Nanochemicals Market To Generate Revenue Worth $8.94 Billion by 2030

The global nanochemicals market size is projected to reach $8.94 billion by 2030, advancing at a CAGR of 5.2% during 2021–2030. This will prominently be on account of the surging demand for these substances in a wide range of industries, including construction, pharmaceuticals, semiconductor and IC process, mining, rubber, pesticide, printing ink, plastic additive, pigment, specialty polymer, and water treatment.

Additionally, nanomaterials are being used in several applications, such as chemical warfare, armor design, bicycle manufacturing, and military weapons. For instance, zinc oxide and titanium dioxide are widely used in semiconductors and IC process chemicals. As a result, the sector is likely to grow at a significant rate during the forecast period.

Nanochemicals are specially designed materials and their properties could be altered with the usage of an external stimulus such as temperature, pH, and stress. As a specialized material, these substances are also intended to perform an explicit task or function that includes machine tools (high tungsten high carbon steel), electronic equipment (high purity silicon and germanium), and dental filling (dental amalgam). Furthermore, the increasing demand for enhanced chemical-based products and lower prices of nanochemicals are burgeoning the market growth.

Metallic Nanochemicals Dominate the Market

Metallic nanochemicals held the largest market share, in 2021. This is due to the rising number of new nanoparticle characterization products and the increasing spending on nanotechnology research. Many countries around the world are currently pursuing nanotechnology R&D programs with significant public funding. Hence, huge public investments have been made in the industry over the last decade has led to a significant increase in the market size in this category.

Pharmaceuticals Account for Highest Market Share

Among various applications, the pharmaceuticals category accounted for the largest revenue share in 2021, on account of the rising demand for nanoparticles for the development of various drugs. The adoption of various nanotechnologies in the pharmaceutical industry for the development of vaccines is burgeoning. These technologies mainly utilize nanocarriers like quantum dots, magnetic & metal nanoparticles, graphene nanosheets, carbon nanotubes, and carbon dots.

The prominent players have actively involved themselves in the launch of innovative products to gain their position in the sector. For instance, Pfizer Inc. and BioNTech SE launched an mRNA-based vaccine candidate, BNT162b2, against COVID-19. The vaccine carries lipid nanoparticles as the vital component, which plays a key role in protecting and transporting the mRNA to the target cells.

APAC Market To Record Highest CAGR

The APAC nanochemicals market is expected to witness the highest CAGR, of more than 6.4%, in the forecast period. This can be on account of the promulgating demand for nanomaterials in numerous applications, and advancements in technologies in the region. In APAC countries, China, Japan, and India are key nations accounting for major market share.

China is investing heavily in advanced nanomaterial research in order to reduce emissions and develop environmentally friendly products. Over the years, the electronics, automotive, and healthcare sectors have grown at a significant rate in the country. On the other hand, the Japanese nanomaterials sector is well-developed and mature. Japan is one of the leading countries in terms of nanomaterial demand and consumption, and it invests heavily in nanotechnology research, which is driving the market growth in the nation.

The major players operating in the nanochemicals market are BASF SE, Delair SAS, Dupont De Nemours Inc., Evonik Industries AG, Huntsman International LLC, Merck KGaA, Mitsubishi Chemical Holdings Corporation, SABIC, Solvay SA, and Thermo Fisher Scientific Inc.