Platinum Nanoparticles Market - Growth, Trends, and Forecast (2020-2025)
The market for platinum nanoparticles is expected to grow at a CAGR of more than 4.2% globally during the forecast period. Platinum nanoparticles appear to be in the shape of a suspension or colloid of platinum nanoparticles in a stream, normally water. The growing health care industry has been driving the market growth.
However, the toxic nature of platinum nanoparticles and the outbreak of coronavirus across the globe are likely to hinder the growth of the studied market.
The research and development in the application of platinum nanoparticles in nano biomedicine owing to catalytic activity and able to reduce the intracellular reactive oxygen species (ROS) levels are likely to provide opportunities for the platinum nanoparticles market over the next five years.
The healthcare segment is the most dominating end-user segment for the market studied.
Asia Pacific region dominated across the world with increasing consumption from countries like China and India.
Key Market Trends
Health Care Segment to Dominate the Market
The health care segment stands to be the dominating segment owing to continuously rising medical industry over the globe.
Beneficial characteristics of platinum nanoparticles such as biocompatibility, high mechanical strength, and low corrosive properties make it ideal for a range of therapeutic uses in a special way. It is used in orthopedics, electro-medical devices, and surgical instrumentation.
Growing demand in the medical industry for nanotechnology-based therapeutics and diagnostics is expected to be a promising factor for market growth in the near future. Increasing the incorporation of nanotechnology in cancer treatment has led to the development of metal nanomaterials for drug delivery systems.
Advantageous properties such as exceptional thermoplasmonic properties of platinum nanoparticles show effectiveness in photothermal cancer therapy.
Countries such as the USA, China , India, and others are expected to see a promising rise in the platinum nanoparticles market due to factors such as the medical industry's large presence.
All the aforementioned factors are expected to drive the platinum nanoparticles market during the forecast period.
Asia-Pacific Region to Dominate the Market
Over the forecast period, the Asia Pacific market is expected to be the largest and fastest-growing market due to robust demand from the automotive and healthcare industries, especially in emerging countries such as India and China.
Robust manufacturing hub for electronics in Asia-Pacific countries coupled with development in high-precision printing and photovoltaic technology is expected to increase the platinum nanoparticles demand over the forecast period.
Growing demand for high-efficiency storage devices such as USB drives, CDs, flashcards, and DVDs has resulted in increased spending for platinum nanoparticle production.
Platinum nanoparticles are used as a catalyst in various processes of chemical processing, and as a catalyst for the automotive industry. India and China are the world's largest chemical producers due to their unlike Europe's robust environmental laws and low labor costs.
Thus, the aforementioned factors, coupled with government support, are contributing to the increasing demand for the platinum nanoparticles market in the Asia-Pacific during the forecast period.
The global platinum nanoparticles market is partially fragmented in nature. Some of the major companies are American Elements, TANAKA HOLDINGS Co., Ltd., Nanocomposix,, Nanoshel LLC, and Strem Chemicals, Inc amongst others.
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