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According to the International Trade Center (ITC), the trade value of primary cells and batteries was evaluated at $8.894 billion in 2018. A significant part of this value is attributed to demand influx in the lithium ion battery market, which is powering sales for the carbon nanomaterials market; a substantial segment of the nanomaterials market valued at $48.12m in 2018. Furthermore, the demand for nanomaterials across a gamut of industries is poised to increase at a CAGR of 13% during the forecast period 2019 to 2025.
Owing to lucrative growth prospects in the consumer electronics industry, the nanomaterials market is thriving in the APAC region. Furthermore, the booming energy sector in the region is also offering robust growth prospects to vendors. APAC had the greatest nanomaterials market share, with 32%, in 2018.
Nanomaterials refer to materials sized between 1nm to 1000nm, and include metal-based nanoparticles, one-dimensional nanostructures, two-dimensional nanostructures, bulk nanostructured materials, and carbon nanotubes that are used in a myriad of industries ranging from paints and coatings to adhesives and sealants, healthcare and life science, energy, electronics and consumer goods, personal care, and others.
According to the Global System for Mobile Communications (GSMA), by 2020, almost 5.7 billion people will subscribe to mobile services. This is expected to create demand for nanomaterials such as chips, which are prominently used in mobile phones, owing to their small size which allows the device memory to be larger. Furthermore, the semiconductor market is offering a myriad of opportunities to vendors in the nanomaterials market. The application of nanomaterials electronics and semiconductors is poised to grow at a CAGR of 14.5% through to 2025.
The Biochemistry industry is highly competitive in nature due to the presence of various local and international manufacturers. Major players are spending huge capital in product innovations, product/service extensions, and mergers and acquisitions, in order to dominate in the industry. Market analysis of Biochemistry forecasts that the global biochemistry analysers market is poised to grow from nearly US$ 3,200 Mn in the year 2017 to about US$ 4,700 Mn by the end of 2024. This represents a CAGR of 5.5% over the forecast period. The global market for biochemistry analysers represents an incremental dollar opportunity of nearly US$ 1,500 Mn between 2016 and 2024.
The analysis by application shows that the Clinical Diagnostics application segment dominated the global biochemistry analysers market in revenue terms in 2015 and is projected to continue to do so throughout the forecast period. Clinical Diagnostics is the most attractive segment, with a market attractiveness index of 3.5 during the forecast period. The Drug Development Applications segment is forecast to be the second most lucrative segment in the global biochemistry analysers market, with an attractiveness index of 0.4 during the forecast period. The Bioreactor By-product Detection segment is anticipated to be the least attractive segment in the global biochemistry analysers market, recording an attractiveness index of 0.1 during the forecast period.