The global magnetite nanoparticles market size is expected to reach USD 87.4m (~€79m) by 2025, exhibiting a CAGR of 10.3% over the forecast period.
According to a new report by Grand View Research, increasing penetration of nanotechnology in various application industries is expected to drive the demand for nanomaterials such as magnetite nanoparticles.
Key suggestions from the report:
- Bio-medical segment is expected to progress at a CAGR of 10.9%, in terms of revenue, over the forecast period
- Electronics segment accounted for 11.8% of the revenue share in 2018 owing to the increasing utilisation of magnetite nanoparticles for high-performance memory applications such as data storage in nanoscale memory
- The U.S. accounted for a revenue share of 82.1% in 2018 in the overall North American market owing to the rising application scope of nanoparticles in application industries such as bio-medical, energy, electronics, and wastewater treatment
- Asia Pacific accounted for a revenue share of 23.4% of the global market in 2018 with rising use of the product in electronics industry and the presence of major electronics manufacturing companies such as Intel, Siltronic AG, and Qualcomm
- Companies in the magnetite nanoparticles market are continuously engaged in offering products using innovative and advanced methods to comply with customer demands pertaining to different application industries such as bio-medical, wastewater treatment, electronics, and energy storage.
Magnetite nanoparticles possess high superparamagnetic properties coupled with increased surface area during application. These benefits are anticipated to drive the demand for magnetite nanoparticles in electronics application over the forecast period. Increasing research & development activities in the medical industry for cancer treatment using magnetite nanoparticles are further expected to boost the market growth.
Rapid advancements in healthcare technology, growth in medical diagnostics industry, and various benefits offered by the product in medicinal imaging applications are also anticipated to drive the market. Increased focus on research pertaining to nanotechnology and rising government expenditure on biotechnology are expected to propel the demand for magnetite nanoparticles. Magnetite nanoparticles are being increasingly utilised as T2 contrast agents in MRIs given their superparamagnetic behaviour at room temperature.
Manufacturers in the industry provide products on the basis of standard specifications as well as design specifications provided by the end users. Companies such as Strem Chemicals, Inc. and American Elements offer magnetite nanoparticles with standard and customised technical specifications to better serve the customer needs.