Nanomaterials Market

The global Nanomaterials Market is valued at USD 12.2 Billion in 2023 and is projected to reach a value of USD 42.5 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 14.9% between 2024 and 2032

Key Highlights

• In 2023, Asia Pacific dominated the global market with 39.2% of the market share driven by expansion in semiconductor manufacturing and increased adoption across various sectors
• The Carbon Based segment held 48.5% of the overall revenue share in 2023. The segment significantly contributed to the market’s growth due to its applications in lithium-ion batteries and supercapacitor electrodes
• Based on Application, the Medical segment dominated the market in 2023 with 31.4% revenue share, owing to the widespread use of Nanomaterials in cancer and tumor treatment
• There is a growing emphasis on sustainable and eco-friendly production processes for Nanomaterials. This includes using green chemistry principles and renewable resources. Companies are focusing on reducing the environmental impact of its production and promoting recyclability

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The increased demand in nanotubes and nanowires generation is driving the global market growth. Carbon nanotubes have outstanding features depending on their specific diameter and bonding arrangement of their carbon atoms. In addition, the carbon nanotubes provide higher conductive properties, due to which this product can carry more current than ordinary metal. ​The increasing usage of nano-medicine in the pharmaceutical domain & developing applications in the electronics industry are expected to drive the market growth in the coming years. The growth in availability of different techniques & tools for synthesizing, such as covalent synthesis and self-assembly, is advancing industry growth.

Moreover, the global market is driven by the growing applications and ongoing research & development for generating new and improved materials. The wide-reaching demand is being propelled by strong physio-chemical properties of nanoparticles, the rising application of these materials in healthcare and automotive, among others, and financial support from the government organizations.

Nanomaterials fall under the regulatory view of various bodies overseeing chemicals, pesticides, food, cosmetics, and pharmaceuticals. Key regulatory authorities include the Environmental Protection Agency (EPA) & the US Food and Drug Administration (FDA), significantly impacting the regulatory landscape. The FDA regulates a broad spectrum of products encompassing foods, cosmetics, drugs, devices, veterinary products, & tobacco, some of which utilize nanotechnology or incorporate it. Nanotechnology enables the manipulation and exploration of materials at the nanoscale (one billionth of a meter), imparting distinct chemical, physical, and biological properties compared to larger-scale counterparts. The United States National Nanotechnology Initiative (NNI) has been allocated a budget of around $31 billion for 2023, with the National Institute of Standards and Technology (NIST) and other organizations receiving the greatest share of funds for risk- and standard-related nano-research. The rising government’s funds and support are anticipated to drive the market growth.

Substantial investments from government bodies and private organizations in nanotechnology research & development fosters the industry growth. These investments aim to explore new applications and improve existing technologies. The stringent environmental regulations encourage the adoption of Nanomaterials that can lead to more sustainable and eco-friendly solutions. For example, the use of Nanomaterials in water purification and air filtration systems is gaining traction due to their high efficiency and low environmental impact. The countries that are leading in nanomaterial production and innovation are likely to see a rise in exports, enhancing their trade balance. This is particularly relevant for nations with strong R&D capabilities and established manufacturing infrastructure.

Top Market Trends

1. Nanomaterials are increasingly used in electronics for enhancing the performance of devices. Applications include conductive inks, display technologies, and energy storage systems. In consumer goods, they are incorporated into products to improve durability, functionality, & aesthetics, such as in coatings and textiles.
2. The healthcare sector is leveraging Nanomaterials for drug delivery systems, imaging, & diagnostics. These materials offer improved targeting and controlled release of therapeutics. Innovations in cancer treatment, regenerative medicine, & biosensors are driving the market demand in medical applications.
3. Governments & private sectors worldwide are investing heavily in R&D to explore new applications and improve existing nanomaterial technologies. Collaboration between academia, industry, & research institutions is fostering innovation and accelerating commercialization.
4. As the usage expands, regulatory bodies are developing standards & guidelines to ensure their safe and responsible use and there is a focus on understanding the health and environmental impacts, leading to the establishment of comprehensive safety protocols
5. Nanomaterials are being tailored for personalized medicine approaches, enabling customized treatments based on individual patient profiles. Precision medicine applications include targeted drug delivery systems & personalized diagnostic tools.

