Nano means one billionth part of actual thing. For instance, the size of the single strand of DNA is about three nanometers. Scientists use specialized equipment to observe the nano objects or structures. As the size of the nanostructures is small, the specialized methods are implemented to manufacture nano objects. The study of materials and structures on the scale of nanometers is called as Nanoscience. Nanoscience principles are widely used by engineers and scientists from various disciplines such as biology, chemistry, material science and physics. The development in the nanoscience is helping nanoscale products manufacturers to innovate the products with respect to the technology. There are different types of nano materials such as precipitated silica, colloidal silica, aluminum oxide, silica gel, fumed silica and barium titanate. The demand for nanoscale products such as nanoscale computers, electronics, machines and nano based medical curers is rising across the globe, due to growing urbanization and change in consumer preferences.
Nanoscale chemical industry players are constantly investing in the research and development for the latest and innovative technologies in the nanoscale market. The latest innovations in nanoscience is stain?resistant fabric. In future, the development in the nanoscience is expected to lead to macroscopic systems from atomic assembly & individual nanodevices.
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Nanoscale Chemicals Market: Drivers and Challenges
The global economy is expected to improve gradually over the forecast period. As the global economy improves, the per capita income is also expected to increase. The demand for innovative and technologically advanced products is expected to propel due to increase per capita income. The growth in the electronic and electric industry is also expected to fuel the global nanoscale chemicals market during the forecast period. The consumer preferences are changing globally, due to which there is a rise in the demand for the nanoscale materials and products. As the demand for the nanoscale electronic and electrical devices is increasing the usage of the nanoscale chemicals and materials is growing as well. The rising demand for the nanoscale device is expected to drive the growth of the global nanoscale chemicals market. Globally, the population is growing at a rapid speed, according to the United Nations (UN), 54% of the world’s population lives in urban areas, and the percentage contribution of urban population is expected to grow to 66% by the end of 2050. The total number of people living in the urban areas is expected to reach to 2.5 billion by the end of 2050 due to rapid urbanization and growing population. The rapid urbanization is expected to propel the market of the global nanoscale chemicals during the forecast period. The nanoscale materials market is further expected to grow due to the expected growth in the construction industry, as nanoscale materials are widely used in the construction industry to enhance the material properties. Nanoscale materials also help construction industry to conserve energy during the construction activities. Nanoscale materials/chemicals are also widely used in the medical industry, and expected growth in the medical industry is expected to augment the growth in the global nanoscale chemicals market over the forecast period.
Though, the importance of the nanoscale materials/chemicals is on the rise in developed economies, they have low awareness among underdeveloped or developing countries and this is inhibiting the growth for the global nancoscale chemicals market.
Nanoscale Chemicals Market: Overview
The global nanoscale chemicals market by value is expected to expand at a CAGR of around 10-12% during the forecast period (2015-2025), due to increasing demand from industries such as medical, construction and electronics & electrical and growing urbanization.
Nanoscale Chemicals Market: Segmentation
The global nanoscale chemicals market can be segmented by end-use industry, by material type, and by regions
Based on end-use industry type, the global nanoscale chemicals market is segmented as:
- Automotive
- Electronics
- Electrical
- Medical
- Others
Nanoscale Chemicals Market: Region-wise Outlook
The global nanoscale chemicals market is expectedto register a double-digit CAGR for the forecast period. Depending on geographic regions, global nanoscale chemicals market is segmentedinto seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan, Japan, and Middle East & Africa. In terms of market revenue, North America nanoscale chemicals market is projectedto register a significant CAGR during the forecast period. Growing urbanization, growth in the industries such as medical, electronics & electrical, changing consumer preferences are fueling the growth of nanoscale chemicals market in North America. Stringent government regulations in North America are also responsible for promoting the usage of nanoscale chemicals in the construction industries. Asia Pacific Excluding Japan is forecast to register a significant growth in the global nanoscale chemicals market, due to the growing construction industry.
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Nanoscale Chemicals Market: Key Players
Some of the key market participants in global nanoscale chemicals market are Qinhuangdao Taiji Ring Nano-Products Co., Ltd., NanoMas Technologies, Akzo Nobel/Eka, BASF, Tokuyama, Nanophase technologies, Altair Nanotechnologies, Carbon Nanotechnologies and Advanced Nano Products.