The Growing Nanomaterials Market is driven by Increasing Demand from Electronics Industry

Nanomaterials Market


 Nanomaterials are materials that measure in the scale of nanometers (1-100 nm) and possess unique mechanical, electrical and chemical properties that make them useful for a variety of industrial and scientific applications. Nanomaterials are widely used in electronics industry to manufacture semiconductors, thermoelectric devices, light-emitting diodes, photovoltaic cells and nanowires. The demand for improved efficiency and miniaturization of electronic components has been a primary driver for using nanomaterials in electronics. Nanomaterials allow manufacturers to build flexible and transparent displays, printed circuits and data storage on a miniscule scale. The rising demand for consumer electronics globally has accelerated the growth of the nanomaterials market. The global Nanomaterials Market is estimated to be valued at US$ 14.49 Bn in 2024 and is expected to exhibit a CAGR of 10 % over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
One of the key trends in the nanomaterials market is the development of carbon nanotubes and its increasing applications. Carbon nanotubes possess extraordinary strength and unique electrical properties. They are being widely used as a strengthening agent in composite materials to build lightweight aircraft, cars and sport equipment. Carbon nanotubes are also finding applications as nano-wires in electronic devices, field emission sources and hydrogen storage systems. Another trend is the use of silver nanomaterials as an antibacterial agent in products like fabrics, wound dressings, cosmetics and food packaging. Silver nanomaterials kill or inhibit the growth of microbes and bacteria and help increase the shelf life of many consumer products. Additionally, manufacturers are focusing on developing eco-friendly methods for large scale production of nanomaterials to minimize environmental impact.

Porter's Analysis
Threat of new entrants: Low capital requirements and economies of scale in production will provide opportunities for new players to enter the market.

Bargaining power of buyers: Large customer base and demand for nanomaterials across industries like healthcare and energy will give buyers higher bargaining power.

Bargaining power of suppliers: Established players like Honeywell International and Baker Hughes having expertise and technological capabilities will exert significant influence on buyers.

Threat of new substitutes: Any new substitute offering similar properties and higher performance characteristics at competitive prices can pose threat to existing products.

Competitive rivalry: Presence of major players and fierce competition to capture more market share through innovations will keep rivalry high in the nanomaterials industry.

Key Takeaways
The Global Nanomaterials Market Demand is expected to witness high growth over the forecast period. North America is projected to dominate the regional market owing to substantial R&D investments and presence of major players in the region. The European market is also estimated to contribute significantly to the global demand for nanomaterials.

Regional analysis: North America is expected to hold the largest share in the global nanomaterials market during the forecast period. The growth in the region can be attributed to strong manufacturing base, increasing application in industries like electronics and energy. Various government initiatives and funding to support nanotechnology research will further propel the demand.

Key players operating in the nanomaterials market are Honeywell International Inc., Aker Solutions, Baker Hughes, Air Liquide, and Fluor Corporation. Honeywell International offers wide range of carbon nanotubes and metal oxides for various industrial applications. Baker Hughes is mainly focused on developing graphene-enhanced materials for oil & gas applications. Major players are investing heavily in R&D to develop new nano-enabled products and expand their geographic footprint through partnerships.

For more insights, Read- https://www.insightprobing.com/nanomaterials-market-demand-share-analysis/

Get more insights on this topic: https://www.insightprobing.com/u-s-meetings-incentives-conferences-and-exhibitions-market/

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