PUBLISHER: Grand View Research | PRODUCT CODE: 1268659
PUBLISHER: Grand View Research | PRODUCT CODE: 1268659
The global nanomaterials market size is expected to grow USD 32.76 billion by 2030 and expand at a CAGR of 14.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to a wide range of existing and potential applications of the product in electronics, biomedical, drug delivery, and optical fields. In addition, nanotechnology is extensively used in the healthcare industry in various applications such as anti-infective, neurology, and cardiovascular disorders.
Nanotechnology is also widely used in the electronics industry for making nano sensors, nanofibers, and nanotubes. In addition, it is used in 3D-printed batteries, biodegradable electrodes, and super flexible chips capable of encircling a hair strand. This technology is also used in wastewater treatment and in removing suspended metal particles from water systems.
Rapid advancements in healthcare technology, development in the medical diagnostics industry, and several benefits in medical imaging applications are projected to uplift the market. Additionally, a rise in the focus on research pertaining to rising government expenditure on pharmaceutical and biotechnology research and development (R&D), and nanotechnology are expected to up-scale the growth of the global nanomaterials market during the forecast period.
Nanomaterials are mainly synthesized for commercial and research purposes. The raw materials are procured by commercial manufacturers for large-scale production and by research laboratories for small-scale production. Nanomaterials are produced in laboratories for research purposes, wherein these nanoparticles are studied and explored for their use in potential applications.
Aluminum oxide nanomaterials are used in a diverse range of applications owing to their unusual structural and physicochemical properties like high resistance to mechanical stress, wear, and chemicals. In addition, they exhibit favorable optical properties, as well as large surface areas. The low cost of preparation and the ease of availability and handling of aluminum oxide nanoparticles are expected to further drive their demand globally during the forecast period.
Toxicity assessment of the nanoparticles is expected to be one of the major restraints faced by the industry. The increasing production of nanoparticles has resulted in augmenting the need for more standardized and reliable methods for evaluating the harmfulness of nanoparticles under various biological, dosing, and exposure conditions.
Nanomaterials are supplied to end users through a network of distributors such as Fisher Scientific and BIO Scientific Pty Ltd. Distributors. These distributors supply the product to several end-user industries such as biomedical, energy, electronic, and wastewater treatment. In some cases, nanomaterials are manufactured in university laboratories for captive consumption. However, these universities also procure the end product from commercial manufacturers such as Nanoshel Inc. to conduct research in biomedical, electronics, and energy applications.