Description
The global magnetite nanoparticles market size was valued at USD 43.9 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 10.3% from 2021 to 2027. Increasing demand for the product in application industries such as bio-medical, electronics, wastewater treatment, and energy is expected to drive the market.
Global Magnetic Nanoparticles Market Dynamics
The market for magnetite nanoparticles has been witnessing huge growth potential since the last few years on account of continuous research & development activities in the field. The product is anticipated to gain popularity due to its superparamagnetic properties and diversified applications in several industries. Companies are continuously engaged in offering magnetite nanoparticle-based products using innovative and advanced methods to comply with customer demands from different application industries.
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The increasing importance of the product in the bio-medical industry owing to its biological properties is anticipated to encourage several research laboratories and commercial manufacturers to invest in extensive R&D activities and explore the potential applications of the product. Furthermore, the market is expected to witness growth due to the rising penetration of the product in the medical industry for drugs & therapy and microfluidics, drug delivery, and Vivo imaging.
Iron oxide nanoparticles are anticipated to witness substantial growth owing to their unique properties such as high surface area, superparamagnetic, surface-to-volume ratio, and easy separation methodology. Several physical, biological, and chemical methods are adopted to synthesize magnetic nanoparticles, which exhibit great potential in various industries. Nano solutions and powders containing nanoparticles are largely utilized in separating impurities from water since nanomaterials offer high recyclability and are characterized by high surface area.
Major raw materials such as surfactants, polymers, ferric chloride, sodium hydroxide, and magnetite affect the synthesis of magnetite nanoparticles. Uncertainty and volatility in raw material prices also impact the overall manufacturing cost of the end product. Regulations about the manufacturing and applying magnetite nanoparticle-based products by international regulatory associations such as the U.S. Environmental Protection Agency (EPA) and Europe’s Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) are expected to affect the raw material supply. This, in turn, is projected to influence the magnetite nanoparticles market over the forecast period.
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Scope of the Report
The study categorizes the magnetic nanoparticles market based application and regions.
By Application Outlook (Thousand Units, Revenue, USD Million, 2017-2027)
- Bio-medical
- Electronics
- Wastewater Treatment
- Energy
- Others
By Region Outlook (Thousand Units, Revenue, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The bio-medical segment is projected to account for the fastest growing market, by application
The bio-medical segment is expected to advance at a CAGR of 10.9%, in terms of revenue, over the forecast period. The medical diagnosis of several illnesses is expected to witness a surge owing to affordable health plans provided by private organizations and increasing average life expectancy. An increase in life-threatening and chronic disorders is anticipated to augment the demand for the product over the forecast period. The application of magnetite nanoparticles is witnessing significant growth owing to the rising penetration of the product as nanowires, spintronics, and quantum dots in the nanoelectronics industry. Furthermore, rapid developments in the electronics industry on increasing demand for high-tech products are likely to impact the product demand over the forecast period positively.
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The energy segment was valued at USD 2.8 million in 2018 owing to the increasing utilization of the product in photovoltaic film coatings, batteries, and fuel cells. In addition, nanomaterials are extensively utilized in research activities for obtaining efficient prototype solar panels, thermoelectric materials, and nano-bioengineering of enzymes. Magnetite nanoparticles are used in high gradient magnetic separation (HGMS) techniques for wastewater treatment owing to their high adsorption properties. Other advantages of using the product for wastewater treatment include decreased generation and transportation of sludge and reduced disposal costs.
Regional Insights
The North American economy is characterized by high diversity due to major developed and advanced economies such as the U.S. and Canada. Continuous efforts in the research & development of magnetite nanoparticles to explore potential product applications in various end-use industries are expected to drive this regional market over the forecast period.
Rising health awareness in Germany has resulted in augmented demand for clinical analysis and therapeutic solutions. Increasing adoption of magnetite nanoparticles for diagnosis and treatment of various medical conditions such as cancer and brain tumor is expected to augment their demand in biomedical applications in Europe.
The substantial growth of the electronics industry in the Asia Pacific due to the presence of notable semiconductor industry is expected to positively impact the demand for magnetite nanoparticles in electronics applications over the forecast period. Rising product demand from microelectronics and nanoelectronics to increase utilization of advanced devices is further anticipated to augment the market growth.
The Central & South America (CSA) market for magnetite nanoparticles is anticipated to witness sluggish growth on account of political instability. This factor is anticipated to restrain the regional market despite the growth capabilities due to inexpensive labor and floor space for manufacturing and research facilities.
Key Companies & Market Share Insights
The market for magnetite nanoparticles is characterized by the presence of local as well as regional players. Some market players include Nanografi Nano Technology, US Research Nanomaterials, Inc., and Nanoshell LLC. Market players are offering customized products to sustain the market competition.
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For instance, Strem Chemicals, Inc. and American Elements provide magnetite nanoparticles with standard and customized technical specifications to better serve customer needs. The increasing inclination of the companies in the market toward developing and implementing new technologies in different application industries is anticipated to augment the demand for magnetite nanoparticles. Some of the prominent players in the magnetite nanoparticles market include:
- Nanografi Nano Technology
- US Research Nanomaterials, Inc.
- Nanoshell LLC
- Strem Chemicals, Inc.
- American Element
