Nanotechnology Market Size to Surpass US$ 288.71 Bn by 2030

Ottawa, April 15, 2022 (GLOBE NEWSWIRE) -- The global nanotechnology market size was accounted at US$ 85.39 billion in 2021. The increasing popularity of nanotechnology is resulting in its higher demand across various industries such as agriculture, communication, manufacturing, transportation, pharmaceuticals, and other industries. The ongoing trend of adopting miniature components and parts in the manufacturing of various industrial, medical, and consumer electronic equipment and tools is expected to have a significant impact on the growth of the global nanotechnology market.

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The rising popularity of the minimally invasive surgical procedures among the patient population is augmenting the demand for nanotechnology for the production of various medical tools, surgical equipment, and surgical robots. The development of compact and portable electronic devices in various sectors like consumer electronics, pharmaceutical, and industrial sectors have gained rapid traction across the globe. The development of compact and portable devices can only be achieved by using nanotechnology. Therefore the growing demand for the compact devices across the globe is expected to drive the growth of the nanotechnology market during the forecast period.

Scope of the Report

Report Highlights

• On the basis of product, the nanocomposite segment dominated the global nanotechnology market, accounting for over 62% of the market share in 2020. The higher tensile strength, improved magnetic properties, resistance to corrosion, and improved electricity conductivity are the major features of the nanocomposites which has fueled its adoption in the production of various medical equipment and electronics. The rapidly growing demand for miniature and compact electronic components in various end-use verticals is expected to further propel the growth of the nanocomposites segment throughout the forecast period.
  
  
• By application, the medical segment was the largest revenue generator in 2020 accounting for around 30% of the market share. The demand for the nanotechnology is higher for the production of various surgical nano-robots, nano-biosensors, imaging devices, targeted drug delivery applications, and nano-diagnostics in the medical sector. Furthermore, the rising adoption of the compact and portable diagnostic devices and surgical equipment in the global healthcare industry is expected to foster the growth of the nanotechnology market.
  
  

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Regional Snapshot

Asia-pacific was the leading nanotechnology market in 2021 garnering a market share of over 35%. The presence of huge population forms a huge consumer base which spurs the demand for various consumer electronics, automotive, textiles, and medical products. Asia Pacific is the largest producer of electronics across the globe. China is known to be the manufacturing hub of the globe owing to the presence of favorable industrial policies by the government and the presence of cheap factors of production. The higher presence of manufacturing facilities of different industries in Asia Pacific has led to the higher demand for nanotechnology in the different production plants. Therefore, Asia Pacific is the largest market for nanotechnology and is expected to sustain its position throughout the forecast period.

Europe held the second largest position in the nanotechnology market in 2020. This growth is attributable to the increased investments in the industrial development. The higher demand for innovative and advanced technologies in the industrial and commercial sector of Europe has led to the higher demand for nanotechnology in the production facilities. The presence of developed and strong healthcare infrastructure and improved access to the advanced healthcare facilities in Europe has led to the higher demand for innovative surgical robots and diagnostic devices that requires nanotechnology for production. The rapidly growing popularity of the electric vehicles in Europe is expected to foster the demand for nanotechnology for the development of various instruments that needs to be installed in the electric vehicles.

Recent Developments

• In June 2021, Danaher acquired Precision NanoSystems. Precision NanoSystemsis one of the leading manufacturer of the technological solutions for genetic drugs.
• In June 2021, Avalon GloboCareentered into a definitive an agreement to acquire Senlang Biotechnology, a cell therapy company based in China.

Market Dynamics

Growing demand for the consumer electronics across the globe

The globe is witnessing a surging demand for consumer electronics and as a result the demand for semiconductors is also rising. The semiconductor and electronics industries are among the fastest growing industries across the globe. The growing technological advancements is resulting in the growing demand for various smart equipment and appliances such as smart phones, laptops, home appliances, and other gadgets, which are expected to drive the growth of the nanotechnology market during the forecast period.

Restraint

Ongoing shortages of semiconductors

The world is witnessing huge shortages of semiconductors. Semiconductors are the most important components used in the production of almost all the electronic devices and components such as smartphones, automotive, camera, dishwashers, diagnostic devices, and many more. The major electronics manufacturers are cutting off their production owing to the shortages of semiconductors, which is also affecting the nanotechnology market in a negative way. This factor may hinder the market growth during the forecast period.

Opportunity

Rising penetration of IT and telecommunications

The surging investments in the development of telecommunications and IT infrastructure in the developed and developing countries is resulting in the increased access to the internet and consequently the rising demand for the latest digital technologies such as virtual reality, augmented realty, and artificial intelligence. The growing penetration of these technological advancements is expected to offer numerous growth opportunities to the market players in the foreseeable future.

Challenge

Scalability is a major concern

The scalability of production is the major concern among the manufacturers of the nanotechnology. The nanomaterials exert an outstanding performance and functions in various lab stages but the scalability of production may restrict the growth of the market.

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Market Segmentation

By Product

• Nanotubes
• Nanocomposites
• Nano Clays
• Nano Materials
• Nano Particles
• Nano Devices
• Nano Tools
• Others

By Application

• Automotive
• Medical
• Electronics
• Aerospace
• Energy & Power
• Paints and Coatings
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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