Nanomaterials Market Growth & Trends

The global nanomaterials market size is expected to reach USD 22.9 billion by 2027, expanding at a CAGR of 13.1%, according to a new report by Grand View Research, Inc. Rising product demand, owing to a wide range of existing and potential applications of the product in electronics, biomedical, drug delivery, and optical fields, is expected to aid market growth over the forecast period.

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. Significant methods used for the synthesis of nanoparticle include co-precipitation, reverse micelle, copolymer template, and ion exchange resin.

Nanomaterials are mainly synthesized for commercial and research purposes. The commercial manufacturers or research laboratories procure the raw materials for either small-scale or large-scale production. Nanomaterials are produced in laboratories for research purposes, wherein these nanoparticles are studied and explored for their use in potential applications.

The market is expected to exhibit low bargaining power of suppliers, owing to low switching costs, high quality and purity of raw material, and prices. In addition, the presence of a large number of suppliers in the market is expected to lower their bargaining power further. However, the rising trend of forward integration of suppliers may positively affect their bargaining power.

Nanomaterials Market Report Highlights

  • Carbon nanotubes dominated the market in 2019, accounting for 26.9% of the total market share and is estimated to witness substantial growth rate over the forecast period, owing to its superior characteristics including high electrical and thermal conductivity
  • The electronics segment is estimated to reach USD 6.1 billion by 2027, on account of rising penetration of nanomaterials as nanowires, spintronics, and quantum dots in the nanoelectronics industry
  • North America accounted for the significant market share in 2019 and is expected to witness a CAGR of 11.8% in terms of revenue over the next eight years, attributed to increasing adoption of nanomaterials for water and wastewater treatment
  • China is expected to emerge as a promising market over the forecast period on account of increasing investments in research and development activities for biomedical, electronics, energy, and wastewater treatment applications
  • Key market players are continuously engaged in R&D activities and the implementation of new technologies to have a competitive advantage and to serve various application requirements.