The rise in demand for nanocoating in several industries, such as aviation, automobile, and medical, is augmenting the global nano silica market size.
WILMINGTON, Del., Oct. 23, 2023 /PRNewswire/ — The global nanosilica market is projected to flourish at a CAGR of 7.0% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 58.7 billion is anticipated for the market in 2031. As of 2023, the demand for nanosilica is expected to close at US$ 36.5 billion.
The nanosilica market forecast indicates robust growth driven by the wide-ranging application of nanomaterials across industries and the increase in demand for enhanced material properties in various sectors. The demand for nanosilica is high in coatings and paints to increase abrasion resistance, hardness, and UV resistance. This is particularly important in the automotive, aerospace, and architectural coatings industries.
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Nanosilica Market Report Scope:
|
Report Coverage |
Details |
|
Forecast Period |
2023-2031 |
|
Base Year |
2020-2022 |
|
Size in 2022 |
US$ 34.2 Bn |
|
Forecast (Value) in 2031 |
US$ 58.7 Bn |
|
Growth Rate (CAGR) |
7.0 % |
|
No. of Pages |
210 Pages |
|
Segments covered |
Product, Application, |
The rapid growth of construction and infrastructure development has increased the use of nanosilica in high-performance concrete and cement. It’s also used in electronics, automotive manufacturing, and cosmetics industries. The demand for nanosiica is high in the construction sector; it can reduce the carbon footprint by enhancing the durability of concrete structures and reducing the need for frequent repairs.
The growing application of nanosilica in cosmetics and personal care products as a thickening and UV-blocking agent. It provides a matte appearance in makeup and sunscreens. Thus, the growing demand for cosmetics and personal care products drives the nanosilica market. Increased research into new applications and innovations involving nanosilica continues to drive market growth as companies discover novel uses for this versatile nanomaterial.
Key Takeaways from the Market Study
- As of 2022, the nanosilica market was valued at US$ 34.2 billion.
- Based on product type, the P-type segment dominated the global nanosilica market during the forecast period.
- By application, cement & concrete segment to account for high revenue in the market.
Nanosilica Market: Key Trends and Opportunistic Frontiers
- Increased regulatory requirements and environmental standards have encouraged nanosilica use in some industries.
- Advances in nanotechnology research and production methods have made nanosilica more accessible and cost-effective, contributing to its widespread adoption.
- Market players are investing substantially in new nanotechnology and material science advancements. In line with the latest nanosilica market trends, manufacturers are constantly researching innovative manufacturing processes and uses for nanosilica in different applications.
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Nanosilica Market – Regional Analysis
- North America, particularly the United States and Canada, has a well-established market for nanosilica. It is driven by the advanced construction industry, which utilizes nanosilica in high-performance concrete and cement.
- The region is also a leader in research and development, especially in nanotechnology, which supports the growth of nanosilica applications in various industries, including electronics, healthcare, and coatings.
- Asia Pacific dominated the global landscape in 2022. Growth in coatings, rubber, agriculture, food, concrete, healthcare, and medicine industries in developing economies such as China, India, and Japan also drives the market statistics in Asia Pacific.
- Strong government support and investment in the research and development of nanotechnology have further fueled the growth of the nanosilica market in Asia.
Competitive Landscape
The global landscape is highly competitive, with several prominent companies. Key players are adopting innovative strategies to strengthen their market position. Companies are entering into partnerships with research institutes to discover the potential usage of nanosilica in new applications.
- Evonik Industries AG
- Normet
- Nanosil (Asia Pacific) Sdn Bhd
- US Research Nanomaterials, Inc.
- Nanostructured & Amorphous Materials, Inc.
- Fuso Chemical Co. Ltd.
- Wacker Chemie AG
- NanoPore Incorporated
- ANTEN CHEMICAL CO., LTD.
- Nanoshel LLC
- Vitro Minerals Inc.
- HiQ- Nano S.r.l.
- NYACOL Nano Technologies Inc.
- SkySpring Nanomaterials, Inc.
- BSB Development & Investment Co. Ltd.
Key Developments in the Nanosilica Market
Evonik Industries AG has been involved in the development of new nanosilica products with enhanced properties for applications in the coatings, adhesives, and sealants industries. The company has focused on sustainability by working on environmentally friendly and eco-certified nanosilica products.
Nanosilica Market – Key Segments
Product
- P-Type
- S-Type
Application
- Cement & Concrete
- Medical
- Paints & Coatings
- Semiconductors
- Cosmetics
- Glass & Ceramics
- Rubber & Plastics Additives
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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