Nanomaterials Market Size, Share & Trends Analysis Report By Material (Gold, Silver, Iron, Copper), By Application (Aerospace, Automotive, Medical), By Region, And Segment Forecasts, 2024 - 2030

Nanomaterials Market Size, Share & Trends Analysis Report By Material (Gold, Silver, Iron, Copper), By Application (Aerospace, Automotive, Medical), By Region, And Segment Forecasts, 2024 - 2030

Nanomaterials Market Growth & Trends

The global nanomaterials market size is expected to reach USD 32.77 billion by 2030 and expanding at a CAGR 15.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to a wide range of existing and potential applications of the product in electronics, biomedical, drug delivery, and optical fields. In addition, nanotechnology is extensively used in the healthcare industry in various applications such as anti-infective, neurology, and cardiovascular disorders.

Nanotechnology is also widely used in the electronics industry to make nanosensors, nanofibers, and nanotubes. It is also used in 3D-printed batteries, biodegradable electrodes, and super flexible chips capable of encircling a hair strand. This technology is also used in wastewater treatment and the removal of suspended metal particles from water systems.

Rapid advancements in healthcare technology, growth in the medical diagnostics industry, and various benefits in medical imaging applications are anticipated to drive the market. Furthermore, increased focus on research pertaining to nanotechnology and rising government expenditure on biotechnology and pharmaceutical research & development are expected to augment the growth of the global nanomaterials market over the forecast period.

Nanomaterials are mainly synthesized for commercial and research purposes. The required raw materials are procured by commercial manufacturers for large-scale production or by research laboratories for small-scale production. Nanomaterials are produced in laboratories for research purposes, wherein these nanoparticles are studied and explored for potential applications.

Aluminum oxide nanomaterials are used in a diverse range of applications owing to their exceptional structural and/or physicochemical properties, including superior resistance to mechanical stress, chemicals, and wear. In addition, they exhibit favorable optical properties and have large surface areas. The low cost of preparation and the ease of availability and handling of aluminum oxide nanoparticles are expected to further drive their demand globally during the forecast period.

Toxicity assessment of the nanoparticles is expected to be one of the major restraints faced by the industry. The increasing research and production of nanoparticles have resulted in augmenting the need for more reliable and standardized methods for evaluating the toxicity of the nanoparticles under different exposure, biological, and dosing conditions.

Nanomaterials are supplied to end-users through a network of distributors such as Fisher Scientific and BIO Scientific Pty Ltd. Distributors supply the product to several end-user industries such as biomedical, energy, electronic, and wastewater treatment. In some cases, nanomaterials are manufactured in university laboratories for captive consumption. However, these universities also procure the end product from commercial manufacturers such as Nanoshel Inc. to conduct research in biomedical, electronics, and energy applications.

Nanomaterials Market Report Highlights

• Based on material, Titanium (Ti) nanomaterials segment is expected to grow at a CAGR of 16.3% over the forecast period. The chemicals industry is the largest user of titanium nanomaterials owing to their excellent corrosion resistance, particularly in the presence of oxidizing acids. The aerospace industry is the second-largest user of these nanomaterials owing to their high strength and low density, as well as their ability to withstand high (and cryogenic) temperatures.
• Paints & coatings application segment had a revenue of USD 2.02 billion in 2023 and is expected to grow at a CAGR of 13.4% over the forecast period. Novel nano-based coatings are widely used to functionalize surfaces and provide protection, which is expected to grow the demand for nanomaterials over the forecast period.
• Europe accounted for revenue of USD 2.81 billion in 2023 and is expected to grow at a CAGR of 11.8% over the forecast period owing to the growing demand from the pharmaceuticals industry within the UK. Furthermore, rising investments in Germany to carry out technological advancements for efficiently harnessing renewable energy, coupled with the ability of nanomaterials to increase the efficiency of organic solar cells, are anticipated to have a positive impact on the growth of the nanomaterials market in the region.
• Prominent players have been using a variety of business strategies such as capacity and business expansion, collaborations, mergers and acquisitions, and product and application development to stay competitive in the global nanomaterials market. In addition, several companies and universities are engaged in R&D activities to find the application of nanomaterials in drugs and diagnostics of diseases.

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