Nanomaterials market size is expected to expand at a substantial rate over 2021-2027, due to the rapid deployment of nanotechnology in aerospace & defense sectors for guided missile development and other applications. There is an increasing adoption of green synthesis technology as a non-toxic and eco-friendly technique to synthesize metallic nanoparticles. For example, the copper nanoparticles synthesized from Euphorbia nivulia’s stem latex are toxic to human lung cancer cells, thereby emerging as a potential treatment in the field of cancer therapy.
Nanomaterials are chemical substances with an external dimension measuring approximately 1-100 nm or those having internal or surface structures in the nanoscale. This material has been developed to exhibit novel characteristics, such as increased strength, conductivity, and chemical reactivity, as compared to other similar materials without any nanoscale feature.
Accelerating nanotechnology research activities for the development of electronic devices, coupled with the demand for nanomedicines to combat common conditions like cardiovascular diseases and cancer will foster the overall nanomaterials market trends over the forecast spell. Nanotechnologies have a high potential in the field of medicine, including diagnostic tools, imaging techniques, drug delivery systems, implants, tissue-engineered constructs, and other pharmaceutical therapeutics.
On the basis of application, the pharmaceuticals segment is set to register high revenue by 2027. This is a result of the mounting usage of novel micro- & nanomaterials in pharmaceutical products to achieve desirable results including high dissolution rate in body fluids, good activity in cell targeting, high permeation through skin & membranes, and high sensitivity for medical imaging. Key manufacturers in this sector are merging nanotechnology and DNA enzymes to efficiently develop therapeutics targeting cancer cells.
Regionally, North America is set to emerge as a lucrative revenue pocket for the nanomaterials market by 2027, which can be credited to the extensive use of medical imaging techniques such as MRI to diagnose ever-increasing cancer patients, alongside rapid investments in electronic manufacturing plants in the region. For instance, in 2021, Intel unveiled plans to invest $20 million to establish two chip factories in Arizona, U.S. These recent initiatives to advance the electronics business landscape will lead to the high deployment of nanomaterials in electronics and in turn, bolster the regional industry growth.
Key players operating in the global nanomaterials industry include Altair Nanotechnologies, EMFUTUR Technologies, Southern Clay Products, Fuso Chemicals, DuPont, Evonik Industries (RAG-Stiftung), Bayer, BASF, and Ahlstrom-Munksjö, among others. Strategic mergers & acquisitions and innovative product launches are among the major efforts undertaken by these companies to gain a competitive advantage and maximize their product benefits for customers across the global market.
For instance, in December 2020, Evonik, a Germany-based specialty chemicals firm, announced the supply of LNP (lipid nanoparticles), in order to facilitate the development and production of gene-based drugs as a response to the growing need for gene-based vaccines against the COVID-19 disease.
The novel coronavirus pandemic has become a global threat and major healthcare concern affecting millions of people worldwide. The increasing challenges posed by the pandemic have resulted in a decline in cancer research activities. Studies suggest that cancer patients are more vulnerable to coronavirus complications than many other people. As a result, several oncologists are changing their daily practices in cancer care with an aim to contain the virus. These aforementioned factors have, in turn, created roadblocks to the growth of the nanomaterials industry from healthcare applications.
However, there has been increasing awareness about new opportunities displayed by the use of nanotechnology in the diagnosis, prevention, and treatment of COVID-19 and other viral infections. Several manufacturers are placing high emphasis on the development of nanomaterial-based solutions. These include diagnostic systems, disinfectants, nanocarrier systems, and PPE, as well as vaccination to boost humoral and cellular immune responses, which will push the demand for different types of nanomaterials for use against viral infections over the coming years.