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 platinum nanoparticles market is expanding due to the growing application of platinum in catalytic converters. A recently conducted study found that 33% of the world's platinum is used for a catalytic converter. Platinum nanoparticles can speed up chemical processes because of their high catalyst’s activity. This makes them suitable for use in a variety of catalytic applications, such as fuel cells, catalysts for petrochemical cracking, and catalytic converters for automobiles. Car catalytic converters, which reduce air pollutants and improve air quality, require platinum as a necessary component.
In addition, the demand for automotive catalytic converters is being driven by strong growth in vehicle production around the world. Therefore, the demand for platinum nanoparticles to manufacture catalytic converters in automobiles is driven by significant growth of vehicle production across all regions worldwide.
Growth Drivers
Challenges
|
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 |
|
Application (Automotive, Healthcare, Chemical, Textiles)
Healthcare segment is estimated to hold 38% share 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 platinum nanoparticles 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 market includes the following segments:
|
Application |
|
|
Type |
|
North American Market Forecast
North American platinum nanoparticles market is estimated to hold 46% of the revenue share by 2036. This is due to increasing demand across various industries such as automotive, electronics, and healthcare. Platinum nanoparticles have a unique set of characteristics, including high catalyst activity, chemical stability and biocompatibility that make them excellent for many applications. In the automotive industry, catalytic converters employ platinum nanoparticles to lower pollutants and increase fuel efficiency.
Automotive catalytic converters are predicted to bring in USD 183 billion for the region by 2021. In the electronics sector, they are employed in the production of sensors, catalysts, and electronic components. Furthermore, within the healthcare industry, platinum nanoparticles are crucial for medication delivery systems and medical devices. All these sectors are already expanding in the region, further opening growth prospects for the North America market.
APAC Market Statistics
Asia Pacific region is witnessing significant growth in the platinum nanoparticles market. The region's developing industrial base, escalating R&D endeavors, and mounting demand for cutting-edge materials are the primary drivers of market expansion. Leading the way in this expansion are nations such as China, India, Japan, and South Korea, whose manufacturing sectors are thriving and they prioritize technological progress. These nations are well-represented in sectors that use platinum nanoparticles extensively, including healthcare, electronics, and automotive.
The fast industrialization and urbanization of China has created a demand for fuel cells and catalytic converters, which is propelling the platinum nanoparticles market. The government's initiatives to promote clean energy solutions and the nation's strong manufacturing capabilities serve as additional drivers of market growth. The favorable regulatory climate in Asia Pacific, the region's access to skilled labor, and the region's rising R&D spending are all factors in the platinum nanoparticle market's expansion.
Author Credits: Smruti Ranjan, Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?