The global nanotechnology and nanomaterials market is expected to witness substantial growth over the forecast period. The growth may be attributed to surging demand across several industries including aerospace, automotive, electronics and semiconductors, medical and life sciences, sensors, military and defense, and product security and anti-counterfeiting owing to high magnetic, optical, catalytic, and electronic properties. Nanomaterials including carbon nanotubes, nanoclays, nanofibers, nanosilver, quantum dots, silicon oxide nanopowder, titanium dioxide, zinc oxide, and nanoporous materials already have established markets, which are estimated to be significantly driven by demand from applications in filtration, electronics, cosmetics, energy, medicine, chemicals, coatings, and catalysts. In addition, dispersions and coating, consolidated materials, bio-medical, and nano devices are some of the emerging potential applications in the nanotechnology and nanomaterials market.
Nanotechnology is the manipulation of matter on an atomic, molecular, and supramolecular scale. It refers to the projected ability to construct items from the initial stage, using modern tools to develop high-performance products. Upcoming nanomaterials such as graphene and nanocellulose are anticipated to witness significant growth opportunities in the global nanotechnology and nanomaterials market owing to economically viable and lucrative properties possessed by these nanomaterials. These nanomaterials have widespread applications across sectors including aerospace, automotive, coatings, composites, consumer goods, electronics, filtration, medical and life sciences, military, oil and energy, and sensors, which are also expected to contribute positively to market augmentation. Nanocellulose finds widespread usage in new applications such as scaffolds in tissue engineering, artificial skin and cartilage, wound healing and vessel substitutes, and biodegradable food packaging. This may also drive the nanotechnology and nanomaterials market growth over the coming years.
The nanotechnology and nanomaterials market is poised for growth attributing to rapid technological advancements coupled with production breakthroughs in recent years. Increasing investments in R&D paired with the rising need for energy storage may catapult market expansion over the next few years. In addition, the market may also witness rising number of new entrants along with the increasing number of technology licensing and joint marketing in order to achieve faster commercialization of new products. Increasing demand for cosmetic products coupled with growing health concerns are expected to propel market demand. Growing availability of numerous tools and methods including self-assembly techniques, covalent synthesis, and processing used to synthesize nanomaterials are also anticipated to drive the nanotechnology and nanomaterials market extensively over the coming years. New methods used for manufacturing patterned nanostructures offer new avenues for the nanotechnology and nanomaterials market for superior computer modeling and simulation. However, expensive technologies coupled with lack of skilled professionals are estimated to hamper market development over the forecast period. In addition, regulations from government and other regulatory bodies such as FDA pertaining to the effective use of materials matching quality standards may also pose challenge to the nanotechnology and nanomaterials market growth. Further, potential environmental and human health safety risks may also challenge market expansion significantly. Lack of research associated with nanostructures may also hamper the nanotechnology and nanomaterials market growth.
North America is expected to hold majority market share in the global nanotechnology and nanomaterials market over the next seven years owing to presence of majority of nanotechnology companies paired with high R&D investments. Asia Pacific is estimated to exhibit high growth over the forecast period attributing to favorable government subsidies coupled with increasing investments in the nanotechnology and nanomaterials field in this region.
Major participants in the nanotechnology and nanomaterials market include Altair Nanotechnologies Incorporated, AMCOL International Corporation, BioDelivery Sciences International Incorporated, Clariant International Limited, Competitive Technologies Incorporated, Dendritic NanoTechnologies, Inc., Eastman Kodak Company, Frontier Carbon Corporation, Hosokawa Micron Group, Hyperion Catalysis International Incorporated, Sun Nanotech Company Limited, Teva Pharmaceutical Industries Limited, Nanophase Technologies Corporation, Abbott Laboratories, Nanodynamics, Superior Micro Products, NanoViricides, Nanosys Inc., Access Pharmaceuticals Incorporated, Almatis GmbH, Evident Technologies, Zyvex, NanoOpto, Nanomat, and Quantum Dot Corp.
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