Nanotechnology Market size is forecast to reach $ 121.80 Billion by 2025, after growing at a CAGR of 14.3% during 2020-2025. The growth of the global nanotechnology market is driven by factors such as the rise in nanotechnology adoption in medical diagnosis & imaging and technological advances in nanotechnology devices. In addition, rising government support and R&D funding and the advent of self-powered nanotechnology devices are providing lucrative opportunities for the nanotechnology market. Furthermore, overall increases the growth of the Nanotechnology Industry over forecast period.
Report Coverage
The “Nanotechnology Market report – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Nanotechnology Market.
By Type: Nanocomposites, Nanomaterials, Nanodevices, Nanotools, Others
By Application: Medicine and Healthcare Diagnosis, Environment, Energy, ICT, Nano-EHS
By End user: Electronics and Semiconductor, Biotechnology, Cosmetics, Pharmaceuticals, Textile, Military, Healthcare, Food and Agriculture, Automobile, Telecom and Information Technology, Aerospace, Others
By Geography: North America, South America, Europe, APAC, Middle East and Africa
Key Takeaways
- For instance, In 2018, Digi Lens, Silicon Valley start-up received $60 million in funding to develop nanomaterials that make heads up displays (HUDs) better.
- In 2017, the federal agencies such as National Institutes of Health (NIH), National Science Foundation (NSF) and National Institute of Standards and Technology (NIST) allocated funds to National Nanotechnology Institute for fundamental research in nano science.
- Furthermore, the outbreak of COVID-19 has created need for developing affordable and scalable detection methods, safe personal protection equipment and new effective medical solutions. Which can be achieved using Nanotechnology. Therefore, various research are ongoing to develop solutions using nanotechnology to mitigate the acute and chronic effects of COVID-19 pandemic from the detection, protection, and medication point of view. Therefore, the development of these will provide various opportunities to the nanotechnology market.
Type - Segment Analysis
Nanocomposites type segment holds the largest share in Nanotechnology Market in 2019, is growing at a CAGR of 12.9% during 2020-2025. Nano particles are the commonly used nano materials with a wide range of applications in pharmaceuticals, healthcare, manufacturing, energy and electronics. They are also used in photo detectors and photo voltaic cells. Nano particles refers to various nanomaterials such as nano crystalline, nano rods and nano spheres. Nano particles can improve abrasion resistance and toughness of composite fibers. Nano particles are widely used in intracellular targeting, radio imaging, and prolonged systemic regulation and in DNA delivery. Nano particles are used for targeted delivery of drugs to tumor cells whereas zinc oxide nano particles are used in coatings in order to reduce the UV exposure.
Application - Segment Analysis
ICT application holds the largest share in Nanotechnology Market in 2019, is growing at a CAGR of 17.4% during 2020-2025. Nanotechnology is already in use in many computing, communications, and other electronics applications to provide faster, smaller, and more portable systems that can manage and store larger and larger amounts of information. These continuously evolving applications include nanoscale transistors that are faster, more powerful, and increasingly energy-efficient; that computer’s entire memory may be stored on a single tiny chip. Magnetic random access memory (MRAM) enabled by nano meter‐scale magnetic tunnel junctions, can quickly and effectively save even encrypted data during a system shutdown or crash, enable resume‐play features, and gather vehicle accident data. Displays for many new TVs, laptop computers, cell phones, digital cameras, and other devices incorporate nanostructured polymer films known as organic light-emitting diodes, or OLEDs. OLED screens offer brighter images in a flat format, as well as wider viewing angles, lighter weight, better picture density, lower power consumption, and longer lifetimes. Other computing and electronic products using nanotechnology include, flash memory chips for iPod Nanos; ultra-responsive hearing aids; antimicrobial/antibacterial coatings on mouse/keyboard/cell phone casings; conductive inks for printed electronics for RFID/smart cards/smart packaging; more life-like video games; and flexible displays for e-book readers. Hence, wide usage of nanotechnology in various information and communication technologies is expected to drive the nanotechnology market during the forecast period.
