< Key Hightlight >

MARKET OUTLOOK

According to the Triton Market Research’s report, it is estimated that the nanomaterials market in Latin America will grow at a compound annual growth rate of 15.10% (value) and 15.75% (volume) during the predicted years of 2021-2028. Brazil, Mexico, and Rest of Latin America shape the overall market in this region.

In Brazil, the government is taking initiatives to meet the growing demand for solar components. This will permit manufacturers to invest and increase domestic production, reducing the country’s reliance on imports. Moreover, the rise in the production of solar components will increase the use of nanomaterials, supplementing the nanomaterials market’s progress. 

Further, in Mexico, the demand for electronics and medical components has gained traction. The rise in demand for medical components is mainly owing to the rising prevalence of lifestyle diseases and the geriatric population. Moreover, the increase in cardiovascular diseases, coupled with respiratory and metabolic conditions, will increase the demand for medical products across the nation. This will fuel the demand for nanomaterials for the production of medical components, thereby driving the Mexican nanomaterials market’s development. 

Besides this, the solar energy sector has significantly grown in the country. As per the Ministry of Energy, the country targets 30GW of solar power capacity, generating a high level of electricity by 2030. Hence, the growth in the solar power sector opens new avenues for the nanomaterials market across Mexico. 

COMPETITIVE OUTLOOK 

The well-known companies in the nanomaterials market include Covestro AG, Nanophase Technologies Corporation, Showa Denko KK, Nanosys, and Nanocyl SA.