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Applications of Nanosilica: Industry Growth Report 2024
Nanosilica Market Trends
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According to The Business Research Company's, The nanosilica market size has grown strongly in recent years. It will grow from $4.12 billion in 2023 to $4.4 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increasing demand for nanotechnology applications in electronics, growing use of nanosilica in the construction industry, rise in demand for nanosilica in the healthcare sector for drug delivery systems, stringent environmental regulations, adoption of eco-friendly nanomaterials..
The nanosilica market size is expected to see strong growth in the next few years. It will grow to $5.93 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to expansion of the automotive industry, growing demand for high-performance coatings in various industries, rise in research and development activities, increasing awareness and adoption of nanosilica in the energy sector, surge in demand for nanosilica in water treatment applications. Major trends in the forecast period include integration of nanosilica in consumer goods for enhanced properties, focus on sustainable and bio-sourced nanosilica production methods, collaboration between industries for cross-application, emergence of innovative nanosilica-based products, shift towards personalized medicine and diagnostics .
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Market Drivers and Trends:
Increased demand for nanoparticles in the medical industry contributed to the growth of the nano-silica market. Nanoparticles are presently being engaged as a tool to explore the rarest approaches of medical sciences in several ways such as imaging, sensing, targeted drug delivery, gene delivery systems, and artificial implants. A replacement study done by Washington University (GW) Cancer Center found that nanoparticle-encapsulated doxorubicin is promising in the treatment of triple-negative carcinoma. Doxorubicin may be a well-known anthracycline drug class used primarily together with chemotherapy. Amino-functionalized silica nanoparticles (SiNPs) are being used as targeted delivery vehicles for the potential treatment of carcinoma. SiNPs can efficiently encapsulate doxorubicin and may be attached to a targeting moiety such as anti-Claudin-4 (CLN4). Nanoparticles have been found to help increase the contrast of the image produced by ultrasonography particularly when imaging tumors. The nanoparticles market experiences huge demand from the medical industry, which in turn will propel the revenues generated for the nano-silica market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
NanoPore Incorporated, Fuso Chemical Co. Ltd., Evonik Inc., Cabot Corporation, DuPont Inc., Akzonobel Ltd., Nanostructured & Amorphous Materials Inc., Wacker Chemie AG, Normet India Private Limited, Nanosil Sdn, US Research Nanomaterials Inc., nanoComposix Inc., Bee Chem Corporates Private Limited, Dow Corning Corporation, Nanocyl S. A., Nanophase Technologies Corporation, Nanosilica Co. Ltd., NanoSonic Inc., Elektrokemiska Aktiebolaget, Sigma-Aldrich Chemicals Pvt. Ltd., SkySpring Nanomaterials Inc., Nyacol Nano Technologies Inc., Nanoshel LLC, Admatechs Co. Ltd., Reinste Nano Ventures Pvt. Ltd., Advanced Nano Products Co. Ltd., PlasmaChem GmbH, Suzhou Tanfeng Nanomaterials Co. Ltd.
Nanosilica Market 2024 Key Insights:
• The nanosilica market size is expected to see strong growth in the next few years. It will grow to $5.93 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Nano-Silica Market Growth Driven By Surging Demand For Nanoparticles In The Medical Industry
• Innovative Solutions For Efficient Use
• Asia-Pacific was the largest region in the nanosilica market in 2023
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