Albany, NY -- (SBWIRE) -- 09/24/2018 -- As electronic producers seek to pace up with the latest technologies, miniaturization will emerge at fore as the latest trend in the industry. This trend is likely to continue in the forthcoming years thus boosting opportunities for the global nanosilver market. As per Transparency Market Research, based on revenue the global nanosilver market is expected to rise at a CAGR of 15.4% between 2014 and 2020. The market was valued at US$682.0 mn in 2013 and is expected to reach US$1.8 bn by the end of 2020.
Despite witnessing positive growth, the market has been witnessing challenge from the volatility of nanosilver prices. The higher cost of nanosilver than conventional silver also restrains the market's growth to an extent. Besides these, stringent regulations and controversies surrounding the harmful effect of using nanosilver on environment will create further bottlenecks for the market.
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Nevertheless, the advent of novel applications of nanosilver is expected to boost prospects for its sales. While the booming consumer electronics industry remains the prime driver of the nanosilver market, its increasing application in the healthcare sector will bolster opportunities for the market in the forthcoming years.
North America Emerges as Most Lucrative Regional Market for Nanosilver
Regionally, North America has been exhibiting the most lucrative prospects for nanosilver sales. The region emerged dominant in the global market holding a share of 41.8% in 2013. Overall demand for nanosilver in North America stood at 212.8 tons in 2013. TMR expects it to rise to 484.8 tons by the end of 2020, exhibiting a CAGR of 12.9% during the period. The healthcare industry will majorly contribute to the rising demand for nanosilver in North America.
The flourishing electrical and electronics industry in Europe has been attracting the most prominent vendors of nanosilver. The rising food and beverages market in the region is also expected to boost sales of nanosilver considerably.
Asia Pacific is also expected to exhibit attractive opportunities for vendors in the global nanosilver market. The region as per TMR holds the second-largest share in the overall market and is expected to rise at a CAGR of 13.5% between 2014 and 2020. High production capacities of the consumer electronics industries in South Korea and China have proven extremely profitable for the regional market. Apart from this, the rising willingness of the emerging middle-class population to spend on the latest models of electronics will also boost nanosilver sales in the region.
Application of Nanosilver to Considerably Rise in Electrical and Electronics Industry
The electrical and electronics industry has emerged as the largest end-use segment for nanosilver. It held a dominant share of 37.8% in the market in 2013. The increasing use of nanosilver in printing electronics equipment such as inkjet and flexographic printers will further boost its sales in the electrical and electronics industry. It is also used in miniature printed circuit boards, capacitors, and printed sensors. The nanosilver market will therefore considerably gain from the expansion of the electronics industry.
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During the same time, the healthcare industry emerged as the second-largest application segment of nanosilver. It accounted for a share of 27.6% in the market in 2013. Nanosilver is widely used in surgical blazes, bandages, and wound dressing. TMR projects the demand from this segment to rise at a significant pace during the forecast period. The application of nanosilver is also expected to increase in the food and beverages and the textile industry. The rising use of nanosilver in water treatment will open novel prospects for the market's growth.
Some of the most prominent companies operating in the market include Bayer MaterialScience, Nano Silver Manufacturing Sdn Bhd, NovaCentrix, Advanced Nano Products Co. Ltd., Ames Goldsmith Corporation, Applied Nanotech Holdings, Inc. and others.