Smart Nanomaterials Market Shares, Revenue, Topmost Industry Compotators by 2029
The growth in the global smart nanomaterials market is attributable to increasing use in various industries owing to their advanced properties of self-cleaning, and chemical & scratch resistance. The smart nanomaterials market has been segmented into type and end-use industry. This research also analyzes the adoption of smart nanomaterials in different regions and countries. The growing end-use industries and increased government support and funding for R&D have led to the surging demand for nano-products, which, in turn, have positively affected the existing market for smart nanomaterials. Huge investment by government and federal agencies to cut down carbon dioxide emissions is further propelling the growth of smart nanomaterials. However, expensive synthesis technology, coupled with a lack of skilled professionals, are some of the key factors that are restraining the growth of smart nanomaterials.
Metal-based smart nanomaterials include quantum dots, metals and non-metal oxides such as silver, copper, zinc oxide, gold, aluminum, and tin, which exhibit great promise as an alternative to traditional conductive materials. Metal and non-metal oxides smart nanomaterials are the most widely applied nanomaterials in various industries. Metal oxides are widely used in the electronics and healthcare industries. Metal-based smart nanomaterials have greater flexibility as compared to traditional materials and thus, are used in variety of applications such as imaging, optoelectronics, remediation of contaminated groundwater, smart windows, and sunscreens.
The pharmaceutical segment is expected to dominate the smart nanomaterials market globally. The rapid pace of advancements in the field of smart nanomaterials has driven innovations in the pharmaceutical industry for the development of disease diagnosis. Nanotechnology has created a revolution in the field of medicine. Some of the major applications of smart nanomaterials in the pharmaceutical industry include electrochemical sensors and biosensors, imaging, biomarkers, drug delivery, gene therapy, wound dressing, and diagnostics. Smart nanomaterials are biomimetic, which enables them to be used in self-healing materials and drug delivery. For instance, smart polymeric materials are used as artificial muscles which contract and return to original shape after short-circuiting.
Increasing usage of smart nanomaterials in the healthcare industry, rising application in the automotive and aviation industry, and accelerating use in water treatment applications are some of the key drivers for the global smart nanomaterial market.
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China is the highest revenue generating country in Asia-Pacific, followed by Japan and South Korea. Rapid industrialization in developed and developing nations coupled with an approach toward lowering the carbon footprint is expected to positively affect the smart nanomaterials market in this region and increasing demand for smart nanomaterials from various industry sectors are expected to drive the demand.
Rising CO2 emissions in China and Japan have led to concerns from the countries’ governments across the globe. Various government initiatives have been undertaken to promote the adoption and manufacturing of fuel cell vehicles, as they may help in the reduction of vehicular emissions and act as a potential substitute for petrol and diesel engine-based cars. Additionally, joint efforts by both the governments and the manufacturing sector in promoting the usage of nanotechnology have played a pivotal role in making this region the frontrunner in the field of the smart nanomaterials market.