Advanced Materials and Chemicals

Plasmonic Materials Market Report Cover

Plasmonic Materials Market

Plasmonic Materials Market Report Cover

Plasmonic Materials Market Size, Share, Growth & Industry Analysis, By Material (Noble Metals, Non-Noble Metals, Semiconductor Materials), By Application (Nanophotonics, Sensors, Imaging, Energy Harvesting, Data Storage), By End User (Electronics, Healthcare and Life Sciences, Energy, Telecommunications, Defense and Aerospace), and Regional Analysis, 2024-2031

Author : Omkar R.


Pages : 120

Base Year : 2023

Release : October 2024

Report ID: KR382


Plasmonic Materials Market Size

The global Plasmonic Materials Market size was valued at USD 13.65 billion in 2023 and is projected to grow from USD 15.54 billion in 2024 to USD 41.55 billion by 2031, exhibiting a CAGR of 15.09% during the forecast period. The market is expanding rapidly, driven by increasing demand in sectors such as nanophotonics, energy harvesting, and advanced sensors.

Innovations in telecommunications, data storage, and enhanced optical properties further fuel market growth, attracting significant investments and research. In the scope of work, the report includes services offered by companies such as NanoComposix, Nanospectra Biosciences Inc., Thermo Fisher Scientific Inc., Merck KGaA, Metalysis, OMRON Corporation, and others.

The market is poised to witness substantial growth and innovation in the coming years, mainly due to increasing interest and investment in their unique optical properties. The rising demand for high-performance sensors and the pressing need for more efficient energy conversion technologies are pivotal factors propelling plasmonic materials market growth. Additionally, ongoing research into plasmonic applications for data storage and telecommunications enhances the sector's prospects.

  • In October 2023, TANAKA Kikinzoku Kogyo K.K. announced a breakthrough in creating a high-entropy alloy powder made exclusively of five precious metals—platinum (Pt), palladium (Pd), iridium (Ir), ruthenium (Ru), and rhodium (Rh). This product features a fine particle size of 10µm or less, high crystallinity, and excellent composition uniformity, highlighting its potential for innovative applications in plasmonics.

These factors are anticipated to propel market growth, positioning plasmonic materials as essential components in future technological advancements.

Plasmonic materials are substances that can support surface plasmon resonances, which occur when free electrons on their surfaces collectively oscillate in response to incident light. These materials, typically noble metals such as gold, silver, platinum, palladium, and other precious metals, exhibit unique optical properties, including enhanced electromagnetic fields at the nanoscale.

The ability to manipulate light at the nanoscale has made plasmonic materials integral to advancements in technologies such as biosensors, solar cells, and telecommunications, driving significant research and innovation in the field.

 

Analyst’s Review

Innovation by key players is expected to fuel the growth of the plasmonic materials market in the coming years. Advanced technologies and novel applications are emerging, enhancing the efficiency and effectiveness of various processes, particularly in energy production and chemical reactions.

  • For instance, in February 2024, US-based Syzygy Plasmonics announced the successful completion of final tests for its Rigel cell reactor technology, confirming its capability to produce hydrogen from ammonia cracking. With a current capacity to produce up to 5 tons of hydrogen per day, Syzygy aims to increase this capacity to 10 tons in 2025 and 100 tons in 2026, showcasing the potential for innovation to support market expansion.

Companies are focusing on developing innovative solutions that leverage the unique properties of plasmonic materials to address pressing energy challenges, such as sustainable hydrogen production, which is expected to contribute to the expansion of the market.

Plasmonic Materials Market Growth Factors

The growth of the market is stimulated by their expanding use in healthcare and life sciences. These materials play a critical role in developing highly sensitive biosensors and advanced imaging technologies, offering precise detection of even the smallest biomolecules. Their applications in early disease diagnosis, treatment monitoring, and personalized medicine are particularly impactful.

Plasmonic materials enhance the accuracy and specificity of diagnostic tests, making them invaluable for detecting conditions such as cancer and infections. The ongoing evolution of healthcare technology is increasing the demand for these materials, thereby fostering innovation and investment in the market.

The plasmonic materials market is witnessing substantial growth, primarily due to its growing use in energy conversion technologies, particularly solar cells. These materials enhance the efficiency of light absorption and conversion processes by concentrating light at the nanoscale, which increases the energy harvested from sunlight. This capability is especially important in improving the performance of photovoltaic systems, making renewable energy sources more viable and cost-effective.

