Nanosilver Market size was over USD 1 billion in 2016 and will witness 15.6% growth over the projected timespan.
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Strong product demand in the electrical & electronics industry in North America is likely to make significant contribution to nanosilver market size during the forecast period. Silver holds the highest electrical and thermal conductivity and is henceforth widely used in consumer electronics in the form of paste, inks and adhesives. Nanosilver possess high performance levels, and is therefore replacing traditional silver in electronics application. It offers higher surface area per unit volume due to small particle size, which allows reduction in silver loading in various applications. Moreover, the convergence of technologies has resulted in robust demand for consumer devices including entertainment products, home appliances, computer peripherals and telecom equipment. With the advent of the convergence revolution, different streams including video, information technology, and digital audio have merged into a single, comprehensive business. These technological innovations are likely to replace conventional electronic components such as indium tin oxide (ITO), conventional batteries, capacitors, etc. which will subsequently help boost nanosilver market size by 2024.
Rising product demand for antimicrobial coatings in medical and consumer hygiene applications as it possesses excellent anti-microbial properties will have positive impact on the nanosilver market size in the coming years. Medical applications include bandages, tubing, catheters, dressings, powders, and creams and consumer hygiene applications includes clothing, personal care products, food packaging, etc.
|Market Size in 2016:||1 Billion (USD)|
|Forecast Period:||2017 to 2024|
|Forecast Period 2017 to 2024 CAGR:||15.6%|
|2024 Value Projection:||3.3 Billion (USD)|
|Historical Data for:||2013 to 2016|
|No. of Pages:||135|
|Tables, Charts & Figures:||175|
|Segments covered:||Mode of Synthesis, End-user and Region|
|Pitfalls & Challenges:|
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Stringent regulations formed against product use across various end-user industries including electrical & electronics, healthcare, food & beverages, textile and water treatment industry owing to its hazardous impact on human health & environment is likely to hamper the nanosilver market size in the coming years. Furthermore, high product prices are also likely to obstruct the business growth during the forecast period.
Nanosilver Market, By Mode of Synthesis
Chemical reduction mode of synthesis for nanosilver market size attained the highest share and is likely to grow at a healthy CAGR over the projected timespan. In this mode, product is prepared as stable and colloidal dispersion in organic solvent or water. Silver ions are reduced with various complexes which is followed by accumulation into clusters which subsequently forms colloidal silver particles. Reducing agents, for instance hydrazine, sodium borohydride, formaldehyde, etc. are used to reduce a silver containing salt to produce nanosilver particles.
Biological mode of synthesis for nanosilver market size is anticipated to attain the highest CAGR during the forecast period. This is due to the fact that it is a green mode which allows production in aqueous condition with low energy requirements and low cost. In this mode, bio-organisms act as reducing and capping agent for product synthesis with low polydispersity and good yield over 55%.
Nanosilver Market, By End-user
Nanosilver market size for electrical & electronics attained a significant share which is valued over USD 350 million in 2016. This is due to consistent advancement in electrical & electronics industry which has been replacing conventional silver applications with the product. For instance, product is used in manufacturing Radio Frequency Identification (RFID) tags which are capable of storing larger amounts of data than bar codes. In addition, product finds applications in super capacitors which are extensively utilized in grid disturbances, hybrid buses, etc. which will help achieve prominent gains in electrical & electronics industry for nanosilver market size over the projected timeframe.
Nanosilver market size for food & beverage industry is anticipated to grow at a CAGR close to 14% in the coming years. It is extensively used in food & beverage packaging for protection against foodborne disease owing to its excellent anti-microbial, anti-fungal and anti-viral properties. Stringent regulations to maintain health & hygiene propelled demand for antimicrobial food packaging which is a special packaging that releases active biocide substances to improve the overall food quality and extended shelf life.
Nanosilver Market, By Region
Asia Pacific nanosilver market size is projected to grow at the highest CAGR which is accounted at 16% by 2024. This is mainly due to rising product demand across several end-user industries including electrical & electronics, food & beverage, healthcare, textile, water treatment and personal care industry in the region. For instance, product finds extensive applications in treatment, diagnosis, medical device coating, drug delivery, and for personal health care owing to its anti-microbial properties.
North America nanosilver market size was valued over USD 400 million in 2016. This is attributed to consistent technical advancements in the consumer electronics to meet rapidly changing consumer preferences in the region. For instance, Metropolis Technology, based in the U.S. offers silver and nanotechnology-based hair dryers that help in eliminating frizz and preventing split ends. In addition, product is extensively used in the healthcare, water treatment, food & beverage and personal care industry in the region which will help attain prominent gains to nanosilver market size by 2024.
Competitive Market Share
Some of the major nanosilver manufacturers are Nano Silver Manufacturing Sdn Bhd, NovaCentrix, Advanced Nano Products Co. Ltd., Creative Technology Solutions Co. Ltd., Applied Nanotech Holdings, Inc., Bayer Material Science AG and SILVIX Co., Ltd.
Key nanosilver market share contributors are extensively involved in forming strategic alliances which will subsequently help attain competitive advantage in the market. For instance, NovaCentrix acquired PChem to effectively utilize its nanosilver ink technology to further expand its customer base and improve its profitability in the industry.
Nanosilver are silver particles ranging from 1nm to 100nm in size. These particles are being used in a variety of applications including electronics, cosmetics, medical, pharmaceuticals, pesticides, textile, plastics, paints & coatings, water treatment, food & beverages, packaging, and detergents. The major advantage of the product is its small particle size, large surface area and excellent antibacterial and conductive properties.
Strong growth indicators in electrical & electronics industry in North America will help attain promising gains in the nanosilver market size in the coming years. Technology convergence has resulted in robust demand for consumer devices such as entertainment products, home appliances, computer peripherals, and telecom equipment. In addition, rising product demand in healthcare, food & beverage and water treatment industry in Asia Pacific is attributed to rising concerns for attaining health & hygiene which can be achieved by product use owing to its anti-microbial, anti-fungal and anti-viral properties which will subsequently boost nanosilver market size by 2024.