Nanocopper Oxide Market: Key Insights
According to our new research study on “Nanocopper Oxide Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by End User,” the nanocopper oxide market size was valued at US$ 75.9 million in 2018 and is projected to reach US$ 251.1 million by 2027; it is expected to grow at a CAGR of 14.4% from 2019 to 2027. The projected growth of the market during the forecast period is attributed to the increase in demand for electrical equipment.
In 2018, North America contributed to the largest market share in the global nanocopper oxide market. The surge in demand for various electrical and electronic devices such as smartphones, TVs, laptops, and smart home appliances holds responsible for the dominance of North America. In addition, the rise in disposable income, along with rapid industrialization, has propelled the demand for advanced technology used in healthcare & life science, paints & coatings, and other industries. This creates lucrative opportunities for the market in North America. The growing market trend toward nanomaterial and increasing investment in research and development activities is expected to have a positive impact on growth of the nanocopper oxide market.
Increasing Demand for Electronic Equipment
The consumption electronic equipment has risen across the globe in commercial as well as household sector. The advancement in technologies along with the rise in investment in R&D for innovative products is driving the demand for electronic equipment. The rise in population coupled with increase in disposable income in developing region is also responsible for propelling the market of electrical and electronics components. The nanoparticles of copper oxides (CuO NPs) are highly employed in the production of several electrical and electronic equipment owing to the low cost of production associated with thermal stability, super conductivity and photovoltaic properties. The nanocopper oxide consists of superior electrical, mechanical, catalytic, and optical properties, which make them ideal to be used in the production of several electronic devices such as smart phones, laptops, and tablets. Other than this, they are widely used in heat transfer fluids, microelectronics, and other electronic devices. The growing usage of electrical devices is expected to bolster the growth of the market.
Nanocopper Oxide Market: Segmental Overview
Based on end user, the market is segmented into electricals and electronics, paints and coatings, catalyst, energy storage, and other. The electricals and electronics segment accounted for the largest share in the global market in 2018. Nanocopper oxide has always been utilized extensively for electricals and electronics device manufacturing, such as smartphones, monitors, and televisions. The growing demand for electricals and electronics is expected to drive the market in the near future.
Impact of COVID-19 Pandemic on Nanocopper oxide Market
The COVID-19 outbreak adversely affected economies and industries in various countries due to lockdowns, travel restrictions, and business shutdowns. The chemicals & materials industry is among the significant industries suffering from severe disruptions, such as restrictions on the supply chain and the shutdown of production plants. The shutdown of different plants and factories in various countries disrupted the global supply chains and negatively impacted the sales of electrical and paints and coating industries. The consumption for nanocopper oxide was also hampered due to declining demand from end-use industries. Various companies have already announced possible delays in product deliveries and slump in future products sales. However, with the introduction of vaccination there is ease in the restrictions and manufacturing activities has also restarted for economic recovery. The significant decline in the growth of the several industrial sectors impacted the market.
Nanocopper oxide Market: Competition Landscape
American Elements; Hongwu International Group Ltd.; Inframat Corporation; nanoComposix; Nanoshel LLC; Nanostructured & Amorphous Materials, Inc.; PlasmaChem GmbH; SkySpringNanomaterials Inc.; Strem Chemicals Inc.; and US Research Nanomaterials, Inc. are some of the players operating in the global market.
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