According to our new research study on "Nanocopper Oxide Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by End User," the nanocopper oxide market size was valued at US$ 75.9 million in 2018 and is projected to reach US$ 251.1 million by 2027; it is expected to grow at a CAGR of 14.4% from 2019 to 2027. The projected growth of the market during the forecast period is attributed to the increase in demand for electrical equipment.
In 2018, North America contributed to the largest market share in the global nanocopper oxide market. The flood in demand for various electrical and electronic gadgets, for example, smartphones, televisions, laptops, and smart home appliances considers responsible for the dominance of North America. In addition, the rise in disposable income, along with rapid industrialization, has impelled the demand for advanced innovation used in healthcare and life science, paints and coatings, and other industries. This creates lucrative opportunities for the market in North America. The growing market trend toward nanomaterial and increasing investment in research and improvement activities is expected to have a positive impact on growth of the nanocopper oxide market.
Increasing Demand for Electronic Equipment
The consumption electronic equipment has risen across the globe in commercial as well as household sector. The advancement in advancements along with the rise in investment in Research and development for innovative items is driving the demand for electronic equipment. The rise in population combined with increase in disposable income in developing region is also responsible for propelling the market of electrical and electronics components. The nanoparticles of copper oxides (CuO NPs) are profoundly utilized in the production of several electrical and electronic equipment owing to the minimal expense of production associated with thermal stability, super conductivity and photovoltaic properties. The nanocopper oxide consists of predominant electrical, mechanical, catalytic, and optical properties, which make them ideal to be used in the production of several electronic gadgets like smart phones, laptops, and tablets. Other than this, they are generally used in heat transfer liquids, microelectronics, and other electronic gadgets. The growing usage of electrical gadgets is expected to reinforce the growth of the market.
Nanocopper Oxide Market: Segmental Outline
Based on end user, the market is divided into electricals and electronics, paints and coatings, catalyst, energy storage, and other. The electricals and electronics fragment accounted for the largest share in the global market in 2018. Nanocopper oxide has always been used broadly for electricals and electronics gadget manufacturing, for example, smartphones, monitors, and televisions. The growing demand for electricals and electronics is expected to drive the market in the near future.
Impact of COVID-19 Pandemic on Nanocopper oxide Market
The COVID-19 outbreak adversely affected economies and industries in various nations because of lockdowns, travel restrictions, and business closures. The chemicals and materials industry is among the significant industries suffering from extreme disruptions, for example, restrictions on the store network and the closure of production plants. The closure of various plants and factories in various nations disrupted the global stockpile chains and negatively impacted the sales of electrical and paints and coating industries. The consumption for nanocopper oxide was also hampered due to declining demand from end-use industries. Various companies have already announced potential delays in item conveyances and rut in later items sales. Notwithstanding, with the introduction of vaccination there is ease in the restrictions and manufacturing activities has also restarted for economic recuperation. The significant decline in the growth of the several industrial sectors impacted the market.
Nanocopper oxide Market: Competition Landscape
American Elements; Hongwu International Group Ltd.; Inframat Corporation; nanoComposix; Nanoshel LLC; Nanostructured & Amorphous Materials, Inc.; PlasmaChem GmbH; SkySpringNanomaterials Inc.; Strem Chemicals Inc.; and US Research Nanomaterials, Inc. are some of the players operating in the global market.
