June 24, 2024

Nanoparticles Market Growth is Projected to Propelled by their widening industrial applications

Nanoparticles have gained importance over the past few years due to their distinctive physicochemical properties and wide range of applications in various industries including electronics, medicine, cosmetics, energy, and others. Some key advantages of nanoparticles include their ability to improve material properties without significantly increasing weight or cost. Their small size allows for novel applications and interaction with biological systems.

The global Nanoparticles Market is estimated to be valued at US$ 16700.18 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The widening industrial applications of nanoparticles is one of the major trends driving the growth of the global nanoparticles market. Nanoparticles-enabled products are witnessing increasing demand from industries like coatings, construction, electronics, transportation, and energy. For instance, in the automobile industry, nanoparticles reinforcements and fillers are used in tires, engine components, fuel cells, battery technologies to enhance strength, durability, and conductivity. In the electronics sector, copper nanoparticles find applications in semiconductor interconnects, low-k dielectric layers and conductive inks due to their high electrical conductivity.

SWOT Analysis

Strength: Nanoparticles have unique physical, chemical and biological properties compared to larger size materials that enable novel applications. They are more reactive and provide increased surface area.

Weakness: Safety issues regarding health and environmental effects need to be addressed. Production methods need improvements to enhance yields and reduce costs.

Opportunity: Growing demand from various end-use industries like healthcare, electronics, energy and others offer huge opportunities. Development of new materials and production methods expand application scope.

Threats: Stringent regulations around nanotechnology research, development and applications pose challenges. Economic slowdowns impact demand from different industries.

Key Takeaways

The global nanoparticles market is expected to witness high growth. The market size is projected to reach US$ 16,700.18 Million in 2024 from US$ 11,543.26 Million in 2019, at a CAGR of 5%.

Regional analysis: North America dominates currently due to heavy investments in R&D. Asia Pacific is expected to grow at the fastest pace due to increasing healthcare and electronics spending in countries like China, India. Governments support nanotechnology development through funding.

Key players: Key players operating in the nanoparticles market are NanoPlatform, American Elements, BBI Group, U.S. Research Nanomaterials, Tanaka Holdings, Nanocomposix, Nanoshel, Hongwu International Group, Meliorum Technologies, Strem Chemicals. They are focusing on new material synthesis and production technologies to expand product portfolios. Partnerships with end users help gain increased market share.

*Note:

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