Rise in demand for silver nanoparticles in the food & beverage, hospitality, electronics & IT, and textile sectors is expected to boost the growth of the market
PUNE, MAHARASHTRA, INDIA, November 25, 2020 /EINPresswire.com/ — According to the report, the global silver nanoparticle industry was pegged at $1.8 billion in 2019, and is expected to hit $4.1 billion by 2027, registering a CAGR of 15.7% from 2020 to 2027.
Drivers, restraints, and opportunities-
Rise in demand for silver nanoparticles in the food & beverage, hospitality, electronics & IT, and textile sectors is expected to boost the growth of the global silver nanoparticles market. On the other hand, availability of substitutes impede the growth to some extent. However, increase in R&D activities for the use of the particles in more and more industry domains is expected to create lucrative opportunities for the key players in the industry.
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• Governments of various countries implemented lockdown, which led to shutdown of factories across the world, bringing forth a sharp decline in the production from electronic to textile.
• At the same time, most companies had to deal with deficient sales and jolted supply chains.
The wet chemistry segment to lead the trail by 2027-
Based on synthesis method, the wet chemistry segment contributed to around half of the global silver nanoparticles market share in 2019 and is expected to rule the roost by 2027. The fact that desired shape and morphology is obtained by using the method of wet chemistry drives the segment growth. The biological synthesis segment, on the other hand, would manifest the fastest CAGR of 16.4% throughout the forecast period, owing to increase in awareness toward environmental pollution caused by chemical synthesis methods.
The spheres segment to dominate during the estimated period-
Based on shape, the spheres segment accounted for around two-fifths of the global silver nanoparticles market revenue in 2019 and is anticipated to retain its dominance from 2020 to 2027, due to its adoption in numerous applications. At the same time, the colloidal silver particles segment would portray the fastest CAGR of 16.5% by the end of 2027. Rise in awareness of silver colloidal particles regarding nutritional benefits is the main factor driving the segment growth.
North America to rule the roost-
Based on geography, North America held the major market share in 2019, garnering around two-fifths of the global silver nanoparticles market. This is attributed to significant investments in research and developments activities in regards to silver nanoparticles. Simultaneously, Asia-Pacific would grow at the fastest CAGR of 16.2% from 2020-2027. This is due to development in sectors such as healthcare, pharmaceuticals, electronics and textiles.
Frontrunners in the industry-
• Ames Goldsmith Corporation
• ANP Corporation
• Meliorum Technologies, Inc.
• BBI Solutions
• Applied Nanotech
• Cima NanoTech
• American Elements
• Cline Scientific Ab
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Source: EIN Presswire