Increasing Niche Applications in Healthcare Industry to Boost Global Nanosilver Sales, TMR says
The global nanosilver market is presently at its budding stage hence offers limited opportunities for the entry of new players. Only a handful of manufacturers in the market offer pure nanosilver particles because the technology is capital-intensive and requires high initial investment in research and development.
Nevertheless, as per Transparency Market Research (TMR) the market is likely to remain highly competitive due to the increasing demand for nanosilver-based products. Currently there are a few companies holding the top slot in the market. These include Bayer MaterialScience, Nano Silver Manufacturing Sdn Bhd, and Applied Nanotech Holdings, Inc. In the next few years, the competition prevailing in the market is likely to intensify further.
“Demand for nanosilver is poised to surge in the forthcoming years in response to the expansion of the electrical and electronics industry,” said a lead analyst at TMR. “Silver exhibits the highest electrical conductivity and is thus widely used across consumer electronics. Since nanosilver demonstrates higher performance level, it is increasingly replacing traditional silver used in the manufacture of electronics,” he added.
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Demand for Nanosilver to Mount Steadily in Electrical and Electronics Industry
A majority of the electronic goods manufacturers claim of using nanosilve predominantly because of its antimicrobial properties. Besides this, the emerging trend of designing more compact electronics with high-end features will auger well for the nanosilver market.
Electronic products are often coated with nanosilver inhibit antimicrobial growth. Owing to the same reason, application of nanosilver has significantly increased across the healthcare industry. The most common medical applications using the technology include catheters, bandages, tubing, dressing, cream, and powder. Some of the emerging consumer applications of nanosilver comprise personal care products, clothing, and food packaging.
Despite growth prospects for the market being quite positive, it faces challenges from regulatory concerns pertaining to harmful effects of nanosilver on health and environment. The high cost of nanosilver over their conventional counterparts also limits their large-scale adoption.
Nevertheless, the increasing application of nanosilver in the healthcare industry will boost opportunities for nanosilver sales in the near future. The nanosilver market will also gain impetus from the niche applications of nanosilver in the treatment of cancer and in the fight against Ebola virus.
North America Emerges as Largest Market for Nanosilver
Regionally, North America has been demonstrating the most lucrative prospects for the sale of nanosilver. As per TMR, the regional market is likely to exhibit a CAGR of 12.9% between 2014 and 2020. Demand for nanosilver in North America stood at 212.8 tons in 2013 and is expected to reach 484.8 tons by the end of 2020. Asia Pacific is expected to hold the second-largest share in the global nanosilver market in 2013. The rapid expansion of the electronics industry in South Korea and China will aid expansion of the nanosilver market in Asia Pacific.
By application, the electrical and electronics industry has emerged dominant in the market. The rising demand for miniaturization of electronic products will augment demand for nanosilver from the industry. Besides this, application of nanosilver is also expected to increase in the healthcare industry. Textile and food and beverages are other industries that are likely to report robust demand for nanosilver.
As per Transparency Market Research, the global nanosilver market stood at US$682.0 mn in 2013 and is expected to reach US$1.8 bn by the end of 2020. If the figures hold true, the market will expand at a CAGR of 15.4% between 2014 and 2020.
This review is based on information published by TMR in a report, titled “Nanosilver Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020.”
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