June 18, 2024
Nanomaterials Market

Nanomaterials Market Growth Accelerated by Rise in End-Use Industry Adoption

Nanomaterials are chemically engineered substances with a width of approximately 100 nanometers or less that display unique physicochemical properties. They find wide applications in domains including pharmaceuticals, cosmetics, electronics, and biomedical due to their enhanced strength, durability, conductivity, and optical properties. The growing demand from end-use industries like healthcare, energy, and automotive is fueling the adoption of nanomaterials. The global nanomaterials market is estimated to be valued at US$ 14.49 Bn in 2023 and is expected to exhibit a CAGR of 10 % over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The widespread adoption across end-use industries is one of the major trends driving the nanomaterials market. Nanomaterials are increasingly finding applications in the development of advanced nano-enabled products across sectors. For instance, in the healthcare domain, nanomaterials are widely used in developing biosensors, drug delivery systems, tissue engineering scaffolds, and implants owing to their antibacterial and non-toxic properties. Similarly, the energy industry utilizes nanomaterials for developing highly efficient solar panels, fuel cells, and batteries. The automotive industry also integrates nanomaterials to manufacture lightweight vehicles with enhanced fuel efficiency and crashworthiness. Furthermore, nanomaterials help electronic and semiconductor industries develop compact and high-performance devices. Thus, the rising demand from diverse end-user industries is expected to propel the nanomaterials market over the forecast period.

Segment Analysis
Content: The global nanomaterials market is segmented by product into carbon nanotubes, nanofibers, nanoparticles, nanorods, among others. Carbon nanotubes dominated the market in 2024 and this trend is expected to continue due to its superior mechanical and electrical properties alongwith wide applications in batteries, sensors, imaging, drug delivery, conductive adhesives, and structural composites among others. Carbon nanotubes exhibits high aspect ratios and stiffness alongwith chemical and thermal stability which makes it suitable for use in high strength and lightweight composites, fuel cells and energy storage devices driving its higher demand.

Key Takeaways
The Global Nanomaterials Market Demand is expected to witness high growth over the forecast period of 2024 to 2031 supported by increasing demand from various end-use industries like aerospace, healthcare, energy, automotive and electronics.

Regional analysis: North America dominated the global nanomaterials market in 2024 owing to strong presence of end-use industries like healthcare, aerospace, energy and electronics in countries like United States and Canada. Growing demand for lightweight and high strength materials alongwith government support for R&D is supporting market growth in the region. Asia Pacific is expected to be the fastest growing region during the forecast period supported by rapid industrialization, improving living standards and growing electronics industry in major countries like China, India and South Korea.

Key players operating in the nanomaterials market are Honeywell International Inc., Aker Solutions, Dakota Gasification Company, Exxon Mobil Corporation, Baker Hughes, Air Liquide, Exxon Mobil, Air Liquide, Aker Solutions, Baker Hughes, Fluor Corporation, General Electric and Halliburton. These players are focused on new product development, collaborations and capacity expansion strategies to expand their market share and presence in high growth markets. For instance, in 2023, Honeywell International Inc. partnered with KBR to provide nanomaterials for cleaner energy applications like carbon capture.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it