The Global Smart Nanomaterial market is growing at high rate owing to the factors such as wide utilization of automotive, paints, and consumer goods, surging investment in the fields of nanotechnology and rising popularity of nanomaterials in various application industries. Smart nanomaterial is also actively used in pharmaceutical industry for drug delivery, and self-healing materials for coatings.
Based on End-user, Pharmaceutical acquired the considerable market share in the Global Smart Nanomaterial market in 2019. Nanomaterial is widely deployed for the development of drug products due to its exceptional thermal, electronic, optical, and mechanical properties. Furthermore, rising spending by the government towards R&D activities for innovation and advancements in nanotechnology. Thus, this led to the development of therapeutic drugs, self-healing diagnostics, drug discovery and pharmaceutical formulation for the treatment of diseases such as cancer, HIV, hepatitis, coronary heart diseases etc. Moreover, rising collaboration among the pharmaceutical companies for the development of nanotechnology is propelling the growth of the market.
North America captured the majority market share in 2019. United States dominated the North America market and is expected to maintain its dominance by 2025 on account of heavy investment are being by the government in the fields of nanotechnology and presence of giant market player in the country. Therefore, the growth of smart nanomaterials is increasing in the North America region.
The key players with a considerable market share in the Global Smart Nanomaterial market include Abbott, Akzo Nobel N.V, BASF SE, Bayer AG, Clariant, Nanogate, Donaldson Company, JM Material Technology, Inc, NanoBeauty, Nanologica, etc.
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