Smart Nanomaterials Market Size, Share, Growth, And Industry Growth By Type (Metal-based, Carbon-based, Polymeric and Others) By Application (Coating, Consumer Goods, Electronic, Automotive, Pharmaceutical and Others), Regional Forecast To 2031

Updated On: 08 April 2024

SMART NANOMATERIALS MARKET REPORT OVERVIEW

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The global smart nanomaterials market size was USD 332.1 million in 2022 and is projected to touch USD 4979.04 million by 2031, exhibiting a CAGR of 35.1% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the Smart nanomaterials market experiencinghigher-than-anticipated demand across all regions compared to pre-pandemic levels.

The sunscreen we apply every day to protect against the harmful ultraviolet rays of the sun contains smart nanomaterials to achieve higher efficiency.    The astonishing fact is that human beings have been using smart nanomaterials for years without realizing their usefulness. A smart nanomaterial has multiple functionalities with extraordinary physio-chemical properties. This made it easier for the application across all industries.

Industries are trying to achieve sustainability across every form and it needs innovations. Nanotechnology is often considered the door to a futuristic world and it is being implemented in full force. Smart nanomaterials have ample opportunities in the aviation and marine industry and other profitable sectors. The industry has shown potential and as per the analysis, it will witness high growth in the forecasted period.

COVID-19 Impact:Compulsion Towards Restructuring the Global Healthcare to Boost Market Demand

COVID-19 has put global healthcare on edge. The rapid spread of the virus across the globe and the human helplessness against the deadly disease has pushed scientists to take the help of smart nanomaterials in the faster development of medicines and other equipment. Nano-based protection equipment has played a crucial role in the diagnosis, detection and treatment during the COVID-19 times. As the normalization process begins, the smart nanomaterials market share is expected to witness anupward trajectory in the upcoming years.

LATEST TRENDS

"Research and Development to Boost the Market Demands"

The new product launches and the incorporation of smart nanoparticles in the development of vaccines have been breakthroughs.The healthcare sector is going through changes as smart nanomaterials are making existing healthcare faster and more affordable. It is playing an important part in the diagnosis of cancer. The research and experiments are being constantly held to overcome the limitations. The energy sector is set to achieve the idea of clean, sustainable delivery of energy through the usage of smart nanomaterials.

SMART NANOMATERIALS MARKET SEGMENTATION

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• By Type

Based on type, the market is dividedintometal-based, carbon-based, polymeric and other. Metal-based is expected to lead this segment in the forecasted year.

• By Application

Based ontheapplication, the market is dividedintocoating

consumer goods, electronic, automotive, pharmaceutical and others. The coating is anticipated to lead this segment.

DRIVING FACTORS

"Advancement in Healthcare to Accelerate the Smart Nanomaterials Market"

The healthcare industry is a billion-dollar industry with high-scale investments and provocation for innovations. The post-pandemic world comprehended the importance of establishing a solid healthcare infrastructure for the present and future generations. The industry has seen a massive transformation over the decade. As the cases of lifestyle disease increase, the demand for innovations in the faster delivery of healthcare intensifies. Nanotechnology is extensively incorporated in medical procedures as it helps in faster detection of disease, an effective solution for drug delivery in a controlled manner andthe diagnosis of cancer.

The contemporary fast-paced world demands a faster and more efficient health care system. Rapid diagnosis and on-time detection is the first step to the treatment. The utilization of smart nanomaterials has decreased the diagnosis time. In light of the recent developments, the COVID-19 vaccine contains Lipid nanoparticles which ensure the transporting of mRNA at the right place. The pandemic-stricken world was in dire need of an efficient vaccine in a short period, nanotechnology played a major role in the development and delivery of a speedy treatment. All these factors will drive the smart nanomaterials market in the forecasted year.

"Diverse Application of Nanotechnology to Propel the Smart Nanomaterials MarketDemand"

The nanotechnology sector is expected to grow at a CAGR of 36.4 % as the application increase ten folds in the forthcoming years. It is often considered a revolutionary technology that has the potential to improve various sectors and bring innovations for the betterment of industries. For instance, the coating industry has adopted the incorporation of nanomaterials and the reports show that it delivers a positive outcome and boosted product sales. The addition of nanomaterial improves water resistance, high opacity, durability, elasticity and fast drying. Nanomaterial-containing coating is set to replace the non-ecofriendly coatings in the upcoming years.

Moreover, the use of smartnanomaterialshas been reported across industries such as energy, automobiles and marine technology. All the industries possess a high growth trajectory and with the surging demands for fast and efficient products the smart nanomaterials market share is anticipated to grow at a lightning speed.

RESTRAINING FACTORS

"Toxicity and Environmental Effects toHamper theMarket Growth"

Smart nanomaterials have a set of limitations and besides the usefulness of the technology, it has posed few restarting factors. For instance, nanomaterials are found to contaminate soil and aquatic bodies. As the idea of sustainability thrives, the toxicity imposed on the environment and human health by the utilization of smart nanomaterials will act as a slow-down factor for market growth. Moreover, there is a dearth of professionals and expensive synthesis technology involved in the process might be another challenge faced by the industry at present. As smart nanomaterials are becoming the solution for the future the research shows that consumers are exposed to some levels of cybersecurity. All these emerging challenges and lack of consistent innovation might restrain the smart nanomaterials market size. 

SMART NANOMATERIALS MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market due toan Extensive Research and Development Program"

North American governments and institutions invested in developing nanotechnology courses and it has played a dominant role in publishing the maximum number of research papers of the highest quality. North America has taken conscious efforts in the establishment of this industry and investing billions of dollars in high-scale projects. In the year 2022, the government has invested approximately dollar 38 billion in research and development. Furthermore, the region is gearing an overall transformation towards sustainable living and had been incorporating the usage of smart nanomaterials across various industries to make the process smoother and faster.

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advancedproducts in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Nanocyl (Belgium)
• Arkema (U.S.)
• Cnano (Japan)
• Showa Denko (Japan)
• OCSiAl (Luxembourg)
• Zeon Nano Technology (Japan)
• Raymor (Canada)
• Nanopartz (U.S.)
• Nanocs (U.S.)
• NanoComposix (U.S)
• Mitsui Kinzoku (Japan)
• Sumitomo Metal Mining (Japan)
• Umcor (U.S)
• Fiber Lean (U.K)
• Kruger (Canada)

REPORT COVERAGE

This report covers the analysis of the Smart nanomaterials marketprovidinga comprehensive market insightfocusing on the existing key playerswho would play a crucial role in the forecasting period. It also analyses based on segmentation, industrial developments, trends, growth, size, share, restraints and revenue. The report covers an overview of the latest driving factor in the industry, dominant region, latest innovations and opportunities.