End-Use Industry - Segment Analysis
Electronics and Semiconductor sector has been the primary market for Nanotechnology for many years and is expected to grow at the CAGR of 16.4% over the forecast period from 2020 to 2025. The production and demand in top countries for electronics & semiconductor industry are expected to boom over the next five years. The emergence of developing nations with increasing penetration of consumer electronics fuels the market growth. As nanotechnology have wide range of applications in this sector, the market is estimated to grow at a significant rate during the forecast period. Some of the recent trends of semiconductor that has raised the demand for more semiconductors are the fabrication of artificial intelligence chips which can be used in several applications like smartphones for facial recognition, voice commands, and image-processing.
China exports around 50% of the worldwide technology supply chain; hence the global tech sector is predicted to face massive disruptions because of the spread of the coronavirus and its effects on production in China. The outbreak has already valued at 12% decline in smartphone production, while smart watch production set down a drop of about 16%. Laptops, PCs and smart speakers are other products that have set down significant declines. However, the progress of microelectronic devices is propelled by various other elements such as growing demand in memory capacity of integrated circuits, high transmission data speed, optical communications and more. Nanotechnology is used to enhance the display screens on electronic devices which ultimately lessens power consumption, while reducing the weight and thickness of the screens. Moreover, some more applications of nanotechnology in electronics include reducing the size of transistors used in integrated circuits. However, researchers are indeed focusing on numerous nano-electronics projects which is going to drive the nanotechnology segment in the near future.
Geography - Segment Analysis
Europe dominated the Nanotechnology Market share with more than 33.7%, followed by North America and APAC. As of July 2019, the UK takes second place in the world, in terms of its number of national nanotechnology standards, with 118, only falling behind China with 158. It is also 6th in the world in terms of how many nanotechnology patents it has established, with 102 as of September this year. While the UK is currently one of the world’s major players in the nanotechnology sector, it got off to a slow start in terms of government funding and terms of strategy. Germany Nanomedicine tries for delivering research tools & clinically useful devices and its industry sales valued $16 billion in 2015, with an average of $3.8 billion investment in nanotechnology R&D every year and increase of 45% per year global funding for emerging nanotechnology. Innovations in technologies such as nanotechnology has high economic potential owing to the increase in number of companies which are focusing on the development, application and distribution of nanotech-based products.
The Russian government stands out as one of the largest investors in the world in nanotechnology research. However, government spending on R&D is often ineffective and the investment needs are greater in Russia than in many other countries. Furthermore, private investment in nanotechnology is limited, probably due to the adverse investment climate in Russia. Recent temporary lockdown imposed by government of respective countries due COVID-19 pandemic has impacted the economic growth as well as industrial activities.
Drivers – Nanotechnology Market
- Growing demand for efficient and cost-effective healthcare treatment and diagnostics propels the adoption of nanomaterials in drug delivery and medical devices sector.
The use of large sized materials in drug delivery poses significant challenges, including in vivo instability, poor absorption in the body, issues with target-specific delivery, and tonic effectiveness, poor bioavailability, poor solubility, and probable adverse effects of drugs. Therefore, nanotechnology plays a significant role in advanced medicine and drug formulations. Drugs need to be protected during their transit through the body to the target, to maintain their biological and chemical properties or to stop them from damaging the parts of the body through which they travel. When a drug arrives to its target, it needs to be released at a suitable rate to be effective. This process is called encapsulation, and nanotechnology can improve both the diffusion and degradation characteristics of the encapsulation material, enabling the drug to travel efficiently to the target and to be optimally released. Nanotechnology could also potentially reduce transport costs and even the required dosages by improving shelf-life, thermo-stability and resistance to changes in the humidity of existing drugs. As a result, demand for nanotechnology is increasing for more efficient and effective drug delivery.
