Nanomaterials Market Size, Share, Growth Analysis, By Type (Carbon Nanotubes, Titanium Nanoparticles), By Application (Electronics, Medical), By Region - Industry Forecast 2024-2031

Global Nanomaterials Market size was valued at USD 12.22 billion in 2022 and is poised to grow from USD 14.42 billion in 2023 to USD 45.82 billion by 2031, growing at a CAGR of 15.55% during the forecast period (2024-2031).

Over the forecast period, the market is anticipated to be driven by nanomaterials' growing use in the electronics, healthcare, aerospace, and textiles industries as well as their excellent physicochemical properties.

There has been an increase in demand in 2019 primarily as a result of the ease of restrictions and financial packages that governments have announced to kickstart economies, which have increased consumer demand. However, a number of research and development (R&D) organizations are working on new applications for nanomaterials in the treatment, prevention, and diagnosis of COVID-19 and other viral diseases.

Due to their antimicrobial, antioxidant, and anticancer properties, nanomaterials are increasingly utilized in biomedical or imaging applications, implants, photothermal therapy, and drug delivery. It is anticipated that these medical applications will lessen the effect that Covid-19 has on growth.

The bulk nanomaterials are referred to as three-dimensional nanomaterials because they have three arbitrarily large dimensions of enormous one hundred nm. They are made up of nanotubes, nanoparticle dispersions, and bundles of nanowires. High strength, hardness, elasticity, electrical conductivity, medication and automatic self-cleaning, chemical and scratch resistance, and other properties make nanomaterials increasingly useful in a variety of applications. The commercial applications of the nanomaterials include a variety of medical devices, electronics, boats, aircraft, and building materials.

US Nanomaterials Market is poised to grow at a sustainable CAGR for the next forecast year.