Nanochemicals Market Expected to Reach $8.3 Billion by 2028

According to a new report published by Allied Market Research titled, “Nanochemicals Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the global nanochemicals market size was valued at $5.4 billion in 2020 and is anticipated to generate $8.3 billion by 2028. The market is projected to experience growth at a CAGR of 4.3% from 2021 to 2028.

Nanochemicals are produced using nanotechnology which exhibit enhanced properties such as self-catalysis and anti-corrosion. Increased demand for nano chemicals owing to maximum product yield has propelled the growth of nanochemicals in the industry. Moreover, the enhanced chemical reaction timing has also led to the adoption of nanochemicals and thus again drives the nanochemicals market growth. In addition, these nanochemicals have wide applications in manufacturing, paints & coatings, automotive, pharmaceutical, and other industries that also contributes toward higher demand for nanochemicals which notably boosts the nanochemicals market growth. However, hazardous nature of the chemicals owing to quick reactions can restraint the market growth. 

The nanochemicals market is segmented on the basis of type, application, and region. By type, the market is divided into metallic nano chemicals, ceramic nano chemicals, polymer nano chemicals, and other.The ceramic nanochemicals segment dominated the market for 2020; however, the polymer nanochemicals segment is expected to grow at a higher CAGR during the forecast period. By application, the market is classified into semiconductors & electronics, pharmaceuticals, food & agriculture, energy, textiles, and others. The pharmaceuticals segment dominated the market in 2020; however, the semiconductors & electronics segment is expected to grow at a higher pace during the forecast period. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).North America dominated the market in 2020; however, Europe and Asia-Pacific are expected to grow at notable pace during the forecast period.

The key players operating in the market are BASF SE, DuPont, Evonik Industries AG, Huntsman Corporation, Merck KGaA, Mitsubishi Chemical Holding, SABIC, Solvay S.A., Sumitomo Corporation, and Thermo Fischer Scientific. The players in the market have adopted several strategies, such as product launch and business expansion, to sustain the market competition. 

Key findings of the study

• The global nanochemicals market size is provided in terms of revenue
• Polymer nanochemicals is projected to grow at the highest CAGR of approximately 4.8%, in terms of revenue, during the forecast period
• The North America dominated the nanochemicals market share by over 37.2% in 2020
• A comprehensive analysis of the factors that drive and restrain the nanochemicals market growth is provided
• The qualitative data in this report aims at the market trends, dynamics, and developments in the nanochemicals industry
• The nanochemicals market forecast and estimations are based on factors impacting the market growth