Global nanomaterials market value to reach USD $75.50B

Global nanomaterials market accounted for USD 29.27 billion in 2020 and is anticipated to witness a year-over-year growth rate of 14.94% in terms of revenue and 15.61% on the basis of volume over 2021-2028, eventually amassing a valuation of USD $75.50-billion by the end of study period, according to a MarketStudyReport.

The report indicates business intelligence pertaining to the various industry segmentations, including material type, end user range, and regional divisions to highlight the key areas for investment during the forecast period.

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Increasing demand for lightweight products & compact electronic consumer devices, low cost of raw materials, and governmental support are majorly driving global nanomaterials market growth. In addition, augmenting applications of nanomaterials in healthcare sector are generating lucrative opportunities for the market development.

On the downside, stringent environmental regulations and high processing costs are likely to act as bottlenecks for the market progression over the projected timeline.

Regional analysis of North America

North America nanomaterials market is likely to expand at a CAGR of 14.59% in terms of revenue and 15.23% in terms of volume over 2021-2028. Availability of innovative technologies integrated with nanomaterials, widespread adoption of the technology in various applications, and increasing investments in research and development activities of nanotechnology are favoring the regional market outlook. In North America, nanomaterials are widely used in electronic devices and medical implants. In recent years, there has been substantial investment in research and development, which has made the region dominant in the nanomaterials market. The market is also driven by other factors, such as the availability of the latest technologies employing nanomaterials. Additionally, the rising investment in nanotechnology research and development has amplified the demand for nanomaterials in the region, thereby driving the nanomaterials market on a growth path across the US and Canada.

The United States has witnessed a continual rise in the use of nanomaterials over the past few years, owing to the increase in demand for electronics products. Moreover, the electronic segment is likely to witness consistent growth during the forecast period due to advanced technology, along with rising demand from consumers. This will influence the demand for nanomaterials for the production of electronic components on a large scale, thereby propelling the nanomaterials market on a positive growth trajectory.

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