Magnetic Nanoparticles Market: Upcoming Demands & Growth Analysis
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.
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.
Nanoparticles are particles that have at least one dimension in a nano scale. They have properties different from their own macro scale properties. Magnetic nanoparticles are particles whose properties can be manipulated upon exposure to a magnetic field. Magnetic nanoparticles find application in material science, magnetic fluid recording, catalysis, bio-medicines, etc. There are various methods of synthesizing magnetic nanostructures, some of them are: chemical synthesis, thermal decomposition and template assisted fabrication.
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Template assisted fabrication has an advantage over chemical synthesis. The synthesis method defines the shape, size, magnetic property and surface chemistry of the magnetic nanoparticle. Magnetic nanoparticles can show any one of these magnetic behaviors – diamagnetism, paramagnatism, antiferromagnetism and ferromagnetism. Magnetite is a common example of a magnetic nanoparticle and it is used in many applications, due to its supermagnetic behavior. However, at the same time it is sensitive to oxidation & agglomeration, which can be prevented by various coatings.
Nanoparticles have a metallic core and shell. They have higher magnetization and stability in acidic, basic or organic solvents in comparison to ferrite.
Growth in research areas, such as MRI and separation and development might lead to an increase in the consumption of magnetic nanoparticles in Asia Pacific region especially in India and China.
Asia Pacific is a rapidly growing market in the ferrofluid industry with India spearheading growth, followed by China. Both countries are expected to witness a surge in terms of consumption of magnetic nanoparticles. Many companies are shifting their production to Asia Pacific region due to availability of cheap labor and favorable Government policies thus it is expected that it will drive the Magnetic nanoparticle Market.
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Europe followed by North America is expected to have the significant growth in magnetic nanoparticle market due to increase in spending in Research and Development activities to find cure of various diseases, increase in nanoparticle market, emergence of some key market participants from these regions, increasing use of nanotechnology based devices etc. On the basis of production and application, the U.S. will remain the leader in the ferrofluid market.
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