The global market for Nanotechnology is projected to reach US$125.7 billion by 2024, driven by demand for diverse nanotech-based products & solutions, arising from chemical, pharmaceuticals & healthcare, electronics, agriculture & food, and aerospace & defense industries.
As a versatile technology with expanding application possibilities in a wide range of end-use sectors, nanotechnology has been attracting tremendous attention over the last few years creating strong demand prospects for products such as nanomaterials, nanodevices and nanotools. Use of nanotechnology in production of multitude of devices/products is already common in semiconductors & electronics, chemicals, pharmaceutical & healthcare, aerospace & defense, automotive, and food industries. Developments in nanomaterials for energy storage, energy conversion, construction, healthcare, water treatment, and environmental remediation, among others will positively impact business opportunities in the market. Potential nanotech opportunities will also arise from telecom and information technology industries. With a line-up of already successful products and many more to be commercialized in coming years, commercial expansion of nanotechnology is poised for strong growth. The coming years are forecast to witness nanotechnology developments reach critical mass and radically change the dynamics of a broad range of vertical industries.
Key nanotechnology developments include improved crop protection and productivity in agriculture, enhanced purification in water treatment, and better energy storage. New and emerging applications in energy, construction, textiles, agriculture, environment protection, cosmetics and sporting goods augur well for the future of nanotechnology. The market growth would also be driven by cost-effective and efficient healthcare diagnostics and advanced drug delivery systems and medical devices, and demand for low-cost materials in the sustainable and renewable energy sector. Over the last few years, the market has witnessed a significant drop in prices of nanoclays and carbon nanotubes, thus helping broaden application possibilities into a wider spectrum of industries. Rising number of production facilities and number of companies foraying into the market augurs well for the future of nanotechnology. R&D efforts by governments and technology giants serve to further the commercialization of next-generation nanomaterials. While lack of extensive research and incomprehensive understanding may restrain the market, it is expected to be offset by increasing funding for research purposes by the governments. Other market restraints include high production costs, unknown health risks associated with usage, and also environmental issues and regulations pertaining to the same.
The United States represents the largest market worldwide. Efforts to extend commercialization of nanotechnology in wide range of products/applications are yielding considerable revenue benefits in the country. Asia-Pacific, the fastest growing market with a CAGR of 22.9% over the analysis period, has a powerful standing in the field of nanoelectronics and development of nanotechnology products for automotive industry. Nanoelectronics and Nanomaterials remain the dominant areas of research in most of the Asian countries such as South Korea, Taiwan, China and Singapore that have nanotech agenda. NanoMaterials represents the largest market segment accounting for majority share of total dollar sales with most of the contribution coming from nanocomposites and highly popular nanoparticles such as nanofibers, nanotubes and nanoclays.
Leading players in the market include Advanced Diamond Technologies, Inc., Advanced Nano Products Co., Ltd., Altair Nanotechnologies Inc., Bruker Corp., Catalytic Materials, LLC, Chemat Technology Inc., ELITech Group, eSpin Technologies, Inc., Hanwha Chemical Corp., Hybrid Plastics Inc., Hyperion Catalysis International, Inc., Integran Technologies, Inc., Nanocyl S.A., NanoMaterials Ltd., Nanosys, Inc., QuantumSphere, Inc., Rogue Valley Microdevices, Inc., Shenzhen Nanotech Port Co., Ltd., and Starpharma Holdings, among others.