Due to the increasing per capita income, which, according to the World Bank, rose to $9,290.331 in 2018 from $7,180.0791 in 2009 across the world, people are spending on luxury items, such as laptops, desktop computers, tablets, smartphones, videogame consoles, and digital cameras. As a result, the semiconductor & electronics industry is witnessing unprecedented growth. To cater to the increasing demand for advanced consumer electronics, semiconductor and computer hardware companies are bringing about technological advancements in their manufacturing process.
Citing such improvements, market research organization P&S Intelligence says that the nanochemicals market is poised for substantial growth in the years to come. As the term suggests, nanochemicals are made with nanoparticles that clean and catalyze themselves and are resistant to corrosion. Moreover, the properties of such chemicals, including how they react to temperature, pressure, and moisture, can be changed as per requirement. In the semiconductor & electronics industry, nanoparticles of titanium dioxide and zinc oxide are used widely.
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This is why nanochemicals are also finding rising application in specialty chemicals, especially those that are consumed on their own or used to make the end products used in the automotive, electronics, and cosmetics industries. Some of the most common materials containing nanochemicals are advanced polymers, additives, sealants, adhesives, and special-purpose pigments, paints, and coatings. For instance, the high-purity germanium and silicon used to manufacture electronic equipment, high-tungsten and -carbon steel used to make machine tools, and fillings used in dentistry are all being produced with nanochemicals.
In the past, North America was the largest nanochemicals market, as any new technology is mostly adopted here; then it reaches other parts of the world. Nanochemical consumption in the continent is driven by the increase in the demand for pigments and inks. The Asia-Pacific (APAC) region is projected to witness the fastest-rising consumption of nanochemicals because of the rapid shift of industrialists to nanochemicals from conventional materials. Furthermore, the growth in the electronics, construction, personal care, pharmaceuticals, and rubber industries will result in the rising usage of nanochemicals in the region.
Hence, as more applications are unearthed for nanochemicals, the demand for them will increase.
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