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Nanoporous Materials Market Forecast to Reach $7.5 Billion by 2026

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Nanoporous Materials Market Forecast to Reach $7.5 Billion by 2026

April 17
12:12 2021
Nanoporous Materials Market Forecast to Reach $7.5 Billion by 2026

Nanoporous Materials Market
Newly Developed Specialized Nanoporous Adsorbent Products and Ion Exchangers Are Creating New Market Opportunities, Which Will Eventually Drive the Growth of Nanoporous Materials Market

Nanoporous Materials Market is forecast to reach $7.5 billion by 2026, after growing at a CAGR of 8.7% during 2021-2026, owing to the increasing usage of nanoporous materials in a variety of applications such as water treatment, electrochemical biosensor, chemical processing. Nanoporous materials have a large surface area; therefore, they possess excellent catalytic, adsorbent, and absorbent properties. In general, they are prepared using chemical reagents as the inorganic sources, structurally directed by the use of organic templates. With the rising demand for nanoporous materials in the biomedical industry, electronic and magnetic devices are fueling the growth of the nanoporous material market. Newly developed specialized nanoporous adsorbent products and ion exchangers are creating new market opportunities, which will eventually drive the nanoporous materials market during the forecast period.

Nanoporous Materials Market Segment Analysis – By Technology

The zeolites segment held the largest share in the nanoporous materials market in 2020, owing to the great acid strength they can have and to their great adaptability to practically all types of catalysis. It offers superior performance to sand and carbon filters, giving purer water and higher throughput rates with less maintenance required. Zeolites can promote a diverse range of catalytic reactions including acid-base and metal-induced reactions. In addition, zeolites can also be acid catalysts and can be used as supports for active metals or reagents. Zeolites are extensively used to adsorb a variety of materials. This includes applications in drying, purification, and separation. All these extensive properties of zeolites are the key factor anticipated to drive the nanoporous materials market during the forecast period.

Nanoporous Materials Market Segment Analysis – By End-Use Industry

The oil and gas industry held the largest share in the nanoporous materials market in 2020 and is growing at a CAGR of 3.5%, owing to the increasing usage of nanoporous materials in the oil and gas industry for petroleum refining. Nanotechnology has successfully gained applications in many areas of life, thereby seen as the modern way of creating products, which results in high efficiency of use. In the petroleum processing industries, this revolution is no exception. The efficiency of a number of conversion processes improves upon application of materials with the nanometer scale dimension, which is caused by improvements and developments of better material properties as the particle size decreases. The key benefit of using nanoporous materials in catalysis is the exposure of a large surface area for reaction, thereby reducing the tendencies to adverse and side reactions. The desire for an improved catalyst with high activity, low deactivation, and low coke formation to meet the growing demand for chemicals and fuels is driving the nanoporous materials market growth in the oil and gas industry during the forecast period.

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Nanoporous Materials Market Segment Analysis – By Geography

Asia Pacific region held the largest share in the nanoporous materials market in 2020 up to 34%, owing to the increasing chemical and, oil & gas industry in the region. According to the European Chemical Industry Council or Cefic, with €1,198 billion in 2018, China was the largest chemical producer in the world, contributing 35.8% of global chemical sales in 2018. The BRIC countries (Brazil, Russia, India, and China) accounted for 42.8% of global chemical sales in 2018. Six countries out of the top 10 biggest producers are Asian generating chemical sales of €1,886 billion – 51.5% of the world market. China’s sales levels are higher than the EU and US markets combined (€1,198 billion compared to €565 bn + €468 bn). According to the International Association of Oil & Gas Producers (IOGP), in 2018, Asia Pacific produced 7.6 million barrels of oil per day, 8% of the world’s total. China was the region’s largest producer, accounting for half of its oil. Other important Asia Pacific producers were India and Indonesia with a share of 11% each, Malaysia with 9%, Thailand with 6%, Australia with 5%, and Vietnam with 4%. Nanoporous materials are extensively used in several typical petroleum refining processes such as catalytic cracking, oxidative dehydrogenation of alkanes, and desulfurization. Thus, with the flourishing chemical, and oil & gas industry there will be an upsurge in the demand for nanoporous materials, which will then substantially drive the nanoporous materials market in the Asia Pacific region.

Nanoporous Materials Market Drivers

Wide Adoption of Zeolites for Water Treatment

Absorption is considered to be a viable option for water treatment, and zeolites have been gaining significant traction for this application. The growing adoption of zeolites over multiwalled carbon nanotubes for water treatment can be attributed to their unique adsorption properties as they adsorb various heavy metals and ammonia, enabling the elimination of a wide range of pollutants. According to the International Trade Administration, the Government of Saudi Arabia with Vision 2030 and National Transformation Program (NTP) took an initiative to increase the percentage of cities and citizens receiving water and sewerage services. In 2019, the UAE government approved $1.6 billion for water and energy projects and they also started the ‘UAE Water Security Strategy 2036’ initiative to increase the reuse of treated water and water productivity index. Thus, governments are investing heavily in water treatments which will further drive the market growth. Zeolites outperform other conventional filtration sources, owing to their unique filtration and absorption capabilities, which can be attributed to the zeolites’ surface area, which is many times larger than several other granular materials. Thus, the wide adoption of zeolites for water treatment acts as a driver for the nanoporous materials market.

