Adoption of metal oxide nanoparticles in paints & coatings applications is expected to escalate the global nanocopper oxide market at a CAGR of 14.4%
Latest market study on "Global Nanocopper Oxide Market to 2027 - COVID-19 Impact and Global Analysis by End User (Electricals and Electronics, Paints and Coatings, Catalysts, Energy Storage, Others); and Geography", the nanocopper oxide is defined as a red or brown-black colored nanomaterial which is available in various forms and is used to meet the need of the diversified application-base. These nanoparticles are known to possess several chemical and physical features which include antimicrobial and antibiocide properties, coupled with photovoltaic properties, relatively stability, and superconductivity. These nanomaterials are generally used in small quantity to boost the performance of the end-product and are considered to be advanced cost-efficient solutions. Therefore, these are used to manufacture batteries, semiconductor devices and equipment, gas sensors, microelectronics, and other equipment. Through extensive research and development activities, these nanoparticles have found applications in biomedical, agricultural, textile, and other relevant industries.
The global nanocopper oxide market was valued at US$ 75,937.5million in 2018 and is projected to reach US$ 2, 51,148.8 million by 2027; it is expected to grow at a CAGR of 14.4%during the forecast period. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
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Effect of COVID-19 on Nanocopper Oxide Market
COVID-19 outbreak first began in Wuhan (China) in December 2019 and since then it has spread at a fast pace across the globe. As of March 2020, China, Italy, Iran, Spain, Republic of Korea, France, Germany, and the US are among the worst affected countries in terms of positive cases and reported deaths. The outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemical and materials industry is one of the major industries that are facing serious disruptions such as factories shutdown, supply chain breaks, events cancellations, and office shutdowns as a result of this outbreak.
Nano materials such as nanocopper oxides are being extensively used to enhance the efficiency and offer better functionalities to the paints. Several studies have been conducted to evaluate the potential benefits of nanomaterial. Such materials are known to offer better features such as water/dirt repellent, UV-protection, resistance to scratches and antimicrobial activities, along with increasing the overall life of paints. CuO NPs are the common pigment that is frequently deployed in the production of polymer-coated materials. These nanomaterials act as substitute of noble metal catalysts for carbon monoxide oxidation in paint and coating industry. Such materials are included in paints for antimicrobial and antibiocide properties and are used as antifouling compound in substitution of banned organ tins. Biocides in paints are used to disrupt the unwanted growth of fungus, algae, and bacteria, which can otherwise turn to be extremely destructive for painted surfaces. CuO NPs help enhance the existing properties of paints and modify the specific structural characteristics. The coating formed from cuprous nanoparticles helps avoid oxidation and effectively helps in better dispersion in different polymers. Further, they are used to boost the ingredient compatibility along with storage stability of the coating. Owing to the rapid industrialization and growth of building and construction industry, the demand for antifungal, antimicrobial, and antibacterial biocides in paints and coatings applications is expected to rise. Further, with strong focus on R&D activities, the upcoming nanomaterial biocides in paints and coatings applications may have better antimicrobial properties at a reasonable cost. All such factors would have a positive impact upon the demand for nanocopper oxide in the paint industry and is expected to drive the growth of the market.
Several strategic initiatives are commonly adopted by companies to expand their footprint worldwide. The players present in the nanocopper oxide market such as American Elements, nanoComposix, and PlasmaChem GmbH are among the market players implementing this strategy to enlarge the customer base and gain significant market share, which also permits the players to maintain their brand name globally.
American Elements, Hongwu International Group Ltd, Inframat Corporation, nanoComposix, Nanoshel LLC, Nanostructured & Amorphous Materials, Inc., PlasmaChem GmbH, SkySpring Nanomaterials Inc., Strem Chemicals Inc., and US Research Nanomaterials, Inc. are among the well-established players present in the global nanocopper oxide market.
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