Manufacturing - Overview - Market Text

Nanotechnology has revolutionised and benefited many industrial domains, including medicine, communication, transportation, agriculture, energy, materials & manufacturing, consumer products, and more. Emerging uses and applications are expected to contribute towards the growth of the nanotechnology market.1 The global nanomaterials market accounted for USD 10.34 billion in 2020 and is forecasted to grow to USD 38.17 billion by 2029 at a compound annual growth rate (CAGR) of 17.8% throughout the 2021-2029 period.2  

The nanomaterials market includes the manufacturing of several different product types: nanoparticles, nanofibers, nanotubes, nanoclays, and nanowires. Growing usage of nanomaterials in healthcare, electronics, aerospace, water treatment and textiles are expected to drive the demand in the nanomaterials market during the 2022-2027 period. However, higher costs of the technology may slow down the growth of the market. Among the product types, nanoparticles are likely to account for the biggest market share, and Asia-Pacific region is expected to drive the market growth rate during the same period.

The electrical and electronics segment is expected to dominate the market, followed by healthcare, energy, construction, and personal care. In the electrical and electronics sector, the demand for nanomaterials has been greatly increasing due to the major advances in computing and electronics. One of the major applications of nanomaterials in the electronics industry is the use of carbon nanotubes in semiconductor chips, in lighting technologies (LEDs and OLEDs), use of quantum dots in lasers and ongoing research into the application of others. The electronics manufacturing market in Asia-Pacific is expected to grow rapidly during the upcoming years due to the presence of a large number of original equipment manufacturers in the region. 

The United States dominated the global nanomaterials market as the usage of nanomaterials is increasing in the country with growing construction, electrical, and automotive industries. The US electronics market, which is the largest market in the world by size, it is expected to remain the leading market over the 2022-2027 period due to the usage of advanced technology, an increase in the number of R&D centers, and rising demand from consumers. Furthermore, the growth in solar installations is expected to boost the nanomaterials market in the United States. It is anticipated that the growing healthcare spending will also strengthen the nanomaterials market in the country.

The nanomaterials market is highly fragmented. The companies often focus on the specific types and applications of nanomaterials. The major players constantly focus on R&D for product innovation and capacity expansions and collaborate with local and/or regional manufacturers and distributors. Some of the key companies in the market are American Elements, Chengdu Organic Chemicals Co. Ltd (Timesnano), Jiangsu Cnano Technology Co. Ltd, Cabot Corporation, and ACS Material, among many others.3 

The market for nanomaterials plummeted due to the COVID-19 pandemic. However, there has been a revival in demand in 2021 mainly due to the ease of restrictions and financial packages announced by governments to jumpstart the economies, which have improved consumer demand.4 

The global nanomaterials market is estimated at 11 million tonnes.5 Currently, the quantities of nanomaterials on the European market are difficult to estimate. To date, a comprehensive quantitative information on nanomaterials manufacturing volumes in Europe is missing. National registries that collect information about nanomaterials are present in few European countries, such as Belgium, Denmark, France, Norway, and Sweden. Since 1 January 2020, following the amendments to the REACH Regulation, manufacturers and importers of nanomaterials in the EU have to report specific information under the revised annexes. However, the information on the manufactured or imported quantity per year may not be specific to nanoforms of a chemical substance, because the obligation to register nanoforms is triggered by the total manufactured or imported volume of both non-nanoforms and nanoforms of the same substance.6  

The carbon nanotubes dominated the market accounting for the largest revenue share of 23.7% in 2020. They are widely used in lithium-ion batteries as well as in wide range of pharmaceutical and medical applications. The titanium nanoparticles also accounted for a significant revenue share of 22.2% in 2020. The growth can be attributed to its increasing applications in medical, petrochemicals, aerospace, chemicals, and architectural industries. They are also used as antibiotic, antimicrobial, and antifungal agents in plastics and soaps, textiles, bandages, nanofibers, and nanowires. The silver nanoparticles accounted for 13.5% of revenue share in 2020. These nanoparticles are used in a broad range of applications, such as antimicrobial agents, biomedical device coatings, drug-delivery carriers, imaging probes, and diagnostic and optoelectronic platforms. Finally, aluminium oxides are expected to witness a significant rise in demand due to their exceptional structural and physicochemical properties. The market for these nanoparticles is estimated to reach USD 1.9 billion by 2028.7 



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