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The global nanotechnology, and nanomaterials market will likely witness promising growth during 2020-2027, growing at 13.1% CAGR. The market stood at a notable $8.1 valuation in 2018. The growing regulations demanding fuel-efficiency promises major growth for sectors like automotive, aerospace, and defence. The product improvements in nanotechnology, and nanomaterials promise to bring in major advancements in other sectors including packaging, healthcare, textiles, among others.
Biomedical Sector Promises Key Application as Demand for Treatment for Chronic Diseases Rises
The US is witnessing a major shift in demographics as much of its population continues to grow. The country is undergoing a major healthcare crisis, as the rising elderly population continues to remain susceptible to chronic illnesses like cancer, AIDS, Alzheimer’s, Strokes, Diabetes, among others. The rising incidences of cases, and limited invasive surgery options due to the vulnerability of the elderly population promises major growth for biomedical coupled with nanotechnology, and materials. Moreover, rising material advancements in conventional polymers, nanomaterials, and metals will likely make way for more cost-effective treatments, another barrier to treatments in the US. The toxicity assessment for patients for illnesses like cancer, also remains a key area of growth for players in the nanotechnology and nanomaterials market in the near future.
Carbon Nanotubes Promise to Drive Growth with Largest Market Share
The carbon nanotubes occupied the largest share in 2019, accounting for nearly 28%. Their strong demand in key applications like lithium-ion batteries, for smartphones, and electric vehicle will drive robust growth for the carbon nanotubes market in near future. These enable highly productive electrodes, and alternatives still remain distant in terms of research, and industrial efficacy. The rising demand for smartphones, and electric vehicles will likely drive growth for carbon nanotubes along with graphene nanoparticles.
Graphene-based Battieries Promise to Drive New applications, and Evolution of Smartphones
The graphene nanoparticles are making waves in research for many years. Graphene based-batteries promise to produce long-lasting mobile battieries, lasting for as long as a month in theory. Moreover, these also promise super-fast charging with a complete charge under 30 minutes. A graphene battery manufacturing company, Real Graphene has announced that it is testing batteries for large manufacturers. The technology remains ahead of its time, and will likely be the next evolution of smartphones, providing major impetus for growth for the nanotechnology and nanomaterials market in the near future. These are expected to register growth-rate of nearly 15% during the forecast period, with promising development in new applications like bio-sensing, cell differentiation, among others.
Despite promising prospects, high-price of Graphene remains a barrier to growth. It is estimated that graphene can cost as much as $25 for a sheet of material. However, despite the challenge, the promising feature will likely drive enthusiasm among consumers, as battery charging, and growing reliance on entertainment systems remains a major challenge for professionals across the world.
Europe Region to Reach $5 bn by 2027
Among regions, the Asia Pacific will likely register notable growth, as demand for nanotubes, and smartphone continues to find new takes, thanks to rising disposable incomes, and large tech-savvy young population. The growth in Europe also promises to remain robust, as the market will likely touch $5 bn in valuation by 2027.
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