The increasing global focus on sustainable energy solutions, coupled with the need to reduce carbon footprints, is prompting more investments in solar technology. Plasmonic materials’ role in improving energy conversion efficiency is increasing their adoption, leading to advancements in the renewable energy sector and contributing to the expansion of the market.

Plasmonic Materials Industry Trends

The use of plasmonic materials in ultra-sensitive biosensors and chemical sensors is gaining immense traction due to their unparalleled ability to detect low concentrations of biological and chemical agents. Plasmonic materials, particularly noble metals such as gold and silver, are ideal for sensing applications as a result of their capacity to enhance the sensitivity of detection methods, such as surface-enhanced Raman spectroscopy (SERS).

This growing interest is bolstered by the growing need for more accurate, real-time monitoring solutions in healthcare, environmental monitoring, and security. Biosensors equipped with plasmonic materials allow for the early disease detection at low biomarker concentrations, potentially transforming diagnostic processes.

  • For instance, in September 2023, the researchers at Chalmers University of Technology developed plasmonic plastic, a 3D-printable composite material with distinct optical properties. This innovation enables the creation of 3D-printed optical hydrogen sensors, which are set to play a critical role in advancing the green energy transition and industrial applications.

In environmental applications, plasmonic sensors achieve exceptional accuracy in detecting pollutants or hazardous chemicals, enabling rapid responses to contamination events. The trend toward integrating plasmonic materials into sensor technologies is expected to grow as industries seek more reliable and cost-effective solutions for complex detection challenges. Ongoing research into material optimization and fabrication techniques is expected to propel advancements in sensor performance.

Segmentation Analysis

The global market has been segmented on the basis of material, application, end user, and geography.

By Material

Based on material, the market has been divided into noble metals, non-noble metals, and semiconductor materials. The noble metals segment captured the largest plasmonic materials market share of 55.75% in 2023. This dominance is largely attributed to their strong and tunable plasmonic resonances, which make them highly suitable for a wide range of applications.

Their superior optical properties, such as high conductivity and the ability to confine light at the nanoscale, make them ideal for use in nanophotonics, sensors, and imaging technologies. Gold and silver’s flexibility in adjusting their resonance frequencies allows them to cater to specific industry requirements. Additionally, their chemical stability and biocompatibility enhance their utility in biomedical applications, thereby supporting segmental growth.

 

By Application

Based on application, the plasmonic materials market has been classified into nanophotonics, sensors, imaging, energy harvesting, and data storage. The sensors segment is poised to record a staggering CAGR of 16.25% through the forecast period due to the rising demand for advanced sensing technologies across various industries.

Sensors, particularly those incorporating nanomaterials and plasmonic properties, are becoming essential in fields such as healthcare, automotive, environmental monitoring, and industrial automation. The increasing need for precise, real-time data collection and analysis is leading to increased investment in ultra-sensitive sensors that detect minute changes in temperature, pressure, chemical composition, and biological markers.

In healthcare, sensors are critical for wearable devices, diagnostics, and monitoring chronic conditions, thereby contributing to segmental growth. Environmental applications, including pollution detection and climate monitoring, are expanding rapidly as global sustainability efforts intensify. The automotive industry is incorporating sensors in autonomous vehicles and safety systems, creating significant demand.

By End User

Based on end user, the market has been divided into electronics, healthcare and life sciences, energy, telecommunications, and defense and aerospace. The electronics segment led the plasmonic materials market in 2023, reaching a valuation of USD 5.36 billion, propelled by the increasing demand for advanced electronic devices and components in both consumer and industrial markets.

The rapid adoption of technologies such as 5G, artificial intelligence, and the Internet of Things (IoT) is highlighting the need for high-performance, miniaturized electronic components, which in turn is fueling the growth of the segment. Innovations in semiconductors, sensors, and integrated circuits are further supporting this growth, as these components are critical in powering smartphones, wearables, smart home devices, and autonomous vehicles.

Furthermore, the rising popularity of electric vehicles and renewable energy systems is boosting the demand for power electronics, which require advanced materials to enhance efficiency and performance.

In addition, the growing shift toward smart manufacturing and automation is underscoring the need for electronics in industrial applications, including robotics and process control systems. The sector's continuous innovation and ability to meet the ever-evolving technological demands is anticipated to aid segmental expansion in the forthcoming years.

