Platinum Nanoparticles Market Size & Share, by Application (Automotive, Healthcare, Chemical, Textiles); Type (Spherical, Baton, Cube, Square) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5542
  • Published Date: Jan 16, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Platinum Nanoparticles Market size is expected to cross USD 454 Million by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of platinum nanoparticles was over USD 284 Million.

The demand for platinum nanoparticles is driven by an increasing use of platinum in catalytic converters. Catalytic converters use 33% of the world's platinum, according to Research Nester analysts. Platinum nanoparticles have a high catalytic activity, which can increase the speed of chemical reactions. This makes them ideal for use in a variety of catalytic applications, such as automotive catalytic converters, petrochemical cracking catalysts, and fuel cell catalysts. To reduce air pollution and improve air quality, platinum is a key component of automotive catalytic converters.

In addition, the demand for automotive catalytic converters is being driven by strong growth in vehicle production around the world. For instance, car production in the European region increased by 7.1% in 2022, according to a report from the European Automobile Manufacturers' Association published in February 2023. Therefore, the demand for platinum nanoparticles to manufacture catalytic converters in automobiles is driven by significant growth of vehicle production across all regions worldwide.


Platinum Nanoparticles Market overview
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Platinum Nanoparticles Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 4%

Base Year Market Size (2023)

 ~ USD  284 Million

Forecast Year Market Size (2036)

 ~ USD  454 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Platinum Nanoparticles Market: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Advancement in Nanotechnology- The field of nanotechnology has witnessed significant advancements, leading to improved synthesis methods and control over nanoparticle properties. These advancements have enabled the production of highly stable and uniform platinum nanoparticles with precise sizes and shapes, enhancing their performance in various applications such as nanosensors, and nano-chip.
  • Rising Applications in Electronics Sector- The excellent electrical conductivity of platinum nanoparticles makes them perfect for use in electrical interconnects and contacts. This is due to the fact that platinum nanoparticles' vast surface area makes it possible for them to conduct electricity effectively. Because platinum nanoparticles can effectively transmit heat away from electronic components, preventing them from overheating, they have a high thermal conductivity that makes them perfect for use in heat sinks and other thermal management applications. Additionally, platinum nanoparticles have a high degree of chemical stability, which protects them from environmental degradation and corrosion. Electronic components need to function dependably in a range of conditions, therefore this is crucial.
  • Increasing applications in the healthcare Industry- Emerging applications for platinum nanoparticles in the healthcare sector are providing lucrative growth opportunities for the global platinum nanoparticles market. Platinum nanoparticles are being used to develop new and innovative treatments for a variety of diseases, including cancer, infections, and neurodegenerative disorders. One of the most promising emerging applications for platinum nanoparticles is in cancer treatment. An estimated 25% of cancer patients in the US take chemotherapy annually.

Challanges

  • High costs- The high production costs is one of the main challenges faced by the platinum nanoparticles market. Platinum is a rare and precious metal, which means that it is expensive to obtain and refine into nanomaterial. These cost factors, in particular concerning large commercial applications of platinum nanoparticles, are limiting the mass adoption of these particles.
  • Potential toxicity of platinum nanoparticles restricts the market’s growth.
  • High competition from alternative materials and technologies.


Platinum Nanoparticles Segmentation

Our in-depth analysis of the global market includes the following segments:

Application (Automotive, Healthcare, Chemical, Textiles)

The healthcare segment is estimated to hold the largest revenue share over the forecast period, accounting for 38% of the global platinum nanoparticles market owing to the increasing medical industry worldwide. With regard to its advantageous qualities, which include low corrosive qualities, high medical strength, and biocompatibility, platinum nanoparticles are commonly utilized in surgical instruments, orthopedics, and electromedical devices. For example, during the projected period, rising demand for medicines and diagnostics based on nanotechnology in the medical sector is anticipated to be a major driver of market expansion. In 2019, the FDA received 55 applications for medicinal products containing nanomaterials. In 2020, the National Institute for Health invested approximately USD 445 million in nanomedicines. Further, a growing number of cancer treatments are using nanotechnology, which has fuelled the advancement of metal nanomaterials for drug delivery systems.

