Nanotechnology Market Size, Trends & Growth (2021 - 2026)
The nanotechnology market will reach USD 2.29 billion by 2026, expanding at a CAGR of 10.40 percent between 2021 and 2026. The use of nanotechnology in various industry domains such as material science, mechanics, bio-medical, chemical, and so on is expected to drive the nanotechnology market. In addition, the growing demand for smaller and more powerful devices at lower prices and an increase in government and private sector funding for R&D are expected to boost the market in the coming years.
Richard Feynman, a world-renowned physicist, first proposed the concept of nanotechnology in 1959. In 2020, the global nanotechnology market was estimated to be worth $1.76 billion.
The nanotechnology market includes developing and applying physical, biological, and chemical devices ranging from single atoms or molecules to approximately 100 nanometers.
Nanotechnology has a significant impact and is a revolutionary and beneficial technology in many industrial domains, including communication, medicine, transportation, agriculture, energy, materials and manufacturing, consumer products, and households.
Precision NanoSystems (PNI), the leader in producing technologies and solutions for genetic medicines such as mRNA vaccines and therapeutics, was acquired by Danaher. According to Emmanuel Ligner, Danaher group executive, the Vancouver, Canada-based company will join Danaher's life sciences platform, complementing the portfolios of both Cytiva and Pall.
Indian Oil Corporation Ltd (IOC) has decided to establish a new research and development (R&D) center in Faridabad, Haryana, focusing on alternative and renewable energy and nanotechnology, according to a senior official on October 7th, 2021.
ZEN Graphene Solutions Ltd., a Canadian nanotechnology company focused on next-generation healthcare solutions, announces that it has filed a complete international patent application under the Patent Cooperation Treaty for its ZENGuardTM compound (PCT). Guelph University also submitted a complete international patent application under the PCT for the electrochemical exfoliation process used to produce graphene oxide, including automation. ZEN has taken the worldwide rights to this technology, scaled up from Guelph University to ZEN's Research and Development facility.
Nanotechnology Market Drivers
Among different industries, the electronics and semiconductor industry is one of the fastest-growing in the world. Nanocomposites, nano-devices, and other nanotechnologies are used to manufacture MEMS, screens, and various sensors in many electronic devices include smartphones, home appliances, and other electronic gadgets. This results in more energy-efficient and durable machines, increasing the demand for nanotechnology in the electronics and semiconductor sectors.
The adoption of 5G is expected to increase further over the next 3-5 years, paving the way to develop novel nanoscale computer technologies such as AR, VR, and IoT. Therefore, these technological advancements in telecom and IT infrastructure, combined with rising demand for miniaturized products in small cells and other applications, will pave the way for new avenues of growth for the nanotechnology market.
Scalability of production is the most challenging aspect of the nanotechnology market. Even though nanomaterials provide excellent functional performance in the laboratory or prototype stage, the scalability factor contributes a significant restraint to the growth of the nanotechnology market size.
Furthermore, extreme weather conditions, like electromagnetic noise, radiation, high vacuum, and high temperature, likely cause nanotech equipment to fail. In the field of nanotech devices, precision standards for displacement, force, and response times must be met with great care. When exposed to severe environments, many gadgets lose their precision and reliability. In addition, advanced nanosensors and other devices must preserve maximal autonomy to work autonomously and with minimal maintenance.
Nanotechnology Market Segmentation
The market is divided into three segments- nanocomposite, nanomaterial, and nano magnetics.
The nanocomposites segment leads the market with a 63.4 percent share. It is anticipated to escalate at a CAGR of 15.1% during the forecast period, owing to advancements in nanotube technology that broadens the application scope of nanotechnology in medical and other sectors. In addition, high tensile strength, improved optical and magnetic properties, high corrosion resistance, and high thermal and electronic conductivity drive the demand for nanocomposites in the electronics industry.
The market is further categorized into Electronics, Energy, Chemical Manufacturing, Aerospace & Defense, Healthcare, and Others.
Semiconductors (Electronics Industry) is the leading application segment for the nanotechnology market, with a value of $9.7 billion in 2019 and a CAGR of 15.3 percent from 2020 to 2026. Furthermore, the use of nanotechnology in drug development will increase at an 18.5 percent CAGR through 2026. Moreover, gold nanoparticles combined with infrared light can destroy bacteria, so nanotechnology is used in diagnostic techniques and anti-bacterial treatments. These various nanotechnology applications in the healthcare sector will see further developments, which will support the growth of the nanotechnology market.
