The global smart nanomaterials market size is expected to grow from USD 26,28.81 million in 2020 to USD 15,984.21 million by 2027, at a CAGR of 35.10% from 2021 to 2027. Smart nanomaterials, also called intelligent or responsive materials and are designed materials with one or more properties that can be changed by external stimuli such as moisture, stress, light, Ph, electric, or magnetic fields. Because of their diverse and novel properties, smart nanomaterials have a range of potential applications in healthcare, automotive, electronics, and construction.
Smart nanomaterials can occur naturally, be produced purposefully through engineering, or be created as the by-products of combustion reactions. Smart nanomaterials have gained prominence in technological advancements owing to their unique physical, chemical, and biological properties, including altered magnetic properties, increased structural integrity and altered optical or electrical activity. Owing to various properties, innovative nanomaterials span across multiple industries. Smart nanomaterials are revolutionizing several manufacturing sectors, including medicine, energy, electronics, transportation, environment, and defense. Nanomaterials, for example, carbon nanotubes, are being used in 3D printers.
Growing population with increasing awareness regarding health issues has led to increases in smart nanomaterials in the healthcare sector. Smart nanomaterials are mainly used in the healthcare industry for disease diagnosis, screening technologies, body implants, medical devices, and dental filling materials. The increasing demand and application of smart nanomaterials in the healthcare industry are constantly increasing significantly in nanomedicine. In addition, increasing demand for reduced exhaust engines and improved fuel efficiency, automotive manufacturers have increased the usage of carbon nanotubes and nanofibers for the manufacture of lightweight engine and their components. The nanoscale products in the automotive industry include thermoelectric materials for temperature controls, high-power rechargeable battery systems, thin-film smart solar panels, tires with lower rolling resistance, and fuel additives for cleaner exhaust and extended range.
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Global Smart Nanomaterials Market Dynamics
Drivers: Rapid Pace of Advancements in the Field of Healthcare for Nanotechnology
The rapid pace of advancements in nanotechnology has led to advances in various industries, especially healthcare, where further research is being carried out to grow more advanced material for numerous disease diagnoses. There has been significant progress in the synthesis of smart nanomaterials during the last decade. Smart nanomaterials such as carbon-metal nano-hybrids, graphene structures, stimuli-responsive polymeric materials, bio-hybrid self-assembly nano-architectures, and shape-controlled inorganic nanoparticles have gained a considerable amount of importance in the past few years owing to their advanced properties and widespread usage. Smart nanomaterial is biomimetic with irreplaceable properties and holds a high ability to be used in self-healing and drug delivery diagnostic. For example, the use of smart polymeric materials as artificial muscles could contract and return to their original shape when short-circuited. The polymeric material can replicate muscular action and possess strong visual effects. The synthetic materials lack the ability to change.
Designing smart nanomaterials with chemical structures or properties responsive to the bio-catalytic action of enzymes is a recent promising area of research. Enzymes play a crucial role in all metabolic and biological processes. Therefore, the smart nanomaterials can sense these enzymes in the host ecosystem and act as a vital tool for therapeutic and diagnostic applications. The enzyme responsive nanomaterials-based drug delivery has a huge potential in the field of nanomedicine.
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Restraints: Problems with Toxicity and Environmental Effects of Smart Nanomaterials
Smart nanomaterials' environmental, safety, and health risks and concerns related to their commercialization could hamper the market growth. The production, use, and disposal of smart nanomaterials are anticipated to lead to their appearance in air, soils, water, and organisms. The production of smart nanomaterials possesses enormous risks to ecosystem and human health and has been a subject of considerable speculation for past decades. Nanoparticles are produced through various natural processes, including forest fires, volcanic eruptions, photochemical reactions, and by plants and animals. These can profoundly affect air quality worldwide. Aerosols, for instance, generate airborne particles and particulate matter of dust and soot varying from the micro- to nanoscales.
Opportunities: Opportunities for Smart Nanomaterials in the Aviation and Marine Industry
With the increasing need to minimize carbon emissions in the aviation and marine industries, the demand for more clean and sustainable power sources is expected to rise. According to IEA, it has been estimated that air travel is expected to increase by 90% within the next two decades. This is expected to boost the degree of greenhouse gas emissions from hydrocarbon fuels. Thus, there is an impending need to introduce innovative and electrically driven propulsion systems for commercial aircraft. In addition, stringent government regulations regarding pollutants and greenhouse gas emissions are expected to boost the demand for more environment-friendly and sustainable fuel in industries such as marine, aerospace, and others.
