June 15, 2023 : According to a research report by Skyquest, the global nanomaterials market is projected to reach a value of USD 32.83 billion by 2030, with a compound annual growth rate (CAGR) of 14.8% from 2023 to 2030. The market’s growth is fueled by the increasing demand for nanomaterials in various sectors such as electronics, healthcare, energy, automotive, and more. Factors contributing to this growth include substantial investments in nanotechnology research and development, the need for high-performance materials with unique properties, and the rising demand for energy-efficient and eco-friendly products.
The electronics and semiconductor industries are experiencing a surge in demand for nanomaterials due to the miniaturization of devices and components. Nanomaterials are widely adopted for drug delivery and imaging applications in the healthcare and medical sector. Additionally, there is a growing emphasis on sustainable production methods for nanomaterials, including green synthesis and recycling. The energy sector is also witnessing increased adoption of nanomaterials, particularly in solar cells, energy storage, and fuel cells.
Government initiatives around the world are playing a significant role in promoting the growth of nanomaterials. Programs such as the National Nanotechnology Initiative in the US, the European Union’s Horizon, Japan’s Society for the Promotion of Science, China’s National Nanotechnology Initiative, and the Nanotechnology Signature Initiative in the US encourage research and development activities and drive market expansion.
Among the types of nanomaterials, metal and metal oxide dominate the market due to their unique properties, such as high strength, enhanced conductivity, and catalytic activity. In terms of application, electronics hold the largest share, with nanomaterials being extensively used in manufacturing microprocessors, memory chips, transistors, and other electronic components. The energy segment is also experiencing growth, driven by the utilization of nanomaterials in lithium-ion batteries.
The Asia-Pacific region, particularly countries like China, Japan, India, and South Korea, is witnessing significant market growth. The region boasts a large consumer base and hosts key manufacturers of nanomaterials. Additionally, initiatives such as Japan’s New Energy and Industrial Technology Development Organization (NEDO) support the developing and commercializing of nanomaterials-based products and technologies.
With the increasing demand for nanomaterials and the ongoing advancements in nanotechnology, the market is poised for substantial growth in the coming years, offering opportunities for innovation and investment.