North America dominated the global nanotechnology market in 2020, with an estimated 36.4 percent share, owing primarily to significant R&D investments in nanotechnology in the region. In the United States, 55 of the approximately 600 companies that manufacture Nanotechnology-based products are from the construction sector, indicating a company's interest in catering for nanotechnology in the primary construction sector, which helps increase the adoption of nanotechnology in the following years. The US Nanotechnology technology funding is more oriented toward medical and life science engineering. Moreover, as part of the National Nanotechnology Initiative, the US budget requests more than $1.7 billion for 2021. Meanwhile, the Canadian market is expected to grow at 9.4% during the forecast period.
The nanotechnology market in China is expected to reach US$5.1 billion by 2026, growing at a CAGR of 11.2 percent during the analysis period. Meanwhile, the Japanese market is expected to grow by 8.1%. The Asia-Pacific nanotools market will reach $1 billion by 2026, led by Australia, India, and South Korea.
Brazil is the largest emerging market in Nanotechnology, focusing on "graphene oxide" and "reduced graphene oxide" research. Despite being far behind its neighbor, Argentina is in the R&D phase of the nanotechnology market, followed by smaller Latin American countries such as Chile, Cuba, and Costa Rica.
South Africa's total share of nanotech publications increased by 0.52 percent per year from 1.4 percent to 6.6 percent in 2000 and 2019. In South Africa, only one private company, SASOL-technology, was engaged in nanotechnology R&D, accounting for 0.21 percent of total output. This observation demonstrates a lack of private sector participation in nanotechnology research, which will impact the innovation and commercialization of nanotechnology research in the future. From a foresight planning standpoint, this suggests that more private sector companies should be involved in nanotechnology research.
The Middle East is making rapid progress in the nanotechnology market, thanks to significant R&D investments. The UAE is a leading country in aerospace and power, while Jordan has already made strides in the chemical and biomedical sectors. Kuwait invested $250 million in R&D projects in nuclear energy, food science, and water resources in 2010, with nanotechnology accounting for nearly 25% of scientific publications. Meanwhile, Saudi Arabia is the sixth-largest investor in nanotechnology ($10 billion).
Taiwan Semiconductor Manufacturing ltd is the leading player in the nanotechnology market with a revenue of $47.78 billion, followed by Thermo Fisher Scientific Inc [US$32.32 Billion], DuPont de Nemours, Inc. [US$21.57 Billion], Applied Materials [US$17.25 Billion], and CMC Materials [US$290.5 Million].
Impact of COVID-19
COVID-19 harmed the supply chain of nanotechnology products. The shutdown of manufacturing plants resulted in a significant loss of business and money for the European countries under lockdown. Furthermore, the outbreak of the COVID-19 disease negatively influenced the production and manufacturing operations, resulting in a halt in the nanotechnology market study in 2020.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Nanotechnology Market, By Type
6.1.3 Nano Magnetics
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Nanotechnology Market, By Distribution Channel
6.2.3 Chemical Manufacturing
6.2.4 Aerospace & Defense
6.2.7 Market Size Estimations & Forecasts (2021-2026)
6.2.8 Y-o-Y Growth Rate Analysis
6.2.9 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Distribution Channel
7.3.1 By Country
18.104.22.168 Rest of Europe
7.3.2 By Type
7.3.3 By Distribution Channel
7.4 Asia Pacific
7.4.1 By Country
22.214.171.124 South Korea
126.96.36.199 South East Asia
188.8.131.52 Australia & NZ
184.108.40.206 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Distribution Channel
7.5 Latin America
7.5.1 By Country
220.127.116.11 Rest of Latin America
7.5.2 By Type
7.5.3 By Distribution Channel
7.6 Middle East and Africa
7.6.1 By Country
18.104.22.168 Middle East
7.6.2 By Type
7.6.3 By Distribution Channel
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 Tandem Nano
8.5 Peak Nano
8.6 Honeywell International Inc.
8.7 DuPont de Nemours, Inc.
8.9 Sioen Industries NV
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures