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The Nanotechnology Products Market size is estimated to grow at a CAGR of 14.92% between 2022 and 2027 and the size of the market is forecast to increase by USD 106.2 billion. The growth of the market depends on several factors, including the increasing adoption of novel nanotechnology tools to boost agricultural productivity, the miniaturization of semiconductor components, and the potential of nanotechnology products to replace other materials.
This report extensively covers market segmentation by application (healthcare, electronics, energy and power, aerospace and defense, and others), product (nanomaterial, nanodevices, and nano tools), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Nanotechnology Products Market Customer Landscape
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The increasing adoption of novel nanotechnology tools to boost agricultural productivity is the key factor driving the global nanotechnology products market growth. Global population growth is a major factor driving the need for advanced techniques to improve agricultural productivity. According to data from the World Bank Group, the world's population has grown from 7.34 billion in 2015 to 7.76 billion in 2020. The increase in food demand can only be met by increasing agricultural production. However, existing traditional methods to increase agricultural output cannot meet the needs of the growing population. Traditional farming techniques cannot overcome the challenges of climate change, including droughts and floods that harm the agricultural industry. Therefore, researchers are working on nanotechnology tools to develop new plant varieties and increase the yield of crop systems.
Nano-products such as nano-fertilizers and nano-pesticides in agriculture aim to minimize the use and overuse of chemicals, minimize nutrient loss when fertilizing, and increase yields through pest and nutrient management. Therefore, nanotechnology has the potential to improve agricultural productivity using novel nanotools. Nanotechnology tools could facilitate the rapid diagnosis of plant diseases and improve the plant's ability to absorb nutrients. BASF is developing nanoparticle-based fertilizers that can improve the ability of plants to absorb and use nutrients. These fertilizers can provide nutrients to plants more efficiently, reducing the amount of fertilizer needed and the risk of nutrient loss to the environment. All these factors will drive the growth of the global nanotechnology products market during the forecast period.
The growing demand for biosensors will fuel the global nanotechnology products market growth. Biosensors combine a biological component and a physicochemical sensor component, which are used to convert biological responses into electrical signals. Highly molecularly recognized antibodies, enzymes, or whole cells, acting as bioreceptors, are combined with microelectronic components to enable continuous monitoring of metabolism. The high sensitivity and fast response of these biosensors are directly proportional to the surface area and porosity of the sensing element.
Because of their large surface-to-volume ratio, thin films made of nanofibers for use in biosensors have a larger surface area than other continuous films. Nanofibers, including carbon nanotubes, conductive polymers, ceramic materials, and composites of polymeric nanofibers and carbon nanotubes, are widely used for biosensor assembly. Carbon nanotubes and carbon nanofibers are ideal materials for biosensor applications due to their good electrical conductivity, biocompatibility, and large surface area. These factors are therefore expected to drive the demand for nanofibers which in turn will drive the growth of the global nanotechnology products market during the forecast period.
The high cost of production can majorly impede the growth of the nanotechnology products market. The commercialization of nanotechnology products and other conductive nanoparticles is hampered by high costs and a very limited supply of carbon nanotubes. Producing nanotechnology products requires high capital costs, as companies need a variety of production equipment, microscopes, power supplies, probes, and cleanrooms to produce these materials. The supply of raw materials needed for nanotechnology research as well as the production of exorbitant nanotechnology products, also limits the growth of the market.
The cost/kg to produce carbon nanotubes and graphene is USD 400-700 million/kg and USD 70,000-110,000/kg, respectively. As the market is still in the research stage, there is a need for trained professionals to work in production facilities, and in addition, these professionals must be paid the best salaries in the market. Therefore, the cost of acquiring skilled labor to manufacture nanotechnology products is very high. Therefore, these factors are expected to limit the growth of the market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co.: The company offers nanotechnology products such as 3M Brightness Enhancement Film, Filtek One, and 3M Matrix Resin.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak based on their quantitative data analysis.