In addition, Nanotechnology demand is also increasing from medical devices sector, as it offers the opportunity to study and interact with cells at the molecular and cellular scales in real time, and during the earliest stages of the development of a disease. A number of nanomaterials based therapeutic and diagnostic agents have been developed for the treatment of cancer, diabetes, pain, asthma, allergy and infections. In addition, different types of research in the use of nanotechnology to treat others diseases are underway. For instance, Texas Heart Institute researchers are developing a method to apply nanotube fibers to damaged heart tissue in order to repair the electrical conductivity of the damaged tissue. In addition, North Carolina State University researchers are developing a method for delivering cardiac stem cells to damaged heart tissue to maximize the amount of stem cells delivered to an injured tissue. Therefore, development of these will further boost nanotechnology market growth.
- Initiatives of government for nano R&D and investments of technological giants propels the commercialization of next generation nanomaterials.
Various government organisations globally, are investing in nanotechnology market and its emerging applications. Government initiatives such as the U.S National Nanotechnology Initiative and the China’s Made in China 2025 initiative are supporting nanotech research which is driving nanotechnology market growth.
- In 2018, National Nanotechnology Initiative received a total $1740.9 million investment from various agencies for the science, engineering, and technology research and development for nanoscale projects. In 2018, Researchers at the Institute of Chemistry under the Chinese Academy of Sciences (CAS) have developed a nanomaterial printing technology that can be used in many vital parts of the conventional printing process, including printing plates and inks. The project has so far landed $780 million dollars of investment.
- In February 2020, NAWATechnologies received €13 million funding for manufacturing next-gen cleantech battery cells.
- In 2018, Osaka University-led researchers developed integrated gene logic chips called gene nanochips in a joint research project with Tokyo University, Kyoto University, and Waseda University. Such self-contained nanochips can turn genes on and off within a single chip using integrated factors on the nanochips, preventing unintended crosstalk. Canada's federal and provincial governments have invested more than $640 million in nanotechnology research in the past decade.
- In addition, in 2018, EU funded project supporting advanced breast cancer detection to tumours using nanotechnology. Hence, government initiatives for nano research is influencing nanotechnology market growth.
Challenges – Nanotechnology Market
- Effects of Nanoparticles on the Environment and human health
Currently, various nanotechnologies are growing and developing without any special rules and regulations. This could lead to adverse environmental changes and impact workers in both indoor and outdoor workplaces. Carbon-based nanoparticles such as fullerenes, nanotubes, metal oxides such as iron and titanium, and natural inorganic compounds, including asbestos and quartz that can affect the environment and human health. Risk assessment of these nanoparticles includes an evaluation of their mobility, reactivity, toxicity to the environment and stability. The toxicity of nanoparticles is related to their small size, large surface area and ability to produce reactive oxygen species. Nanoparticles can cause inflammation and fibrosis in multicellular organisms, and their main effect in unicellular organisms is their antioxidant and cytotoxic properties. In humans various respiratory and cardiovascular diseases are caused by black carbon particles. Many carcinogenic materials may find their way deep into the lungs and cause toxic effects, such as polycyclic aromatic hydrocarbons (PAHs), and very tiny soot. Diseases associated with air pollution due to nanoparticles can cause premature deaths of workers in the gas, coal, and asphalt industries as well as in workers in plants that produce carbon electrodes. Therefore, these factors may restrain nanotechnology market growth.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Nanotechnology Market. In 2019, the market of Nanotechnology has been consolidated by the top ten seven players accounting for 18% of the share. Major players in the Nanotechnology Market are BASF SE, Gbneuhaus GmbH, Nano-C Inc., Luminex Corporation, 3M Company, Ablynx NVL, Covestro AG, Showa Denko, Cnano Technologies Limited, Onex Global Nanotechnologies S.A., Pen Inc., Zyvex Corporation, Arkema Group, Nanosys Inc., Nanophase Technologies Corporation and among other.
Acquisition/Product Launches
- In July 2017, Ablynx has entered into a research collaboration and global exclusive licensing agreement with Sanofi initially focused on developing and commercializing Nanobody®-based therapeutics for the treatment of various immune-mediated inflammatory diseases.
- In January 2019, BASF is presenting its high-performance insulation materials in a new application at the world’s flagship fair for architecture, materials and systems in Munich. The innovative high-performance products SLENTITE® and SLENTEX® are a new generation of super-slim aerogel-based insulation materials with outstanding material properties.
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