Market Segmentation

The global Nanomaterials market can be categorized into Material Type, Application, and Region. Based on Material Type, the market can be categorized into Carbon Based Nanomaterials, Metal and Non-Metal Oxides, Metal, Dendrimers, Nanoclay, and Nanocellulose. Additionally, based on Application, the market can be split further into Aerospace, Automotive, Medical, Energy & Power, Electronics, Paints & Coatings, and Others. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Material Type

In 2023, the Carbon Based Nanomaterials segment dominated the market with 48.5% revenue share because of increased use in lithium-ion batteries and supercapacitor electrodes. Carbon based Nanomaterials segment growth is driven by their extensive use in lithium-ion batteries, supercapacitor electrodes, and as catalysts for electrode support in PEM fuel cells due to their high thermal conductivity and large surface area.

In addition, the Carbon based segment is booming, propelled by innovations such as Cabot Corporation's ENERMAX 6 series, which significantly boost battery performance and energy density. Cabot Corporation introduced the ENERMAX 6 series of carbon nanotubes (CNTs). This new product line represents Cabot's latest advancement in high-performance CNTs, distinguished by its high aspect ratio. It stands out as the most conductive multi-walled CNT product in Cabot’s portfolio. The ENERMAX 6 series of carbon nanotubes is designed to significantly enhance battery performance with lower loadings, thereby enabling higher battery energy density.

Based on Application

In 2023, the Medical segment dominated the market with 31.4% revenue share due to extensive use of Nanomaterials in treating cancer and other malignant tumors. The medical application segment dominated the global revenue in 2023, accounting for approximately 31.2%, primarily due to the high penetration of the product for use in the treatment of cancer and other malignant tumors. Nanomaterials also serve various specific functions in the medical field, such as imaging, targeted drug delivery, nanorobots for surgery, nano diagnostics, cell repair, and nano biosensors.

The demand for Nanomaterials is expected to rise due to their use as T2 contrast agents in MRIs, leveraging their superparamagnetic behavior at room temperature. Nanoparticles are also employed as gene carriers for gene therapy and in body detoxification processes.

The aerospace application category is projected to grow at a growth rate of 12.4% during the forecast period. In the aerospace sector, there is a growing demand for lighter & more efficient aircraft, which has accelerated the market adoption in aircraft manufacturing. Nanomaterials are being extensively utilized in various aspects of aerospace parts manufacturing, including aerostructures, glass, and textiles, to enhance the safety, comfort, and affordability of aircraft.

Based on Region

Asia Pacific to lead the global market, representing 39.2% revenue in 2023 due to significant demand for such materials in the electronics, medical equipment, aerospace & defense, textiles, and automotive sectors in the region. India is projected to experience the fastest CAGR in the market from 2024 to 2032. Nanomaterials offer a potential solution to bridge the gap between India's abundant natural resources and its growing needs in areas such as medical, electronics, clean water & food, and high-quality textiles. The market in China is anticipated to grow rapidly, driven by rising investments in R&D for biomedical, electronics, energy, and wastewater treatment applications.

The growing demand for renewable energy, coupled with the extensive adoption for storing electricity derived from renewable sources, is expected to drive growth in Europe market in the foreseeable future. The UK is particularly strong in the development of integrated circuits, optoelectronics, and radiofrequency devices such as monolithic microwave integrated circuits and other electronic components. Meanwhile, Germany is actively utilizing nanotechnology to advance innovation and technology, aiming to consolidate its leadership in these domains.

