Silver Nanoparticles Market - Forecasts from 2021 to 2026
The silver nanoparticles market is projected to grow at a CAGR of 14.39% to reach US$4.326 billion by 2026, from US$1.688 billion in 2019. Silver nanoparticles are particles of silver that are 1nm to 100nm in size, being regarded as silver some of these nanoparticles are composed of a large amount of silver oxide due to the bigger ratio of known surface to bulk silver atoms. Numerous shapes of nanoparticles can be constructed depending on the application at hand, but the most used are spherical, but diamond, octagonal, and thin sheets. They have a wide range of applications due to their unique physical and chemical properties in the biomedical industry, textiles industry, and many other industries.
The growing use of silver nanoparticles in various sectors of the industry and the development of silver nanoparticles technology will drive the growth of silver nanoparticles over the forecast period. The growing demand from the biomedical industry owing to its microbial property will fuel the market growth as it will accelerate the demand for silver nanoparticles in the market. In addition to fulfilling the burgeoning demand for silver nanoparticles several synthesis methods.
The silver nanoparticles market by end-user industry is segmented into the electronic and electrical industry, healthcare industry, food and beverages industry, textile industry, and many more. Silver nanoparticles have optical, electrical, and thermal, high electrical conductivity and biological properties due to which they have a wide range of applications in the above industries.
Due to their peculiar properties, they have been used for several applications, stated as antibacterial agents, in the industrial, household, and healthcare-related products, in consumer products, medical device coatings, optical sensors, and cosmetics, in the pharmaceutical industry, the food industry, in diagnostics, orthopedics, drug delivery, as anticancer agents, and have ultimately enhanced the tumor-killing effects of anticancer drugs. Recently, silver nanoparticles have been frequently used in many textiles, keyboards, wound dressings, and biomedical devices. Nanosized metallic particles have been unique and different and can change biological, chemical, and physical properties, because of their known surface to volume ratio. Due to their application in various industries, the silver nanoparticle industry is anticipated to grow widely in the forecast period.
Geographically, the Asia Pacific region will be the fastest-growing region owing to the ongoing development in different sectors of the industry. The growing demand for lightweight products in the medical, electronics, and optical industry to increase efficiency will promote industry size in forecast time.
Excessive use of silver nanotechnology as an antimicrobial having an adverse effect The overuse and misuse of silver nanotechnology in various sectors of the industries as an antimicrobial is having an adverse effect on humans and animals as a study by the University of Pittsburgh suggests that the bacterial resistance to silver nanoparticles, but not their silver ions alone is not only at low concentrations but also at higher doses. There is a possibility that some form of silver is getting into the cell, and when it arrives, the cell mutates to quickly pump it out. Hence, the use of silver nanotechnology in different sectors could be restricted and could hamper the growth of the market.
The COVID-19 pandemic has had an immense impact on the world as a whole and has led to economic breakdown and loss of life. The impact of COVID-19 on the silver nanoparticles market has been negative as due to the lockdown and travel and trade restrictions imposed by the governments, worldwide the manufacturing unit was forced to be shut due to which the production of silver nanoparticles saw a sharp decline. The pandemic has disrupted the supply chain and decreased sales of silver nanoparticles accounting for a negative impact on the industry. Furthermore, the end-user industries were forced to limit their production capacity, which impacted the demand for nanowires which overall impacted the sale of silver nanoparticles Also, government initiatives focusing on solar energy across the globe as well as ongoing solar projects are also put on hold, impacting the silver nanowire usage. As silver nanoparticles were widely used in a lot of industries, the impact on these industries has adversely affected the silver nanoparticles market, thus the industry is about to witness a deep impact due to the pandemic.
The market leaders for the Global Silver Nanoparticles Market are American Elements, Ames Goldsmith Corporation, ANP Corporation, Applied Nanotech, BASF, BBI Solutions, Cima NanoTech, Cline Scientific Ab, Meloorum Technologies, Inc, and NanoComposix. They are some of the key players in the silver nanoparticle market.