Increasing Healthcare Investments by various Governments

Moreover, nanoporous materials are also used in biomedical for decontamination and inhibiting bacteria; for filtration in hemodialysis; and for slowing drug release. The nanoporous market growth is spurred by the rapid expansion of the healthcare industry mainly due to the growing population, urbanization, and increasing disposable income across the regions. Moreover, the growing investment in healthcare services is strengthening the healthcare industry. In 2014, China spent approximately USD992 billion on health care, where 38 percent was financed by publicly financed health insurance, private health insurance, or social health donations and 30 percent was financed by the central government and local governments. In 2018, the Australian Government announced to drive a new era of better health care in Australia it will invest $1.3 billion in the Health and Medical Industry Growth Plan. According to the Thailand Board of Investment Thailand is now becoming a key player in the $2.3 trillion global medical industry. The nanoporous materials market will be flourished by the cumulative healthcare investments as with the increasing healthcare industries across the world demand for the nanoporous materials will also increase, which acts as a driver for the market during the forecast period.

Nanoporous Materials Market Challenges

High Cost of Activated Carbon

The nanoporous material industry has been facing many challenges as nanoporous materials such as activated carbon and zeolites are very expensive, which makes the adsorption process more costly. In terms of cost, zeolites are more expensive than ceramics. However, activated carbons for gas-phase applications are more expensive than those used in liquid-phase applications. To reduce the cost of activated carbons production one should select the raw material with the highest product yield, adopt a chemical activation production scheme, and should base product price on the product-surface area. A raw material that well meets the above-mentioned criteria is petroleum coke but others are also promising (charcoals, and carbon black). Thus, the high cost of nanoporous materials such as zeolites and activated carbon unlatch door for alternate options, which acts as a restrain for the nanoporous materials market.

Covid-19 Impact on The Nanoporous Materials Market

Due to the Covid-19 outbreak, various countries have gone under lockdown, due to which operations of various industries have been negatively affected. With many of its roads empty and factory production lines halted the demand for nanoporous materials has dropped. According to the Energy and Environment Ministry, the total gasoline sales in Spain during the period (5 to 12) April 2020 were 84 percent lower than in the week (8 to 14) March 2020. Also, the oil prices are dropping due to failed agreements on production cuts, and the need for chemicals and refined products is slowing down, which is hampering the nanoporous materials market growth. In addition, the emergence of COVID-19 has restricted the oil and gas industry and has caused oil prices to collapse in various regions, which is limiting the nanoporous materials market growth.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the nanoporous materials market. In 2020, the market of nanoporous materials has been consolidated by the top five players accounting for xx% of the share. Major players in the nanoporous materials market are Zeochem AG, Kuraray Chemical Co. Ltd., Mineral Technologies Inc., Chemviron Carbon, Albemarle Corporation, Exxon Mobil Corporation, BASF SE, Zeolyst International, Calgon Carbon Corporation, and Clariant AG.

Key Takeaways

Asia Pacific dominates the nanoporous materials market, owing to the rising demand for nanoporous materials in the chemical, oil, and gas sectors in the region. Increased urbanization and purchases are also the key factors driving the nanoporous materials market in APAC.

Nanoporous materials possess extensive characteristics such as thermal stability, hardness, electron transfer, chemical resistance, conductance, and impedance. These properties of nanoporous membranes have led to the adoption of membranes in building different types of electrochemical sensors, which will substantially drive market growth.

The carbon-based nanoporous materials, including activated carbons (AC) and carbon nanotubes, have been gaining traction as potential hydrogen absorbents due to their high specific surface area (SSA). This potential use of nanoporous materials for storing hydrogen is likely to fuel growth in the nanoporous materials market.

The novel nanoporous carbon materials are also extensively employed for the adsorption of gibberellic acid from a solution that regulates various developmental processes of the plant growth. Monitoring and controlling the phytohormone is very important to ensure the efficient growth of crops to bring a high yield and quality production in agriculture or horticulture.

In general, superhydrophobic nanoporous membranes can effectively separate oil/water mixtures. But for oil-water emulsions, its separation efficiency is relatively low, and therefore surfactants are often needed to overcome this disadvantage, which hinders the nanoporous market growth.

Due to the COVID-19 pandemic, most of the countries have gone under lockdown, due to which operations of various industries such as chemical, and oil & gas has been negatively affected, which is hampering the nanoporous materials market growth.

Related Reports :

A. Nanoporous Membranes Market

https://www.industryarc.com/Research/Nanoporous-Membranes-Market-Research-502891

B. Global Nanomaterials Market

https://www.industryarc.com/Research/Global-Nanomaterials-Market-Research-502988

For more Chemicals and Materials Market reports, Please click here

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