The nanomaterials market in Europe is predicted to reach a CAGR of 15.24% in terms of revenue during the forecast period of 2020-2028. In terms of volume, the market is estimated to reach a CAGR of 15.51% during this period. The declining prices of nanomaterials owing to increasing mass production are responsible for the booming growth of the market.
The growth of the European nanomaterials market is divided into France, Belgium, Germany, Russia, the UK, Poland, and the rest of Europe, including Denmark, Norway, and Sweden for further analysis. In Russia, revenue is expected to show an annual growth rate of 4.9% between 2020 and 2024. The country is hurling cash into several huge developments and nationwide initiatives. The need to provide housing to middle-to-low income groups is deep-rooted into the government’s construction plans. This would increase the demand for paints & coatings and adhesives. These factors will contribute to the growth of the nanomaterials market. The Belgian healthcare system is one of the best in Europe. Belgium spends 10% of its annual GDP on healthcare spending. The healthcare market is growing well in Belgium. These factors will propel market growth in Belgium.
Poland is among the fastest-growing economies in the EU. The government is dedicated to increasing health expenditures to 6% of the GDP by 2024 to tackle mounting health problems. Poland is the sixth-largest cosmetics market in Europe. All these factors will augment the demand for nanomaterials. In the rest of Europe, in terms of value, cosmetics is expected to be the fastest-growing application during 2020-2028. In Denmark, high government investment to promote infrastructure development will drive the growth of the market.
Covestro AG, Nanocyl S.A., Nanoco Technologies Ltd, DuPont de Nemours, Arkema, etc. are some of the renowned companies operating in the market.
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