Type (Spherical, Baton, Cube, Square)

 Cube segment in the platinum nanoparticles market is poised to garner highest revenue by 2036. Cube-shaped platinum nanoparticles are distinct from one another. They can self-assemble into organized structures and have a large surface area owing to such properties the applications of cube platinum nanoparticles in biosensors and catalysts are growing. Cube platinum nanoparticles are also highly efficient catalysts. A wide range of chemical reactions, such as those in fuel cells, petrochemicals, and pharmaceuticals, can be sped up with them. Global demand for platinum nanoparticles for petroleum and catalytic applications is predicted to fuel the segment's profitable expansion.

Our in-depth analysis of the global platinum nanoparticles market includes the following segments:

          Application

  • Automotive
  • Healthcare
  • Chemical
  • Textiles

          Type

  • Spherical
  • Baton
  • Cube
  • Square

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Platinum Nanoparticles Industry - Regional Synopsis

North American Market Forecast

North American platinum nanoparticles market is estimated to hold 46% of the revenue share, due to increasing demand across various industries such as automotive, electronics, and healthcare. Platinum nanoparticles have unique properties such as high catalytic activity, chemical stability, and biocompatibility, which make them ideal for a wide range of applications. In the automotive industry, platinum nanoparticles are used in catalytic converters to reduce emissions and enhance fuel efficiency. In 2021, automotive catalytic converters generated revenue of USD 183 billion in the region. In the electronics sector, they are utilized in the production of electronics components, sensors, and catalysts. Furthermore, in the healthcare industry, platinum nanoparticles play a vital role in drug delivery systems and medical devices. The market is also being driven by ongoing research and development efforts to explore new applications and optimize production processes. Overall, the North America platinum nanoparticles market is poised for continued expansion, driven by technological advancements and increasing demand from diverse end-use industries.

APAC Market Statistics

Asia Pacific region is witnessing significant growth in the platinum nanoparticles market. The region’s expanding industrial base, increasing research and development activities, and growing demand for advanced materials are key factors driving market growth. Countries like China, India, Japan, and South Korea are at the forefront of this growth, driven by their robust manufacturing sectors and focus on technological advancements. These countries have a strong presence in industries such as automotive, electronics, and healthcare, which are major consumers of platinum nanoparticles. In china, the rapid industrialization and urbanization have led to a surge in demand for catalytic converters and fuel cells, driving the market for platinum nanoparticles. The country’s strong manufacturing capabilities and government initiatives to promote clean energy solutions further support market growth. Further, Asia Pacific’s favourable regulatory environment, availability of skilled labor, and increasing investments in research and development are further contributing to the growth of the platinum nanoparticle market in the region.

Research Nester
Platinum Nanoparticles Market size
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Companies Dominating the Platinum Nanoparticles Market

top-features-companies
    • Sigma Aldrich/ Merck KGaA
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • BBI Solutions.
    • Nanocs Inc
    • American Elements.
    • STREM CHEMICALS, INC.
    • Meliorum Technologies, Inc.
    • nanoComposix, Inc.
    • EPRUI Biotech Co. Ltd.
    • Nanostructured & Amorphous Materials, Inc.
    • Nanoshel LLC
    • nanoComposix 

In-the-news

In The News

  • July,2021- The premium nanomaterials business nanoComposix, which specializes in assay creation and diagnostics solutions, has been fully acquired by Fortis Life Sciences.
  • September,2023-  Atomo Diagnostics Limited (Atomo) and BBI Solutions (BBI) have entered into a strategic business arrangement. Under this arrangement, both companies will share business development efforts to combine their distinct and complementary technology, know-how, and intellectual property (IP) to meet the rapid diagnostics needs of their customers.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5542
  • Published Date: Jan 16, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

High demand for catalytic converters, rising use in biomedical industry, varied applications in the electronics sector are some of the major market growth drivers.

The market size of platinum nanoparticles is anticipated to attain a CAGR of 4% over the forecast period, i.e., 2024-2036.

The major players in the market are BBI Solutions., Nanocs Inc, American Elements., STREM CHEMICALS, INC., Meliorum Technologies, Inc., nanoComposix, Inc., EPRUI Biotech Co. Ltd., Nanostructured & Amorphous Materials, Inc., Nanoshel LLC, TANAKA HOLDINGS Co., Ltd and others.

The Healthcare segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Platinum Nanoparticles Market Report Scope
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