The healthcare segment will contribute a major share of the market. The healthcare segment was valued at USD 19.88 billion in 2017 and continued to grow until 2021. Nanotechnology-based healthcare products are rapidly becoming an important segment of the global healthcare industry, where they have contributed to a wide range of diagnostic and therapeutic applications. One such application of nanotechnology in healthcare is drug delivery, where nanoscale drug delivery systems (NDDS) are being developed to target specific cells and only distribute them. Such targeted drug delivery could be very effective in treating cancer patients, especially cancer patients. NDDS can be designed to deliver chemotherapy drugs only to cancer cells, minimizing damage to healthy cells.
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Nanofibers are widely used in drug delivery applications due to their high surface-to-volume ratio, which contributes to rapid drug release. The use of unique nanostructured materials has become widespread in the fields of biological and biomedical applications. Biosensors with increased sensitivity are used to measure the affinity of blood, cholesterol, glucose, triglycerides and low-density lipoproteins. Therefore, there is great potential for the use of nanotechnology products such as nanofibers in the healthcare industry, and the development of innovative and innovative healthcare products based on nanotechnology will drive the growth of the healthcare segment during the forecast period.
The nanomaterials segment was the largest segment in the global nanotechnology products market in 2022 and will remain the largest segment during the forecast period. Nanomaterials are materials with structures and properties that are significantly different from their bulkier or larger materials and at the nanoscale, typically less than 100 nanometers (nm). They are used in various industries due to their unique properties, such as high surface-to-volume ratio, improved durability, and improved performance. They are also known to have potential applications in energy, medicine, electronics, and other fields. In the electronics industry, nanomaterials are used to improve electrical conductivity, reduce device size, and enhance the performance of electronic devices. Carbon nanotubes are widely used as a conductive element, while nanoscale metal oxides are used as insulation, capacitors, and the manufacture of electronic products. The electronics industry is growing all over the world, especially in emerging economies like India. Key suppliers to the electronics industry, such as Samsung Electronics Co Ltd (Samsung), are opening new facilities in emerging economies. For example, in March 2022, Samsung announced plans to invest around USD 800 million to establish a new factory in Sriperumbudur, southern India. Such expansions will increase the production of electronic products, which will drive the growth of the nanomaterials segment during the forecast period.
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North America is estimated to contribute 36% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Growth in the healthcare sector is expected to drive the growth of the regional market during the forecast period. In addition, the growing demand for renewable energy and solar cells is the driving force for nanotechnology products, such as nanofibers, in the region. North America is a major producer of paper and wood pulp, which are common raw materials used to produce cellulose nanofibers.
Demand for cellulose nanofibers in biomedical and pharmaceutical applications as well as electronics and sensors is also expected to be high during the forecast period. Growth in the number of electric vehicles is also expected to drive sales of nanofiber-based lithium-ion batteries and other energy storage devices. In addition, the growth in R&D funding for nanotechnology is expected to drive the growth of the regional nanotechnology products market during the forecast period.
The North American nanotechnology products market witnessed various challenges in 2020. Many end-user sectors, especially commercial end-users, have been shut down in part due to the outbreak. The disease brought the manufacturing market to a halt. This greatly limited the use of nanotechnology products in various applications. The partial closure of businesses and industries, including autos and food and beverage, hampered the market's growth potential. However, with the lift of the lockdown in Q4 2020, business activities resumed in end-user sectors, such as automotive, food and beverage, healthcare, and electronics. In addition, new product launches, technological advancements, and the growing application of nanotechnology in various industries will drive the growth of the regional nanotechnology products market.
The nanotechnology products market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Nanotechnology Products Market Scope |
|
Report Coverage |
Details |
Page number |
187 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.92% |
Market growth 2023-2027 |
USD 106.2 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
13.88 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 36% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Advanced Nano Products Co. Ltd., Applied Materials Inc., Arkema Group, BASF SE, Bruker Corp., Covestro AG, Dow Chemical Co., DuPont de Nemours Inc., Kleindiek Nanotechnik GmbH, Nano C Inc., Nano Magic Inc., Nanophase Technologies Corp., Nanosys Inc., PPG Industries Inc., Smiths Group Plc, Taiwan Semiconductor Manufacturing Co. Ltd., Thermo Fisher Scientific Inc., Zyvex Corp., and Synopsys Inc. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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