Nanosilver Market will propel owing to its wide-ranging applications in the medical, electrical, food & beverage, and personal care industry by 2024. The product possesses excellent anti-microbial features, making it effective for applications across the industries mentioned above. In the electronics industry, the product is broadly used for providing coatings on electronics, carbons, or carbon blocks, which are used in ACs, refrigerators, and various other electronic devices.
North America accounted approximately 40% of the overall nanosilver market in 2016. The continuous technological advancements and healthcare improvements will make a prominent contribution to the market by 2024. Furthermore, industries including textile, food, personal care, and water treatment are also creating pathways for the market to grow significantly by 2024.
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Nanotechnology is viable to get a strong push from North America, which will help in attaining promising gains in the nanosilver market in the coming years. It is broadly used in electronic devices due to its electrical & thermal conductivity in adhesives, inks, and pastes. Additionally, the market is expected to increase due to the medical industry, which is making substantial investments in the R&D to create advanced equipment including cardiovascular implants, bone cement, and bio-diagnosis. These trends are predicted to contribute significantly to market during the forecast period.
Prominent nanosilver market share contributors are:
- Creative Technology
- NanoMas Technologies
- Blue Nano
- Bayer MaterialScience
- Cambrios Technologies
FIFRA, EPA, and various other regulatory authorities have formulated firm laws and regulations against the use of some products owing to their injurious insinuations on the human health and environment. This is expected to obstruct the nanosilver market over the projected timespan. Moreover, high product cost shall hamper the market over the forecast period.
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Nanosilver market for the textile industry shall grow at a CAGR close to 13% owing to its excellent properties in the near future. Its properties include better breathability, dirt & water repellents, UV protection, wrinkle resistance, etc., which make it preferable for wide-ranging applications in the textile industry. Additionally, the product is versatile in nature as it can be used during the production or finishing, which will contribute promising gains to the market by 2024.
Based on the mode of synthesis, the physical segment will witness gains in the nanosilver market in the near future. This mode of synthesis is by condensation and evaporation and is done using a tube incinerator at atmospheric compression. However, the tube furnace is only used when there is a need for heavy production as it consumes a massive quantity of energy, which requires a considerable time to attain thermal solidity. Usually, the chemical and biological reduction method is preferred for synthesis due to its energy and cost efficiency, which is will boost the market by 2024.
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