Nanotechnology Market - Forecast(2024 - 2030)

Nanotechnology market size is forecast to reach USD 189.39 billion by 2030, after growing at a CAGR of 14.10% during the forecast period 2024-2030.  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. The Nanotechnology market though well established, it is one of the fastest-growing markets in chemicals and materials. The market has evolved significantly over a period of time primarily due to incessant development and integration of technologies. The nanotechnology is deployed in various industry verticals, such as Electronics and Semiconductor, Biotechnology, Diagnostics, Cosmetics, Aerospace, Pharmaceuticals, Textile, Military, Healthcare, Food and Agriculture, Automobile, Telecom and Information Technology and Other industries because of their tremendous adaptability and ability to change their physiochemical characteristics. Nanotechnology refers to a wide range of technologies conducted on functional systems (physical, chemical, and biological systems) at the nanometer scale (atomic, molecular, and macromolecular scale). In a broader sense, it can be said that nanotechnology is the ability that can be projected to construct items either using the bottom-up approach or using the top-down approach, whereby top-down nanotechnology is considered to be the most well-established form of nanotechnology.

The report “Nanotechnology Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the recycled polyethylene terephthalate market.

By Type: Nanocomposites, Nanomaterials, Nanodevices, Nanotools, Others

By Applications: Medicine and Healthcare Diagnosis, Environment, Energy, ICT, Nano-EHS

By End-Use Industry: 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, and RoW.

• In 2022, Nanosys, a firm based in the United States, has announced the development of a new type of nanotechnology-based display technology that may be utilised in electronic devices such as smartphones and tablets. The technique is expected to make displays brighter and more energy- efficient.

• In 2020, Nanox, an Israeli startup, has announced the development of a new type of X-ray technology that uses nanotechnology to cut the cost of medical imaging. The technique is projected to increase access to medical imaging for people all around the world. 

• ICT dominated the Nanotechnology Market in 2022 and is estimated to reach $92.94 Billion in 2028, with a CAGR of 17.03% during the forecast period 2023- 2028. This growth has mainly driven factors such to increase data storage capacity and processing speeds. Nanotechnology has prospective applications for display devices, such as the replacement of cathode ray tube (CRT) technology. 

ICT dominated the Nanotechnology Market in 2023 and is estimated to reach $240 Billion in 2030, with a CAGR of 17.03 % during the forecast period 2024- 2030. This growth has mainly driven factors such to increase data storage capacity and processing speeds. Nanotechnology has prospective applications for display devices, such as the replacement of cathode ray tube (CRT) technology. Environment is also analyzed to witness the second fastest growth, around a CAGR of 14.10% during the forecast period 2024-2030. Nano-remediation is a novel strategy for the safe and long-term removal of POPs (persistent organic pollutants) also called nano- photocatalysis and nano sensing. Nano-sensing techniques require nano sensors that are capable to facilitate the efficient detection of radioactive substances in the body, which is another factor assessed to drive the growth of the market

Electronics & Semiconductor dominated the Nanotechnology Market in 2023 and is estimated to reach $58.04 Billion in 2030, with a CAGR of 14.46% during the forecast period 2024-2030. Increasing use of nanotechnology in many electronic devices such as laptops, computers, cell phones, television, and digital cameras as also polymeric nano-films such as organic light-emitting diodes (OLEDs) is the major factor that drives the growth of Nanotechnology in the electronics & semiconductor industry.

Textile Industry is analyzed to witness the fastest growth, around a CAGR of 18.59% during the forecast period 2023-2028. The growth in this industry is mainly attributed to adoption of smart fabrics which posses' antimicrobial, ultraviolet resistant, electrically conductive, optical, hydrophobic and flame-retardant properties

APAC dominated the Nanotechnology Market in 2023 and is estimated to reach $73.50 Billion in 2030, with a CAGR of 17.42% during the forecast period 2024-2030. This growth has mainly driven the factors such as the increasing demand for nanomaterials for a wide range of applications in major industries such as agriculture, pharmaceuticals, electronics & semiconductors, and healthcare among others.

The increasing demand for efficient & cost-effective healthcare treatment & diagnostics is accelerating the adoption of nanomaterials in drug delivery and medical devices. The increasing use of large-sized materials in drug delivery poses significant challenges which include 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. Moreover, Nanotechnology helps in reducing 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, the demand for nanotechnology is increasing for more efficient and effective drug delivery.

The rise in demand for Nanotechnology in the paint & coating industry to provide coatings for essential components or products that need to be highly resistant to potential environmental effects like corrosion or dust build-up is set to drive the Nanotechnology market growth forward.

Challenges – Nanotechnology Market  

Issues & concerns in nanotech product development have become a major factor that acts as a major constraint restraining the market growth of Nanotechnology globally. The major challenges to the marketing of these nanotechnology products can be the following factors such as inadequate regulatory framework; lack of support and acceptance by the public, practicing physicians, and industry; developmental considerations like scalability, reproducibility, characterization, quality control, and suitable translation; toxicological issues and safety profiles; lack of available multidisciplinary platforms and poor intellectual property protection. Lack of standard for evaluation and Bureaucratic delays limits the market growth. The lack of performance evaluation standards at different stages of research is a major obstacle to the development of nano-products. Because of this, there is a lack of standardizing standards by which nanotechnologies can be evaluated which affects the process of patenting. In addition, patent policies take up to thirty-six months to respond to a single application, a serious problem when even a slight delay can be detrimental. This is due to the lack of a coherent policy on technology transfer from universities to start-up businesses. Therefore, these factors are restricting the nanotechnology market growth. Such factors are hampering the adoption of nanotech products and thus restraining the market growth of nanotechnology.

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Nanotechnology market. in 2022, The major players in the Nanotechnology market are Bayer AG , Showa Denko K.K, Agilent Technologies,Evonik industries AG , Samsung, Dupont Company ,UBE Group, Aashi Kasei Corporation , Nitto Denko Corporation, Abbott Laboratories.

 The premier provider of microLED and quantum dot technology for high-definition displays, Nanosys, has announced that it has raised more than $50 million in Series B stock and debt investment. Fortress, Centerbridge, and Kilonova are leading growth investments that promote the development of quantum dots for LCDs and hasten the commercialization of microLED and nanoLED display technologies.

 In October 2022, Zyvex Labs released a new technology product, the ZyvexLitho1 system, claiming it to be the "world's highest-resolution lithography system." This allows for more precise, automated patterning at sub- nanometer resolution. It has also resulted in $28 million in funding from agencies such as DARPA.