Smart nanomaterials present significant growth opportunities for the aviation industry. The usage of these aircraft can help eliminate carbon dioxide emissions from operations coupled with lower operational costs. With the aim to reduce costs and enhance efficiency, key airplane OEMs are moving to next-generation aircraft. The use of smart nanomaterials may lead to 3% indirect energy savings and 30% gross weight reduction. Thus, the aviation and marine industries pose an enormous opportunity to grow the smart nanomaterials market.
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Scope of the Report
The global smart nanoparticles market has been segmented into type, source, application, end user, and region.
By Type Outlook (2017-2027, USD Billion, Revenue)
- Carbon-based
- Metal-based
- Polymeric
- Others
By Source Outlook (2017-2027, USD Billion, Revenue)
- Organic Nanoparticles
- Polymer-Based Nanoparticles
By Application Outlook (2017-2027, USD Billion, Revenue)
- Display Technology
- Drug Delivery
- Coating and Nanofilms
- Monitoring and Biosensing
- Water Treatment
By End-User Outlook (2017-2027, USD Billion, Revenue)
- Pharmaceuticals
- Electronics
- Transportation
- Construction
- Environment
- Consumer Goods
- Others
By Region Outlook (2017-2027, USD Billion, Revenue)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The pharmaceutical segment of the smart nanomaterials market is projected to account for the largest share by end-use
Based on end-use, the smart nanomaterials market is segmented into pharmaceuticals, electronics, transportation, construction, environment, consumer goods, and others. The pharmaceuticals segment accounted for the largest share of 34.60% of the global smart nanomaterials market in 2020 and growing at a CAGR of 38.57%. 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. Pharmaceutical is the dominant application in the global smart nanomaterials market and is projected to account for the largest share during the forecast period. Smart nanomaterials are widely used in the pharmaceutical industry owing to their exceptional electronic, optical, thermal, and mechanical properties. 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 their original shape after short-circuiting.
Designing smart nanomaterials with chemical structure or properties responsive to the biocatalytic action of the enzyme is a recent promising field of research. Enzymes perform a crucial role in all metabolic and biological processes. Hence, smart nanomaterials can sense these enzymes in the host environment and act as a vital tool for therapeutic and diagnostic applications.
Asia Pacific accounts for the highest CAGR during the forecast period in the smart nanomaterials market
Based on the regions, the global smart nanomaterials market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific is the fastest-growing region, expected to register a CAGR of 33.89% during the forecast period 2021-2027. In Asia-Pacific, four major countries, namely, China, India, Japan, and the Rest of Asia-Pacific, are analyzed. China has the highest revenue share in the Asia Pacific region during the forecast period, followed by India.
Moreover, the region is a dynamic market for smart nanomaterials and is considering expanding due to the high growth rate in India, South Korea, and Japan. Smart nanomaterials are attracting huge investments from both industries and governments, which offers excellent opportunities to explore the new emerging nanodevices, such as nanosensors and carbon nanotubes. In addition, with the increasing demand for reduced exhaust emissions and improved fuel efficiency, automotive manufacturers in the region have increased their usage of carbon nanotubes and nanofibers to manufacture lightweight engines and their components. Asia-Pacific currently experiences the highest demand for automobiles, making it an automotive hub from the consumer perspective. The region includes South Korea and Japan, which are significant consumers of smart nanomaterials. Asia-Pacific is an important market for both the commercialization and production of smart nanomaterials.
Key Market Players
The smart nanomaterials market is mildly concentrated in nature with large numbers of global players operating in the market such as Abbott, ANP Co., LTD, Akzo Nobel N.V., Bayer AG, BASF SE, Clariant, Donaldson Company, Inc., JM Material Technology, Inc., Nanologica, Nanogate, NanoBeauty, OPTINANOPRO, The Nano Gard L.L.C., and Yosemite Technologies Co., Ltd. The following chart depicts the positioning of leading companies in the market based on two parameters, namely, competitive strength and geographical presence.
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