The silver nanoparticles market is estimated to witness robust growth by 2027 due to surging product demand across varied applications. Moreover, increasing research focus on studying the properties and benefits of silver nanoparticles is expected to further fuel market growth through the forecast period.
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Nanotechnology is extensively utilized in therapeutic and diagnostic applications both in vivo as well as outside the body. It is particularly vital in biosensors and drug delivery, which have gained massive significance in the battle against the novel coronavirus.
Furthermore, nanomaterials possess antiviral and antimicrobial properties when applied to physical objects, which could potentially help in enabling long-term suppression of the COVID-19 infection. Particularly, silver nanoparticles are well-known for their antiviral and antimicrobial properties, which they exert by producing reactive oxygen species and damaging the cell membranes of pathogens in their proximity.
These technologies, when integrated into face masks, frequently touched surfaces, and other personal protective equipment (PPE), could help curb the spread of the virus by reducing the time that the pathogen can survive on these surfaces. Silver nanoparticles have demonstrated the ability to suppress pathogen growth when used as a coating on surfaces, which has been crucial in combating the COVID-19 pandemic, thereby fostering industry outlook.
Notably, surging research focus on silver nanoparticles to expand its scope of applications has propelled consumer interest in the market in recent years. For instance, in June 2021, a team, led by Osaka University, conducted a study to examine the use of nanoparticles for inducing crystallization of supercooled aqueous solutions. The researchers concluded that silver nanoparticles were able to efficiently induce crystallization in clathrate hydrates, which has boosted market revenue.
Silver nanoparticles are broadly utilized for its sterilizing properties in food storage bags, personal care products, and refrigerator surfaces, which has also driven market growth in key regions. Additionally, several methods for synthesis of silver nanoparticles, such as green synthesis, have also garnered popularity. As a result, increasing usage of silver nanoparticles in diverse applications has played a vital role in business expansion across the globe.
For detailed analysis, the silver nanoparticles market has been bifurcated on the basis of application and region. From the application perspective, the market has further been segmented into food & beverages, electronics & electricals, textiles, healthcare & life sciences, and others. The silver nanoparticles market from the others application sub-segment is slated to register a CAGR of over 6.5% through the assessment timeframe to reach a respectable valuation by the end of 2027.
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In the regional landscape, Middle East & Africa accounts for a sizable share in the overall market revenue and is likely to observe steady growth over 2021-2027. The Middle East & Africa silver nanoparticles market is projected to expand at a CAGR of around 14.5% over the forecast timeline.