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Market Growth of Magnetic Nanoparticles to Remain Sluggish Forecast to 2025
Nanoparticles have a metallic core and shell. They have higher magnetization and stability in acidic, basic or organic solvents in comparison to ferrite.
Growth of the magnetic nanoparticle market is expected to gear up, due to the application of these particles in various fields, such as the medical industry for drug delivery, drugs & therapy, in vivo imaging, nano fluids, biomedicine, data storage, and microfluidics. Increasing research activities are expected to stimulate growth of the magnetic nanoparticle market in developed countries, mainly Latin America, Eastern Europe, Western Europe and Japan, due to the monetary grants provided by various sources.
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Various companies use magnetic nanoparticles for various applications. Sigma Aldrich has started manufacturing magnetic nanoparticles solutions and nanopowders. For example: Manganese iron oxide nanopowder (50 nm avg) and Iron carbon coated magnetic nanopowder (25 nm avg). Turbobead has started manufacturing turbobeads that are mainly used for separation processes in different fields. This growth in the manufacturing market is expected to translate to subsequent exponential growth in the magnetic nanoparticle market.
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In the medical industry, continuous research and development towards magnetic resonance imaging for the treatment of cancerous cells is expected to lead the magnetic nanoparticle market. It is expected that the electronics industry will claim a major share in the magnetic nanoparticle market, due to the high utilization of these particles in the electronics industry. Iron oxide (magnetite) nanoparticles, due to their high supermagnetic, non-toxic and easy degradability properties are widely used in magnetic storage devices and magnetic resonance imaging in the medical industry. Iron oxide nanoparticles are also used in the treatment of cancer by injecting ferrofluids that contain these particles.
For energy storage applications, Fe3O4 and other materials are used to improve the efficiency of Li-ion batteries. Attributing to the inclination of people towards highly efficient devices, the energy storage industry is expected to boost the magnetic nanoparticle market.
Nano powders and solutions containing nanoparticles are widely used in separating contaminants from water as nanoparticles provide high surface area and recyclability. This has spurred research activities in the magnetic nanoparticle market.
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