Strong Demand for Silver Nanoparticles Resumes Post Pandemic
19 August 2023
Nanotechnology has emerged as a critical technology with a plethora of commercial applications across industries. Silver nanoparticles have become one of the most widely used nanomaterials with applications in fields ranging from medicine and pharmaceuticals to agriculture and food processing. The Asia-Pacific region leads the market share in silver nanoparticles and is projected to remain the dominant force in this industry, driven by states such as China, India and South Korea.
Nanotechnology is a rapidly emerging field owing to its unique functionality and a wide array of applications. Silver nanoparticles (AgNPs) with diameters ranging from 1 to 100 nm are one of the most preferred and widely used nanomaterials due to their high electrical conductivity, optical properties, anticancer properties, wide spectrum of anti-microbial properties, wound healing and other therapeutic abilities, and their cost-effectiveness in production.
In addition, researchers have shown a great deal of interest in silver nanoparticles because of their unique activity against a large range of microorganisms and their resistance against commonly used antibiotics. Silver nanoparticles are utilised in a number of fields including biomedical and medical remediation, healthcare products, pharmaceuticals, in diagnostics, orthopedics, drug delivery, agriculture and agro-based industries, consumer products, food processing and more.
The production of silver nanoparticles includes physical, chemical and biological synthesis methods. Each of these methods has its own pros and cons. Biological methods based on natural products obtained from plant sources and microorganisms are mostly preferred, owing to low cost, high yields, and low toxicity on the human body and the environment.
In the last fifteen years, the silver nanoparticles market has been growing steadily, with an estimated production of more than 500 tons of nanoparticles per year to fulfil the demand from various end use industries. According to a report published by Allied Market Research, the global silver nanoparticles market size is registered to reach USD 6.6 billion with a considerable cumulative annual growth rate (CAGR) from 2021 to 2030.
The growth of the market is attributed to factors such as an increase in demand from the electronics sector, a surge in the trend of the biological synthesis method, and a rise in demand for silver nanoparticles for anti-microbial applications. Furthermore, a significant rise in demand from the pharmaceutical industry for the usage in the field of biomarkers, biosensors, tissue engineering, implant technology, nanomedicine and nanorobots, and image enhancement devices is boosting the market growth even more.
Currently, the Asia-Pacific region holds the highest market share in AgNPs and is also anticipated to have the fastest growth rate during the forecasted period. Numerous factors including the expansion of the electronics, healthcare and pharmaceutical sectors in leading Asia-Pacific economies like China, India, South Korea and others are propelling the market growth in the region. China is the leading provider of nanoparticles in the region.
Given the growing demand in the region, the major market players are adopting a variety of business strategies including the launch of new products, partnerships, collaborations, acquisitions, joint ventures and business expansions with an aim to stay competitive in the silver nanoparticles market. For instance, two companies named Nano Composix and Amplicon Biotech have recently signed an agreement to increase their product distribution to consumers across India.
However, there have also been significant challenges faced by the industry in recent years. The outbreak of the COVID-19 pandemic caused a negative impact on the global silver nanoparticles market. The implementation of stringent lockdowns, travel restrictions and social distancing norms affected the demand and supply of silver nanoparticles. Manufacturing hubs were temporarily closed due to a lack of labour and the unavailability of raw materials.
Research and development programs on nano silver in various applications such as electronics and textiles were also hindered, especially in the initial period of the pandemic. End use industries such as electronics, textiles and others were severely impacted, which in turn, disturbed the demand for silver nanoparticles.
Still, it was not entirely a case of doom and gloom for the market during the pandemic either. The demand for silver nanoparticles from industries such as pharmaceuticals and food and beverages experienced a steep increase during the pandemic. This factor has helped the market for AgNPs to recover rapidly in the post-pandemic phase.
Browse More Details:
Disclaimer: This is an exclusive thought leadership article curated by Allied Market Research. It does not necessarily reflect the opinions and beliefs of Trivium Think Tank and the StraTechos website.
Suchita Gupta is an explorer, musician and content writer. While pursuing MBA, she found that nothing satisfies her more than writing on miscellaneous domains. She is a writer by day, and a reader by night. Besides, she can be found entertaining her audience on social media platforms. Find her on LinkedIn & Instagram.