The market for magnetite nanoparticles is expected to grow at a CAGR of over 10% during the forecast period. Major factors driving the market studied are growing demand for magnetite nanoparticles in wastewater treatment sector and rising demand from electronics segment. On the flipside, uncertainty and volatility in the raw material prices and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
- Increasing penetration of magnetite nanoparticles in bio-medical industry is expected to offer various lucrative opportunities for the growth of market. - By application, bio-medical industry is expected to dominate the market owing to the increase in the usage of magnetite nanoparticles for drugs and therapy. - North America region dominated the magnetite nanoparticles market across the globe with the largest consumption from countries such as United States and Canada.
Key Market Trends Increasing Demand from Bio-medical Industry
- Magnetite nanoparticles are the type of nanoparticles which can be manipulated using a magnetic field. They are nontoxic and exhibit superparamagnetic properties. - The growing demand of magnetite nanoparticles on account of rising penetration in the medical industry for drug delivery, microfluidics, and in magnetic resonance imaging (MRI) is expected to propel the magnetite nanoparticles market during the forecast period. - Furthermore, magnetite nanoparticles are used in superparamagnetic relaxometry (SPMR), which is expected to further increase the demand of magnetite nanoparticles and stimulate its market during the forecast period. - Additionally, increment in the life threatening and chronic diseases are further expected to positively impact the magnetite nanoparticles market owing to their usage in the diagnosis and treatment of medical conditions like cancer and brain tumor. - The magnetic resonance imaging (MRI) market is projected to grow at a CAGR of over 5% during the forecast period and is expected to reach USD 8 billion by 2027. This is likely to provide ample opportunities for the magnetite nanoparticles market to grow during the forecast period. - Owing to all the above-mentioned factors for magnetite nanoparticles, its market is expected to grow rapidly over the forecast period.
North America Region to Dominate the Market
- North America region is expected to dominate the market for magnetite nanoparticles during the forecast period. The demand for magnetite nanoparticles is expected to increase in countries like United States and Canada, due to continuous research and development efforts to explore the possible applications of magnetite nanoparticles in industries such as bio-medical, electronics, waste water treatment, and energy. - Magnetite nanoparticles are used as nanowires, spintronics, and quantum dots in nanoelectronics industry. Owing to this, demand of magnetite nanoparticles is expected to increase in the region. - Additionally, magnetite nanoparticles are used in fuel cells, batteries, and photovoltaic film coatings. They are also used in research activities for obtaining thermo electric materials, nano-bioengineering of enzymes, and prototype solar panels. Owing to these factors, the demand of magnetite nanoparticles is expected to rise during the forecast period. - Furthermore, the demand for magnetite nanoparticles is expected to further increase owing to their usage in wastewater treatment in high gradient magnetic separation (HGMS) techniques due to their high adsorption properties, thus propelling the magnetite nanoparticles market in the region. - The North America wastewater treatment service market is expected to grow at a CAGR of over 3% during the forecast period. This is likely to provide lucrative opportunities for the growth of market as the magnetite nanoparticles are used for water purification by helping in settling down of suspended particles in contaminated water to the bottom of fluid so that they can be removed and magnetite nanoparticles are recycled and reused. - Some of the major companies operating in North America region are – US Research Nanomaterials, Inc., American Elements., and Strem Chemicals, Inc. - The aforementioned factors, coupled with government support, are contributing to the increasing demand for magnetite nanoparticles during the forecast period.
Competitive Landscape The magnetite nanoparticles market is consolidated with top players accounting for a major share of the market. Some of the key companies in the market include Strem Chemicals, Inc., nanoComposix, American Elements, Nanografi Nano Technology, and US Research Nanomaterials, Inc.
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