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Nanomagnetics Market Forecast to Reach $8.0 Billion by 2025

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Nanomagnetics Market Forecast to Reach $8.0 Billion by 2025

May 01
08:22 2021
Nanomagnetics Market Forecast to Reach $8.0 Billion by 2025

Nanomagnetics Market
Biotechnology, Data Storage, and Retrieval, Development of Efficient and Advanced Technology, Growing Demand for Nanomagnetic Devices are the Prime Growth Drivers of Nanomagnetics Market.

Nanomagnetics Market is forecast to reach $8.0 billion by 2025, after growing at a CAGR of 3.9% during 2020-2025, owing to the increasing demand for nanomagnetic from various end-use industries such as electronics, medical, and automotive as it is one of the most effective methods to make materials stronger, lighter, durable, and reactive. Globally, biotechnology, data storage, and retrieval, development of efficient and advanced technology, growing demand for nanomagnetic devices are the prime growth drivers of the global nanomagnetics market. Furthermore, increasing government initiative across the globe, and growing demand for minimally invasive and non-invasive surgical procedures is also anticipated to propel the market during the forecast period.

Nanomagnetics Market Segment Analysis – By Application

The sensors segment held the largest share in the nanomagnetics market in 2019, owing to extensive usage of nanomagnetics in the manufacturing of sensors. The sensors using smart nanomagnetics have applications for rapid, specific, sensitive, inexpensive, in-field, on-line and/or real-time detection of pesticides, antibiotics, pathogens, toxins, proteins, microbes, plants, animals, foods, soil, air, and water. Thus, nanomagnetic sensors are excellent analytical tools for pollution monitoring, by which implementation of legislative provisions to safeguard biosphere could be made effectively plausible. Great advances in nanomagnetic sensors systems have the enormous prospect in industrial, defense, and clinical medicine applications. This coupled with diverse applications of the nanosensors is the key contributor to the dominance of this segment in the nanomagnetics market during the forecast period.

Nanomagnetics Market Segment Analysis – By End-Use Industry

The electronics segment held the largest share in the nanomagnetics market in 2019 and is growing at a CAGR of 5.1%, owing to its extensive application in electronic industries as sensor materials for pressure, due to its several characteristics, such as electrical and thermal conductivity, electromagnetic energy, magnetic properties, and mechanical strength. Heat dissipation in electronic devices requires interface materials with high thermal conductivity and therefore nanomagnetics have been designed to boost the thermal, electrical, and mechanical properties. The large scale fabrication of nanomagnetic logic devices is done using nanoimprint lithography, as it is a fast and cost-effective way to fabricate nanomagnetic logic devices. According to the Electronic Industries Association Of India (ELCINA), the total production of the electronics sector in India was Rs.3,87,525 crore in 2017-18, compared to Rs.3,17,331 crore in 2016-17, exhibiting a growth of about 22%. The electrical and magnetic properties of nanomagnetic enhance the electrical conductivity in ceramics, increases the electric resistance in nano metals thus making it unique to be extensively used in electronic materials such as sensor fabrication, electromagnetic interference shielding, optoelectronics, microwave-assisted magnetic recording (MAMR), superconductivity and memory chips, which is anticipated to drive the nanomagnetics demand in the market during the forecast period.

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Nanomagnetics Market Segment Analysis – By Geography

Asia Pacific region held the largest share in the nanomagnetics market in 2019 up to 37%, owing to the increasing demand for nanomagnetics from the electrical and electronics industry in the region. According to China’s National Integrated Circuit Development Promotion Outline, the Chinese government will expend significant effort to support the electronics industry, particularly the IC manufacturing and design industry. The production of ICs in China will accelerate at an average annual rate of above 14% through 2022. According to the Singapore Economic Development Board (EDB), Singapore has one of the most diverse semiconductor industries in the Asia Pacific. S$3.3 billion of fixed asset investments (FAI) was attracted by the electronics sector in 2015, which made up 28.6% of the total FAI committed to Singapore. According to Invest India, India’s share in global electronics manufacturing has grown from 1.3% in 2012 to 3% in 2018. In addition, the Consumer Electronics and Appliances Industry in India is expected to become the fifth-largest in the world by 2025. By 2025, India could create a digital economy of $800 billion to $1 trillion, and India’s digital economy could fuel 18–23% of overall economic activity by 2025. Thus, with the expanding electronics industry, the demand for nanomagnetics will also subsequently increase, which is anticipated to drive the market growth in the APAC region during the forecast period.

