The global Nanocrystal market generated revenue of around USD 82.5 million in 2020 and anticipated to grow at a CAGR of over 16% during the forecast period from 2021 to 2027 to reach around USD 233.16 million in 2027.
Any crystalline particle is called as nanocrystal only if one of its dimensions is measures under one thousand nm (nanometer). With its proven results, nanocrystals are broadly used in large number of applications across, medical electronics and aerospace industry. They have been used in the manufacture of filters that refine crude oil into diesel fuel. Nanocrystals can also be layered and applied to flexible substrates to produce solar panels.
Key Trends in Global Nanocrystal Market
Increasing demand for nanocrystalline cellulose
Nanocrystalline cellulose are very low on carbon footprint and also exhibit very low toxicity. Due to this, nanocrystals are increasingly being used as a strengthening agent in the manufacturing of industrial biocomposites. It can be employed in numerous end-user industries including but not limited to food & beverage, personal care, composites manufacturing, paints & coatings, paper processing, and pharmaceuticals. Large number of industrial applications such as composites, viscosifiers, and rheology modifier exhibit strong demand for nanocrystals. Other key applications of nanocrystalline cellulose include oil & gas, textiles, and construction.
Impact of COVID 19 on Global Nanocrystal Market
COVID 19 have left a very significant impact on growth rate of the global nanocrystal market. With strict restriction being imposed by most of the nations across the world on all kind of activities except healthcare industry resulted into massive losses of this industry. Market size of nanocrystals industry has contracted by over 10% as compare to 2019. With successful launch and mass vaccination program carried out by most of countries is expected to contain this pandemic and likely bring “U” shape recovery for this industry.
Global Nanocrystal Market by Type Insights
Nanocrystalline cellulose and nanocrystalline silicon are main three types of nanocrystal market. Nanocrystalline cellulose is the largest segment owing to its chemical as well as physical properties including low density, high degree of thermal stability, and high tensile strength.
Global Nanocrystal Market by Regional Insights
The largest market for nanocrystal is North America and it accounted for about 40% of the total revenue generated. The growing initiatives by government of U.S. and Canada for use of nanocrystalline cellulose, growing public and private partnership for development of nanocrystals, and increasing research and development activities. Asia Pacific is expected to show high growth rate in the forecast period. Owing to the rapid development in research and development activities, demand for nanocrystal for drug delivery, and the rapid connection of cities using airways is expected to increase the demand for nanocrystal market in Asia Pacific.
Global Nanocrystal Market Competitive Landscape
The major players of the global Nanocrystal market include Integran Technologies, Nclear Inc., Hybrid Plastics, CelluForce, Arrowhead Pharmaceuticals, Chemat Technology, Advanced Diamond Technologies, Hyperion Catalysis International, Asahi Kasei Corporation, Advanced Nano Products, and others. The report covers detailed profiles of the key players.
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