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Competitive Landscape

Major global market players are significantly increasing their investments in research and development to expand their product lines, thereby fostering further market growth. Such participants are also undertaking various strategic initiatives to bolster their global presence. Key market developments include the introduction of new products, contractual agreements, mergers & acquisitions, increased financial investments, and collaborations with other organizations.

For instance, Bruker Corporation launches the cutting-edge nanotechnology solutions. In August 2022, marked the launch of several advancements by Bruker Corporation, including the nanoElute 2 nano-LC system, MetaboScape and TASQ 2023 software supporting fluxomics, and PaSER’s intelligent acquisition capabilities. These innovations aim to elevate research capabilities in protein-protein interactions (PPIs) and metaproteomics applications.

The key players in the global Nanomaterials market include - American Elements, Strem Chemicals Inc., Evonik Industries, US Research Nanomaterials Inc., LG CHEM, Nanoshel LLC, nanoComposix, Frontier Carbon Solutions LLC, Nanophase Technologies Corporation, SkySpring Nanomaterials Inc., Quantum Materials Corporation, Cytodiagnostics Inc., Bruker Corporation among others.

Recent Market Developments

Evonik Enhances Nanoparticle Technologies for Drug Delivery

• In September 2023, Evonik is enhancing its portfolio of parenteral drug delivery solutions by introducing three new standard PLA-PEG di-block copolymers and a novel nanoparticle formulation service utilizing sonication technology. These copolymers, branded as RESOMER RP d, are specifically designed for nanoparticle creation and can be applied across various parenteral drug delivery applications, including formulations for controlled and prolonged drug release.

LG Chem Expands Carbon Nanotube Production

• In May 2023, LG Chem initiated the construction of its fourth carbon nanotube (CNT) plant at the Daesan Complex near Seoul. Expected to commence operations in 2025, the CNT 4 Plant will double LG Chem’s annual production capacity to 6,100 tons. This expansion follows the recent full operation of the 1,200-ton CNT 3 Plant in Yeosu, bolstering LG Chem’s total production to 2,900 tons per year, alongside the existing 1,700 tons. LG Chem’s strategic expansion aims to strengthen its global position in the rapidly growing CNT market driven by electric vehicle (EV) battery materials.

American Elements Innovates Nanoscale Electrolyte for Lithium-Sulfur Batteries

• In November 2022, American Elements introduced an innovative nanoscale electrolyte material designed for advanced Lithium-Sulfur Battery technology. This breakthrough material, composed of ceramic lithium, lanthanum, and zirconium oxide nanoparticles, offers exceptional energy density and stability across a broader temperature range compared to conventional electrolytes used in commercial lithium-ion batteries.

Segmentation of the Global Nanomaterials Market

Frequently Asked Questions (FAQ’s)?

1. What is Nanomaterials and examples?

Carbon-based Nanomaterials come in various morphological shapes, including ellipsoids, hollow tubes, and spheres. They are categorized into types such as graphene (Gr), carbon nanotubes (CNTs), fullerenes (C60), carbon nanofibers, carbon onions, and carbon black.

2. What are the four 4 types of Nanomaterials?

There are four primary categories of manufactured Nanomaterials: carbon-based, metal-based, dendrimers, and nanocomposites. Among these, the carbon-based Nanomaterials are intentionally produced fullerenes.

3. How big is the Nanomaterials market?

The global Nanomaterials market size was valued at USD 12.2 billion in 2023 and it is expected to hit USD 42.5 billion by 2032, registering growth at a CAGR of 14.9% from 2024 to 2032.

4. What are 2 uses of Nanomaterials?

Nanomaterials can be incorporated into cement, fabric, and other materials to enhance their strength while reducing weight. Their small size makes them highly valuable in electronics, and they can also be employed in environmental remediation to bind and neutralize toxins.

5. Where are Nanomaterials used?

Cellulosic Nanomaterials show promise for use across various industrial sectors, such as electronics, construction, packaging, food, energy, health care, automotive, and defense.