Nanomagnetics Market Drivers

Growing Demand for Nanomagnetics from the Electronics Industry

Silicon-based transistors can’t get much smaller than they already are because they have nearly reached their physical size limitations at the nanoscale, which means that the continual improvement in computer speed and efficiency that consumers have come to expect will slow down or stall unless a viable, alternate technology is identified. The International Technology Roadmap for Semiconductors (ITRS) 2009 Emerging Research Devices section indicates that “nanomagnetic logic (NML) has potential advantages relative to complementary metal-oxide-semiconductor (CMOS) of being non-volatile, dense, low power, and radiation-hard. In October 2019, Researchers at the Indian Institute of Technology (IIT) Hyderabad have developed low power chips that can be used in Artificial Intelligence (AI) powered devices. These researchers have developed magnetic quantum-dot cellular automata (MQCA) based nanomagnetic logic architectural design methodology of approximate arithmetic circuits. For instance, in 2018, Digi Lens, a Silicon Valley start-up received $60 million in funding to develop nanomaterials that make heads-up displays (HUDs) better. Thus growing research and investments in the electronic industry for nanomagnetics is anticipated to be a driver for the nanomagnetics market during the forecast period.

Emerging Applications of Nanomaterials in Healthcare & Life science Sectors

Nanomagnetics are being widely used in medicine and pharmaceuticals for the sensitive detection of key biological molecules, more precise and safer imaging of diseased tissues, and novel forms of therapeutics because of their mechanical, optical, electrical, and chemical behaviors. The magnetization dynamics in the healthcare sector is driven by the spin polarization current of nanomagnets. Several nanomagnetic based therapeutic and diagnostic agents have been developed for the treatment of cancer, diabetes, pain, asthma, allergy, and infections, because of which the nanomaterials market is growing. Researchers at North Carolina State University are developing a method to deliver cardiac stem cells to damaged heart tissue for increasing the number of stem cells delivered to injured tissue. Also, researchers at Worcester Polytechnic Institute developed antibodies attached to nanomaterials in chips to detect cancer cells in the bloodstream. The researchers claim that this could provide early detection of cancer cells in the bloodstream, which will act as a driver for the nanomagnetics market.

COVID-19 Impact on The Nanomagnetics Market

The outbreak of COVID-19 has created a need for developing affordable and scalable detection methods, safe personal protection equipment, and new effective medical solutions, which can be achieved using Nanomagnetics. Therefore, various researches are ongoing to develop solutions using nanotechnology to mitigate the acute and chronic effects of the COVID-19 pandemic from the detection, protection, and medication point of view. Therefore, it is anticipated that the development of these products will provide various opportunities for the nanomagnetics market during the coronavirus outbreak.

Nanomagnetics Market Challenges

Magnetic Sensitivity Related To Nanomagnetics

A few small defects such as magnetic sensitivity in nanomagnetics can ruin a product such as a memory chip that relies on the uniform operation of nanodevices. While several existing tools, including electron microscopy, are available for characterizing structural and chemical properties, the magnetic properties can be the primary concern. However, the ferromagnetic resonance force microscope addresses a number of challenges facing the development of nanomagnet-based future electronics. This mode is especially sensitive to the properties of the edge. In addition, the higher cost of the research and development, higher cost of nanomagnetics, and complex manufacturing process is the key restraints. These entire factors may restrain nanomagnetics market growth during the forecast period.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the nanomagnetics market. In 2019, the market of nanomagnetics has been consolidated by the top five players accounting for xx% of the share. Major players in the nanomagnetics market are Fujitsu Laboratories, Ltd, IBM Corp, Liquids Research Ltd., Quantum Design, and Bayer Schering Pharma AG.

Key Takeaways

Asia Pacific dominates the nanomagnetics market, due to the increasing demand for nanomagnetics from the electronics sector in the region. By 2025, India could create a digital economy of $800 billion to $1 trillion. The growing electronics sector will propel the nanomagnetics market in the Asia Pacific.

According to the United States International Trade Commission, the total exports of electronic products grew by $7.9 billion (3 percent) to $268 billion in 2017 in the United States. Since electronic products are widely using nanomagnetics, it is anticipated that the increasing demand for electronic products will further drive the nanomagnetics market.

Nanomagnetics surgeries are being extensively done to address the drug delivery devices and diagnosis of diseases such as cancer and ailments of the brain or the heart, which is the major factor driving the nanomagnetics market growth during the forecast period.

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