Smart Nanomaterials Market To Reflect Impressive Growth in 2029

Posted by BIS RSRCH on March 16th, 2021

Smart nanomaterials also called intelligent or responsive materials and are designed materials with one or more properties which can be changed by external stimuli such as moisture, stress, light, Ph, electric or magnetic fields. Because of their diverse and novel properties, smart nanomaterials have a varied range of potential applications in industries such as healthcare, automotive, electronics, and construction.

Smart nanomaterials can occur naturally, can be produced purposefully through engineering, or be created as the by-products of combustion reactions. Smart nanomaterials have gained prominence in technological advancements owing to their unique physical, chemical, and biological properties including altered magnetic properties, increased structural integrity, and altered optical or electrical activity. Owing to varied properties, smart nanomaterials span across various industries. Smart nanomaterials are revolutionizing several manufacturing sectors including medicine, energy, electronics, transportation, environment, and defense. Nanomaterials for example, carbon nanotubes are being used in 3D printers.

The smart nanomaterial is biomimetic with distinctive properties to be utilized in drug delivery and self-healing diagnostic. Nearly all of the research on smart nanomaterial in the pharmaceutical sector is restricted to lab scale. However, research on an industrial scale is being carried out by several companies or in collaboration. Apart from industry players, several big players from other industries are eager to invest in the technology to achieve profit potential over the coming years.

Growing population with increasing awareness regarding health issues has led to increases in the use of smart nanomaterials in the healthcare sector. Smart nanomaterials are mainly used in the healthcare industry for disease diagnosis, screening technologies, body implants, medical devices, and dental filling materials among others. The increasing demand and application of smart nanomaterials in the healthcare industry is constantly increasing, especially in nanomedicine. In addition, increasing demand for reduced exhaust engines and improved fuel efficiency, automotive manufacturers have increased the usage of carbon nanotubes and nanofibers for the manufacture of the lightweight engine and their components. The nanoscale products in the automotive industry includes thermoelectric materials for temperature controls, high-power rechargeable battery systems, thin-film smart solar panels, tires with lower rolling resistance, and fuel additives for cleaner exhaust and extended range.

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The growth in the global smart nanomaterials market is attributable to increasing use in various industries owing to their advanced properties of self-cleaning, and chemical & scratch resistance. The smart nanomaterials market has been segmented into type and end-use industry. This research also analyzes the adoption of smart nanomaterials in different regions and countries. The growing end-use industries and increased government support and funding for R&D have led to the surging demand for nano-products, which, in turn, have positively affected the existing market for smart nanomaterials. Huge investment by government and federal agencies to cut down carbon dioxide emissions is further propelling the growth of smart nanomaterials. However, expensive synthesis technology, coupled with a lack of skilled professionals, are some of the key factors that are restraining the growth of smart nanomaterials. 

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