Chemicals generated by using nanotechnology on conventional chemical building blocks such as ethane, propane, and butane are called nanochemicals. Nanochemicals exhibit beneficial properties such as self-catalysis and anti-corrosion as compared to other conventional chemicals. These chemicals carry out chemical reactions in less time.
Nanochemicals are segmented based on end-user applications into construction chemicals, semiconductors and IC process chemicals, mining chemicals, rubber chemicals, pesticides, printing ink, plastic additives, pigments, specialty polymers, and water treatment. Zinc oxide and titanium dioxide are among the chemicals that are widely used in semiconductors and IC process chemicals. Growth in the electronic sector is expected to boost demand for these chemicals in the near future. Carbon nanotube, graphene, and fullerenes have gained wide applications due to their distinct mechanical and electrical properties. Carbon nanotubes are primarily used in the bicycle manufacturing industry as the material produced is very dense and lightweight. Increased awareness regarding pollution-free environment and enhanced focus on health and fitness are key factors fueling demand for bicycles. This, in turn, would result in rising demand for carbon nanotubes in the near future. Printing ink is produced by titanium dioxide pigments due to its properties such as brightness and high refractive index. Nanochemicals are used in the manufacture of nano-sized ceramic ink, which gives high color strength to ceramics in different applications.
Global increase in demand for nano chemical-based products is due to factors such as enhancement of multiphase chemical reaction and maximum product yield. These factors have driven demand for nanochemicals globally, thus acting as chief driver for the nanochemicals market. In addition increase in applications of nanochemicals in sectors such as agrochemicals, manufacturing and multifunctional coating are expected to further propel the demand for nanochemicals globally. Development in nano chemistry would lead to increase in application of nanochemicals. This, in turn, is anticipated to propel demand for nanochemicals in the next few years. Restraining governmental regulations regarding the manufacture of chemicals is estimated to offer high growth opportunities to the nanochemicals market in the next few years.
The global nanochemicals market is segmented based on regions into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is anticipated to be the largest market for nanochemicals followed by Europe and Asia Pacific during the forecast period. Technological developments and increase in regulatory efforts to use nanochemicals in materials have driven demand for nanochemicals in North America. Europe being the second-largest market for nanochemicals has large number of suppliers for titanium-based products. Increased growth in the pigment and printing ink sector is anticipated to boost demand for nanochemicals in the near future. Asia Pacific is expected to experience high demand for nanochemicals in the near future due to various factors such as industrial development and shifting of companies from convectional chemicals to nano-based chemicals. Growing applications of nanochemicals in sectors such as construction, electronics, and rubber is projected to fuel the market in Asia Pacific as these sectors are experiencing significant growth in developing economies such as India and China. Increase in foreign investment and governmental support such as tax benefits in developing economies is anticipated to create strong market opportunities for nanochemicals in Asia Pacific during the forecast period.
Some of the key global companies operating in the nanochemicals market are ANP Co.,Ltd, BASF SE, E. I. Du Pont de Nemours and Company, Akzo Nobel N.V and Graphene NanoChem amongst others.