The growing demand of nanochemicals is driven by increasing demand of chemical-based products having multiple phases, which enhance chemical reactions and maximum product yield. The major factors propelling the growth of the global nanochemicals market in regions, such as North America and Europe include technological developments and increase in regulatory efforts to use nanochemicals in materials. The other factors contributing towards the growth of the market include applications of nanochemicals in industries, such as agrochemicals, manufacturing multifunctional coating.
Nanochemicals are manufactured by using nanotechnology on conventional chemical building blocks, such as ethane, propane, and butane. Nanochemicals consist of various advantageous properties, such as self-catalysis and anti-corrosion, as compared to other conventional chemicals. These chemicals take lesser time to carry out chemical reactions. Nano scale industry players are continuously investing in the research and development for the recent and innovative technologies in the Nano scale markets. The growing market opportunities for nanochemicals in Asia- Pacific is accompanied by foreign investment and government support, such as tax benefits in developing economies, which is expected to drive the growth of the market for nanochemicals. The restraints limiting the growth of the nanochemicals market include its very small size and easy penetrability. These chemicals can be harmful to the human body and environment. These factors are limiting its application in food, textile, and pharmaceutical industries.
On the basis of application, the global nanochemicals market has been segmented into semiconductors and electronics, cosmetics, pharmaceuticals, and others. On the basis of product type, the global nanochemicals market has been segmented into metallic nanochemicals, polymer nanochemicals, ceramic nanochemicals, and others.
Geographically, North America was the largest market for nanochemicals in 2015. The improved growth in the pigment and printing ink sector is expected to fuel the demand for nanochemicals during the forecast period. Asia-Pacific is anticipated to experience high demand for nanochemicals in the upcoming years, due to several factors, such as industrial development and shifting of companies from convectional chemicals to nano-based chemicals. The increasing use of nanochemicals in sectors, such as construction, electronics, and rubber is expected to drive the growth of the market in Asia–Pacific, as these sectors are experiencing substantial growth in developing economies, such as India and China.
Some of the major competitors in the global nanochemical market include Advanced Nano Products Inc., Akzo Nobel, Bayer CropScience AG, BASF SE, E. I. Du Pont de Nemours and Company, ELANTAS Beck India Ltd., Huntsman Corporation, Rhodia S.A., The Dow Chemical Company, Sea Spray Aerosol Inc., Graphene NanoChem Plc, and Nano Chemical Systems.