Global Nanomaterials Market - Segmented by Product type,Structure Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global nanomaterials market is expected to grow at a significant rate during the forecast period, majorly driven by increasing applications in automotive and aviation sector. Nanomaterials are the materials, which has at least one spatial dimension in the size range of 1 to 100 nanometer. Nanomaterials can be created with various modulation dimensionalities.
Increasing Applications in Automotive and Aviation Sector Driving the Market
Carbon nanomaterial, owing to their easy reparability, high tensile strength, lightweight (in turn offering weight savings), flexibility, and durability are increasingly used in the airframe structure and aircraft wings. Apart from the aforementioned properties, they are also used in the engine parts in the form of coatings for protecting the components and structure from the harsh environmental conditions, extreme temperatures, corrosion, wear and tear of engine and abrasion. With increasing use of nanomaterials in aircrafts, coupled with the increasing number of aircrafts launched in the market annually, the nanomaterials market is likely to experience a huge growth opportunity in the aerospace industry in the coming years.
Nanometals to Dominate the Market
Metal nanoparticles or nano metals are those that exhibit different physical & chemical properties, when fabricated at nano scale. The properties, such as optical, electrical, and color of these metals are shape and size dependent. Nano metals can be prepared using different method, of which wet chemistry method is most widely used. Surface Plasmon Resonance (SPR) generally causes the change in colors in nano metals. Nano metals are widely used for medical applications and as weaponry in defense sector. Gold, silver, platinum, titanium and aluminum are currently being fabricated as nano metals for application in different industries.
Growing Demand from Various End-users Driving the Asia-Pacific Market
The market of nanomaterials in Asia-Pacific has been increasing at faster pace compared to other regions. The growth in technology and increase in investments, in research & development, with government support has driven the market for nanometals with its high usage in various applications. The nanomaterials market in China is increasing at faster pace, followed by India and South Korea. Japan has the largest market for nanomaterials, as the technological hub with maximum consumption in electrical & electronics market. In Asia-Pacific, the healthcare industry is growing as the rollout of public health care programs combined with growing consumer wealth are anticipated to boost health care spending. Thus, growing demand from various end-users is boosting the nanomaterials market in the forecast period.
April 2017: Air Products started-up new plant in chongqing city for china’s leading LCD Panel Fab
Major Players: Bayer, Archema, Nanocyl, Air Products & Chemicals and BC Showa Denko K.K.., amongst others.
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