Global Nano-Chemicals Market Report, published by Fior Markets, forecast that the global market is expected to reach $12.8 billion by 2024 from $6.9 billion in 2016; growing at a CAGR of 8.2% from 2016 to 2024. Nano chemicals are the chemicals, produced by using nanotechnology on conventional chemical building blocks such as propane, ethane, and butane. Nano chemicals display beneficial properties such as self-catalysis, anti-corrosion as compared to other conventional chemicals. These chemicals bring out chemical reactions in a lesser amount of time. Wide range of these chemicals are developed to build nano based medical cures, electronics, and nanoscale manufacturing with self-assembly capability. Zirconia, aluminum oxide and, silica are key nano size chemicals. As the global economy advances, the per capita income is also expected to increase which in turn is expected to increase the demand for innovative and technologically advanced products such as nano chemicals.
“Nano-chemicals Market (By Type: Zeolites, Clay, Activated Carbon, Silica Gel, Activated Alumina and Others; By Application: Petroleum Refining, Pet Litter, Water Treatment, Food and Beverages, Chemical Processing, Plastic Processing, Environmental, Detergents and Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024″
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Advancements in technology to drive the nano chemicals market
Increase in demand for these products is due to factors such as improvement of multiphase chemical reaction and extreme product yield. In addition, increase in usage of nano chemicals in sectors such as multifunctional coating, agro-chemicals, and manufacturing are expected to supplement the demand for nano chemicals worldwide. Expansion in nano chemistry would further lead to increase in application of nano chemicals. Restrictive governmental regulations about the manufacture of chemicals is projected to offer high growth opportunities to the market in the next few years.
Type, application and geography are the major segments of global nano chemicals market. Type segment is further categorized into zeolites, clay, activated carbon, silica gel, activated alumina and other types. By application, the market has been segmented into petroleum refining, pet litter, water treatment, food and beverages, chemical processing, plastic processing, environmental, detergents and other applications. Based on geography, the global Nano Chemicals market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Country wise analysis of all the regions has been also included in the report.
Activated carbon segment is estimated to account for the largest market share in the type segment
Activated carbon accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period 2016 – 2024, owning to increasing usage of activated carbon across the various applications.
Asia Pacific is anticipated to grow at a fastest CAGR over the forecast period
Asia Pacific is expected to attain the fastest CAGR of 9.1% during the forecast period 2016 – 2024, driven by the increasing technological advancements and also due to rise in the economic conditions of the regions. North America was second largest revenue contributor in 2016, being the major nanoscale chemicals producer and consumer. Broadening nanoscale chemicals application base in construction industry and medical sector are anticipated to boost the North America nanoscale chemicals market.
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Major market players are likely to continue their nano chemicals related R&D activities order to push or introduce new product lines in the market. In addition, new entrants or companies are expected to fragment the nanoscale chemicals market on account of its growing application base in varied areas including construction medical, and electronics.
The major key players operating in the market are Du Pont de Nemours and Company, Akzo Nobel N.V, Graphene NanoChem, ANP Co.,Ltd, BASF SE, Qinhuangdao Taiji Ring Nano-Products Co., Ltd., NanoMas Technologies, Carbon Nanotechnologies, Altair Nanotechnologies, and Advanced Nano Products.