Increasing usage of smart nanomaterials in the healthcare industry, rising application in the automotive and aviation industry, and accelerating use in water treatment applications are some of the key drivers for the global smart nanomaterial market. China is the highest revenue generating country in Asia-Pacific, followed by Japan and South Korea. Rapid industrialization in developed and developing nations coupled with an approach toward lowering the carbon footprint is expected to positively affect the smart nanomaterials market in this region and increasing demand for smart nanomaterials from various industry sectors are expected to drive the demand.
Rising CO2 emissions in China and Japan have led to concerns from the countries’ governments across the globe. Various government initiatives have been undertaken to promote the adoption and manufacturing of fuel cell vehicles, as they may help in the reduction of vehicular emissions and act as a potential substitute for petrol and diesel engine-based cars. Additionally, joint efforts by both the governments and the manufacturing sector in promoting the usage of nanotechnology have played a pivotal role in making this region the frontrunner in the field of the smart nanomaterials market.
Most of the smart nanomaterials manufacturers are of similar financial capability, and the industry landscape is not quite competitive because of the small number of players in the market. However, innovation and development have been the key factors for large scale growth in this market. To increase their overall global footprint, manufacturers are expanding their businesses and are also entering into strategic partnerships to target a greater audience.
The global smart nanomaterials market is expected to grow at a significant rate during the forecast period. The increase in the number of end-use industries that are opting for nanotechnology has led to the surging demand for smart nanomaterials. Technological advancements in emerging economies have propelled the market scenario for energy storage systems that are boosting the growth opportunities of the smart nanomaterials market.
Before venturing into a forthcoming market, it is important for a firm to consider certain factors that ultimately go a long way in ensuring the fulfillment of the company’s endeavor to establish itself as a strong player in the market. Henceforth, this chapter of the report provides an in-depth understanding of the direction in which the market is heading and the impact of various factors on the same. This segment of the report considers factors such as market drivers, market restraints, market opportunities, and market challenges listing and analyzing several factors that positively and negatively affect the same.
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The rapid pace of advancements in the field of nanotechnology has headed to advances in various industries, especially healthcare, where further research is being carried out for the growth of more advance material for numerous disease diagnoses. There has been a significant progress in the synthesis of smart nanomaterials during the last decade. Smart nanomaterials such as carbon-metal nanohybrids, graphene structures, stimuli-responsive polymeric materials, biohybrid self-assembly nanoarchitectures, and shape-controlled inorganic nanoparticles have gained considerable amount of importance in the past few years owing to their advanced properties and widespread usage. Smart nanomaterial is biomimetic with irreplaceable properties and holds high ability to be used in self-healing and drug delivery diagnostic. For example, the use of smart polymeric materials as artificial muscles could contract and return to original shape when short-circuited. The polymeric material can replicate muscular action and possess strong visual effects. The synthetic materials lack the ability to change.
UPCOMING INDUSTRY TRENDS 