the development of nanomaterials in the automotive, healthcare, and chemical industry. Increasing requirement of metal nanomaterials such as gold, platinum, and silver in catalysis is likely to augment the industry growth. Growing demand for nanotechnology based therapeutics and diagnostics in the medical industry is expected to be a promising factor for market growth in the near future. Increasing incorporation for nanotechnology for cancer treatment has led to the development of metal nano materials for drug delivery system. The nanotechnology market is likely to witness an increase in intellectual property filings concerning nanowires and for cancer targeting. Increasing R&D investments coupled with aforementioned trends is expected to have a positive impact on the market for platinum nanoparticles. The presence of strict guidelines and standards for manufacturing, sales and handling of metal nanomaterials by international agencies such as Nanomaterials Registry, and National Institute of Standards and Technology is expected to be a restraining factor for the industry. Growing demand for other nanoparticles such as silver and gold is expected to pose a substitution threat for market growth in the near future.
Platinum nanoparticles are obtained by reduction of hexachloroplatinate. The platinum based nanoparticles have applications in numerous industries including chemical catalysis and electronics industry. Increasing demand for high efficiency storage devices such as USB drives, CDs, flash cards, and DVDs has led to increment in expenditure for the development of platinum nanoparticles. Automotive catalyst market is expected to be one of the promising applications for platinum nanoparticles in light of increasing emissions from vehicles coupled with growing environmental concerns. Application growth in automotive, chemical, fossil fuel-fired power plants, diesel, and gas fired generators is likely to drive the demand for platinum nanoparticles in the near future. Bio-synthesis of the platinum nano materials through the application of leaf powder of E occidentale is expected to cope with the aforementioned challenge. The growth of niche applications such as glass tinting, fruit protection, and photovoltaic is expected to have a positive impact on demand for metal nano materials. Toxic nature of platinum nanoparticles is likely to have an adverse impact on human health and environment and thus in turn posing a challenge to the market growth. Increasing importance of nanotechnology in the medical and dentistry industry for testing diseases such as cancer, cardiovascular diseases, and HIV AIDS is likely to have a positive impact on the industry. The Nano platinum particles are available in high purity, coated, and dispersed forms which enable their application for coating in automotive industry. Advanced research on Nano metal particles in combination with other metals such as tungsten and nickel has developed significant results for niche application of deriving solar technology. In 2015, China published a patent for development of dye-sensitized solar cells through application of nanoparticles of platinum and tungsten trioxide.
North America is expected to be a lucrative market characterized by huge investments in R&D by universities and nanotechnology firms. The growth of the medical diagnostics industry in the U.S is likely to fuel the demand for metal nanoparticles. Increasing demand for automotive catalyst in countries of Germany, Italy, and France for reducing emission of air pollution is likely to drive the demand for metal based nanoparticles. Asia Pacific is likely to be a promising market in vague of huge presence of electronics industry in China, India, South Korea, and Taiwan. Robust electronics manufacturing hub in aforementioned countries coupled with growth in high precision printing and photovoltaic technology is expected to increase application of platinum nanoparticles over the forecast period. Abundance availability of platinum reserves in South Africa may lead to the development of facilities of metal nanoparticles manufacturers.
Key market players include Sigma Aldrich, BBI Solutions, Solaris Nanosciences, Tanaka, NanoRods LLC, Nanosphere, Nanopartz Inc., and NanoBio Chemicals India Pvt Ltd. In 2014, Northwestern University promulgated arsenic-platinum encapsulation of drugs into liposomes for treatment and diagnosis of cancer. In 2015, University of Saudi Arabia published a patent for synthesis of platinum nanoparticles incorporated on silica. This patent is expected to ensure easy availability of silica in plants which is likely to decrease cost of synthesis for platinum particles. New product developments along with establishment of strategic partnerships with buyers are expected to remain the critical success factors for the platinum nanoparticles market in the near future.
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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.