Plasmonic Materials Market Regional Analysis

Based on region, the global market has been segmented into North America, Europe, Asia-Pacific, MEA, and Latin America.

Plasmonic Materials Market Size & Share, By Region, 2024-2031

North America plasmonic materials market held a substantial share of 34.11% in 2023, with a valuation of USD 4.66 billion. This dominant position is attributed to the region's strong technological infrastructure, robust research and development initiatives, and the presence of key industry players.

The United States is at the forefront of this growth, with leading companies investing heavily in nanotechnology and plasmonics to cater to industries such as healthcare, electronics, and energy. The demand for plasmonic materials is particularly strong in medical applications, including biosensors and diagnostic devices, as North America leads in advanced healthcare innovations.

Additionally, the region's strong adoption of renewable energy technologies and the growth of the semiconductor industry are fueling the demand for plasmonic materials in photonics and optoelectronics.

Government funding and support for nanotechnology research are essential for maintaining North America’s leading market position. With continuous advancements in material sciences and increasing applications across sectors, North America market is expected to sustain its dominating position in the coming years.

Asia-Pacific plasmonic materials market is poised to grow at the highest CAGR of 16.54% in the forthcoming years, supported by rapid industrialization, technological advancements, and increasing demand for high-performance materials. The region's booming electronics industry, particularly in countries such as China, Japan, and South Korea, is fostering this growth.

The rising adoption of plasmonic materials in applications such as consumer electronics, semiconductors, and photonics is contributing significantly to regional market expansion. Additionally, the healthcare sector in Asia-Pacific is experiencing robust growth, with increasing investments in medical diagnostics, biosensors, and nanomedicine, creating a robust demand for plasmonic materials.

Governments in the region are supporting the development of advanced technologies through favorable policies and funding, prompting both local companies and foreign investments.

Moreover, the presence of a large manufacturing base, combined with increasing R&D activities and collaborations between academic institutions and industry players, is boosting innovation in plasmonic materials. This dynamic growth environment is positioning Asia-Pacific as a major region in the global plasmonic materials industry.

Competitive Landscape

The global plasmonic materials market report provides valuable insights, highlighting the fragmented nature of the industry. Prominent players are focusing on several key business strategies, such as partnerships, mergers and acquisitions, product innovations, and joint ventures, to expand their product portfolio and increase their market shares across different regions.

Companies are implementing impactful strategic initiatives, such as expansion of services, investments in research and development (R&D), establishment of new service delivery centers, and optimization of their service delivery processes, which are likely to create new opportunities for market growth.

List of Key Companies in Plasmonic Materials Market

Key Industry Developments

  • February 2024 (Product Launch): Bruker Corporation introduced the innovative ‘Triceratops’ SPR #64 Surface Plasmon Resonance (SPR) instrument at the SLAS2024 International Conference and Exhibition. The SPR #64 system aims to accelerate drug discovery by enhancing SPR throughput, sensitivity, and data quality. This advanced instrument designed to support modern drug discovery processes by enabling real-time, label-free biophysical characterization of molecular interactions, demonstrating the potential of plasmonic materials in advancing scientific research and applications in the pharmaceutical industry.

The global plasmonic materials market has been segmented:

By Material

  • Noble Metals
  • Non-Noble Metals
  • Semiconductor Materials

By Application

  • Nanophotonics
  • Sensors
  • Imaging
  • Energy Harvesting
  • Data Storage

By End User

  • Electronics
  • Healthcare and Life Sciences
  • Energy
  • Telecommunications
  • Defense and Aerospace

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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Frequently Asked Questions (FAQ's)
The global market is projected to reach USD 41.55 billion by 2031, growing at a CAGR of 15.09% from 2024 to 2031.
The global market was valued at USD 13.65 billion in 2023.
Growing demand for plasmonic-enhanced photovoltaic systems and expanding applications in medical diagnostics are the major drivers fostering the market.
Top key players of the market are NanoComposix, Nanospectra Biosciences Inc., Thermo Fisher Scientific Inc., Merck KGaA, Metalysis, OMRON Corporation, and others.
Asia-Pacific is the fastest growing region at a CAGR of 16.54% over the forecast period (2024-2031) with the market value expected to reach USD 12.83 billion by 2031.
By end user, the electronics segment is expected to hold the maximum share in the market with the revenue value of USD 15.89 billion by 2031.
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