Nanomaterials Market Analysis and Forecast Report 2024
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Nanomaterials market can be broadly segmented on the basis of application as chemical products, electrical and electronics, pharmaceuticals, and polymers and composites. While chemical products segment hold a significant market share in the nanomaterials market, pharmaceuticals and nano polymers and composites are anticipated to emerge as the fastest growing segment in the near future. Development of so-gels, aerogels and inorganic oxide materials of high surface areas with high absorption and catalytic properties is major application in chemical products. Use of nanomaterials in electrical and electronics application segment provides potential to flourish.
Nanoscience and nanotechnology have grown explosively in the recent decade. Increasing availability of several methods and tools to synthesize nanomaterials is driving the nanomaterials market. Synthetic methods such as covalent synthesis, self-assembly techniques and processing are now available for synthesis of nanomaterials. Novel methods of fabricating patterned nanostructures provide opportunity for better computer simulation and modeling. Besides, dispersions and coating, consolidated materials, bio-medical, and nano devices are some of the emerging potential applications. One of the major restraining factors hindering the growth of the nanomaterials market is lack of research and unexplored understanding about the nanostructures. However, the impact of this factor is expected to diminish in the near future due to on-going extensive research and government funding to support potential growth of nanomaterials. Also potential of safety risk to health and environment is restraining the growth of nanomaterials market.
The U.S forms the largest market for the nanomaterials owing to large application use of nanotubes in various industries. Electrical and electronics, pharmaceutical, and chemical products are the major application segments in North America market. Europe also held a significant market share in the nanomaterials market. Decrease in price of nanomaterials due to increase in mass production has lead to robust growth of nanomaterials in these regions. Asia Pacific is expected to witness remarkable growth in the projected period. Increasing government funding and support, rising environmental consciousness, and rising demand for specialty materials is expected to boost the growth of nanomaterials market in the foreseeable period. Nanomaterials are regulated under REACH and CLP regulation in the European market while U.S FDA regulates nanomaterials for the American market.
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There are several players in the nanomaterials market. Some of them include BASF, EMFUTUR Technologies, Sigma-Aldrich Co. LLC., Evonik Industries, Bayer AG, Altair Nanotechnologies Inc., SkySpring Nanomaterials, and Nanomaterials Company.
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