The Silver Nanoparticles Market is set to grow from its current market value of more than $1.3 billion to over $3 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
Rising demand for nano-finished textiles to curb fabric infection and odor control will drive the silver nanoparticles industry growth. Asia Pacific dominates the technical textiles industry with over 40% revenue share of the global market which will positively drive industry growth.
Key functional features such as stain resistance, UV protection, breathability, sweat-free, quick dry, and comfortable wear will augment the product demand in apparel industry. Rapid technological advancements in silver nanoparticles for its application in children’s toys owing to the antimicrobial activities minimization on the surface will propel new opportunities and growth in the industry.
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Healthcare and lifesciences estimated to hold over 30% market share in 2017. Increasing popularity of silver nanoparticles across healthcare & life sciences owing to antifungal and antibacterial properties are fuelling product utilization. The material is mostly effective in healthcare device coating, medicinal device coating, and biomedical applications. These nanoparticles strongly restrict microbial growth in different surfaces with showcasing anti-bacterial effect.
Electronics & electricals application will witness growth over CAGR 12% up to 2024 in terms of revenue. Rapid advancements in electronics & IT industry owing to rising product innovation instigating need for high conductive materials for electrical equipment’s. Enhanced demand for high conductive particle including semiconductors, keyboards, and mobile phones is projected to drive industry growth over the forecast time frame. High optical and electrical conductivity is mainly required in various semiconductor and electronic devices, touchscreens, LEDs and OLEDs for enhancing processing efficiency.
Food and beverages application estimated to surpass USD 300 million by 2024. Surging demand for ready to eat food and packaged items driving hygienic packaging trend. Increasing consumer safety concern and necessity to eliminate disease spreading bacteria, virus, and microbes likely to support product demand across packaging industry. Food manufacturing companies are expected to adopt silver nanoparticles coated packaging technique owing to excellent anti-fungal, anti-bacterial and anti-virus properties.
Asia Pacific silver nanoparticles market will witness fastest growth over the forecast period. China silver nanoparticle market will witness significant development owing to presence of prominent LED, OLED, and mobile phones players. In addition, rising health awareness and increasing requirement for contaminated free water solutions in emerging economies including China, India, and Japan fuelling product demand.
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MEA will witness 12.5% CAGR up to 2024 in terms of volume. Increasing demand for the water treatment, detergents and personal care products in the Middle East & Africa developing countries such as South Africa and Saudi Arabia will drive the regional industry growth.
NanoHorizons, Nanoshel, Nanocs, Cline Scientific, Cima Nanotech, Applied Nanotech and American Elements are the key industry players. Mergers, acquisitions, strategic alliances, and R&D investments are among the major strategies for building and expanding the business. For instance, in August 2015 Cima Nanotech announced joint venture with Foxconn for manufacturing touch modules that are used in the large format projected capacitive touch screens that in return expanded the market size for silver nanoparticles.
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