Global Nanomaterials Market Size in 2021 The nanomaterials market is driven by a number of factors.

Global Nanomaterials Market Size in 2021

The nanomaterials market is driven by a number of factors. These include excellent physio-chemical properties and increasing applications in natural philosophy, aerospace, automobile, and textile industries. Additionally, financial help and restrictions proclaimed by governments are boosting client demand.

Moreover, technological advancements in manufacturing facilities are amplifying the market growth. The leading players are focusing on enhancing their geographical footprints by introducing industry-specific solutions, which helps them sustain competition.

Global Market

The global nanomaterials market size is estimated at $16.3 billion in 2021, registering a growth rate of 14.6% during the forecast period. The growth of this market is primarily driven by the increasing demand for nanomaterials in electronic devices. This is due to the technological advancements and increasing disposable income of people worldwide.

The market is categorized based on product type and application. Based on product type, the market is divided into nano-particles, nano-fibers, and nano-clays. Nano-particles are used in a wide variety of applications such as medical diagnostics, electronics, aerospace, and petrochemicals. Nano-fibers are widely used in manufacturing processes to make fabrics, and they also have various applications in medicine.

The market is growing rapidly in Asia Pacific, owing to increasing consumer demand for advanced electronic devices. This is mainly due to increased investments in R&D. In addition, the region is witnessing an increase in industrial development. The Europe market is expected to grow at a stable rate, owing to its advanced industrial infrastructure and high-tech products.

Asia-Pacific Market

In 2022, the Asia-Pacific market for nanomaterials held a revenue share of around 38% in the global nanomaterials market. This is mainly due to the increasing demand for various electronics, medical equipment, defense, textiles, and automotive products in this region. Additionally, the rising government investments in energy and power sectors in the region is expected to fuel the demand for nanomaterials in the upcoming years.

The healthcare sector is another major driver for the market, owing to its applications in reducing the risk of infections and disease outbreaks by providing sensitive detection of essential biological molecules and better diagnostics of sick tissues. Additionally, carbon nanomaterials-based therapeutic and diagnostic agents can help in treating cancer, diabetes, asthma, and other chronic diseases.

ACS Material LLC, American Elements, Arkema Group, BASF SE, and Cabot Corporation are some of the leading players in the global nanomaterials market. They are focused on research and development to innovate their product portfolio.

North America Market

The North America market for nanomaterials is expected to grow at a significant CAGR during the forecast period. This is mainly because of the increasing research and development activities in the region. Additionally, rising healthcare and IT industries are also driving the market.

The medical application segment accounted for a large share of the market in 2022. This is mainly due to the wide use of nanomaterials for specific tasks such as imaging, targeted medication delivery, nanorobots for surgery, and cell healing.

The growth of the market is further driven by the growing need for antibacterial nanomaterials in medical applications. Additionally, the demand for these materials is increasing in various end-use industries such as paints & coatings, electronics, energy & power, and aerospace & defense. Moreover, the increased focus on developing high-strength and durable structural materials is fueling the market. This is especially true in the case of carbon-based nanomaterials. These are gaining popularity because of their excellent strength-to-weight ratio.

Europe Market

The recent outbreak of Covid-19 has resulted in the increased investment by several research and development companies to develop new potential uses for nanotechnology. This includes medical and pharmaceutical applications such as imaging applications, implantation, and phototherapeutic drug delivery owing to their anti-bacterial, anti-cancer, and antioxidant properties. This will foster the growth of the global nanomaterials market.

The carbon nanomaterials segment dominated the market in 2022 and is expected to generate high demand throughout the forecast period. The increased adoption of carbon nanomaterials in developing applications such as targeted drug delivery, nano diagnostics, nano-surgical robots, and cell repair applications is expected to boost the demand for these materials.

Furthermore, the development of high-tech electronic products in Europe is driving the demand for nanomaterials. The technology is also used in various industrial applications such as aerospace and military, textiles, and automotive. In addition, the increasing R&D investments by the government in the field of nanotechnology is supporting the growth of the market.

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