The global nanocopper oxide market was valued at US$ 75,937.5 thousand in 2018 and is projected to reach US$ 251,148.8 thousandby2027; it is expected to grow at a CAGR of 14.4% from 2019 to 2027.
Nanocopper oxide is defined as a red or brown-black colored nanomaterial which is available in various forms and is used to meet the needs of the diversified application-base. These nanoparticles are known to possess several chemical and physical features which include antimicrobial and antibiocide properties, coupled with photovoltaic properties, relatively stability, and superconductivity. These nanomaterials are generally used in small quantity to boost the performance of the end-product and are considered to be advanced cost-efficient solutions. Thus, these are used to manufacture batteries, semiconductor devices and equipment, gas sensors, microelectronics, and other equipment. Through extensive research and development activities, these nanoparticles have found applications in biomedical, agricultural, textile, and other relevant industries.
Based on end user, the nanocopper oxide market is segmented into electrical and electronics, paints and coatings, catalysts, energy storage, and others. In 2018, the electrical and electronics segment dominated the nanocopper oxide market; however, the paints and coatings segment is expected to grow at a rapid pace during forecast period. The nanoparticles of copper oxide uniquely possess catalytic, optical, mechanical, and electrical characteristic features which make them ideal material to be used across electronic and electrical applications. Moreover, they also exhibit photovoltaic and photoconductive properties, which have led to an increase in demand across electrical and electronic applications. With the rapid industrialization and increase in demand for advanced technologies, the demand for nanocopper oxide is expected to rise.
Impact assessment of COVID-19
COVID-19outbreak first began in Wuhan (China) in December 2019 and since then it has spread at a fast pace across the globe. As of March 2020, China, Italy, Iran, Spain, republic of Korea, France, Germany, and the US are some of the worst affected countries in terms of positive cases and reported deaths. According to the latest WHO figures, as updated on May 18, 2020, there are 4,589,526 confirmed cases and 310,391 total deaths globally. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemical and materials industry is one of the major industries that are facing serious disruptions such as supply chain breaks, technology events cancellations, office shutdowns etc. as a result of this outbreak.
Geographically, the nanocopper oxide market is broadly segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East &Africa (MEA). In 2018, North America held the largest share of the global nanocopper oxide market, followed by Asia Pacific. This dominance is attributable to rising adoption of advanced material and technology across the various end use industries. North America region is considered to be an established industrial sector wherein strong investment are being made in research and development activities to develop improved products. Further, the region is considered to be manufacturing hub for leading players of nanocopper oxide market. These manufacturers include American Element, nanoComposix, SkySpringNanomaterials Inc., Strem Chemicals, Inc. and many others who are influencing the growth of the market.
American Elements, Hongwu International Group Ltd, Inframat Corporation, nanoComposix, Nanoshel LLC, Nanostructured & Amorphous Materials, Inc., PlasmaChem GmbH, SkySpring Nanomaterials Inc., Strem Chemicals Inc. and US Research Nanomaterials, In care among the players present in the global nanocopper oxide market.
Overall size of the global nanocopper oxide market has been derived using primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global nanocopper oxide market. Also, multiple primary interviews were conducted with industry participants and commentators to validate and analyze the data. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the nanocopper oxide market.