U.S. Nanomaterials Market Growth & Trends
The U.S. Nanomaterials Market size was estimated at USD 3.03 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 14.0% from 2024 to 2030. The market is primarily driven by the rising demand for nanomaterials in the medical industry. A rapidly aging population, technological advancements, and increasing occurrence of chronic illnesses and surgical procedures aid the market demand. For instance, developments in electrocardiographic technology and rising cases of cardiovascular ailments are fuelling the use of cardiology equipment.
Nanomaterials have enabled the development of a variety of drug carriers for the controlled therapeutic agent delivery in chronic diseases including diabetes, atherosclerosis, pulmonary tuberculosis, and asthma. Medical equipment uses nanoparticles for diagnosis of several illnesses. Magnetite nanoparticles are used for scanning in Magnetic Resonance Imaging (MRI). Nanomaterials offer high functionality in nanomedicine applications as they allow efficient and targeted drug delivery, thus effectively addressing the shortcomings of conventional therapy.
The technological advancements in nanomaterials will revolutionize various industries owing to its wide range of applications such as the aerospace industry, which, in turn, is anticipated to augment the market growth over the forecast period. For instance, in February 2024, Penn State's College of Engineering broke a barrier in communication and power transmission by using acoustic metamaterial; a derivate of discrete nanoparticles, for the transmission of messages in enclosed metal spaces, such as metal containers carrying outer space samples back to Earth. Such technological innovations can revolutionize the aerospace industry.
Toxicity assessment of nanomaterials hinders the commercialization of nanotechnology. For instance, inert elements such as gold can become highly reactive at nanometre dimensions, leading to pro-pulmonary effects in lung tissues. An international standard has been developed for labelling consumer products containing manufactured nano-objects, which allows informed choices when purchasing and for the use of consumers. The U.S. federal government formed the National Nanotechnology Initiative (NNI) to establish a framework for shared goals, priorities, and strategies that help each participating company in the innovations related to R&D in nanotechnology.
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U.S. Nanomaterials Market Report Highlights
- The medical segment dominated the market by accounting for the highest revenue share of 32.49% in 2023. This is due to the rising use in biomedical applications such as cancer and brain tumour diagnosis and treatment.
- Carbon nanotubes held the second-largest revenue share of 24.5% in 2023. Nanotubes are commonly used as agents in targeted drug delivery applications.
- Titanium is the fastest-growing segment and is expected to register the highest CAGR from 2024 to 2030. Titanium has corrosion resistance, high strength-to-weight ratio, and biological compatibility. Aerospace, petrochemicals, medical, architectural, and chemicals applications are the top end users of the segment.
U.S. Nanomaterials Market Segmentation
Grand View Research has segmented the U.S. nanomaterials market report based on material and application:
- Material Outlook (Revenue, USD Million, 2017 - 2030)
- Gold (Au)
- Silver (Ag)
- Iron (Fe)
- Copper (Cu)
- Platinum (Pt)
- Titanium (Ti)
- Nickel (Ni)
- Aluminum Oxide
- Antimony Tin Oxide
- Bismuth Oxide
- Carbon Nanotubes
- Other Nanomaterials
- Application Outlook (Revenue, USD Million, 2017 - 2030)
- Aerospace
- Automotive
- Medical
- Energy & power
- Electronics
- Paints & Coatings
- Other
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