Nanotechnology Market Growth Driving Factors and Research Report, 2024

The Global Nanotechnology Market is subject to witness a substantial growth at a CAGR of around 17% due to the soaring demand from different industry verticals such as aerospace sector, automobile industry, electronics & electrical sector, pharmaceutical industry, and military & defense sector. Use of nanotechnology offers product security and anti-counterfeiting due to their unique properties such as high magnetic, optical strength, catalytic and electronic properties. Globally, the market is predicted to generate massive revenue over the next seven years, providing numerous opportunities for market players to invest for research and development in the nanotechnology market.

Vast set of application of nanotechnology involving dispersions and coating, consolidated materials, bio-medical and electromechanical devices are expected to offer lucrative growth opportunities for industry players in the upcoming years. Advent of nanomaterials such as graphene and nano-cellulose are predicted to drive growth of market over the forecast period. These nanomaterials are economically viable and possess advanced properties. The constant requirement of nanoparticles such as the gold nanoparticles for technological transformation of healthcare industry is driving the market growth in forecast period. Besides, the large investment from private sector for development of nanotechnology and numerous initiatives from governments are multiplying the progress of the nanotechnology market.

Increasing adoption of nanotechnology for production of metal nanoparticles, which are broadly consumed in biomedical sciences and bioengineering is expected to boost market growth in the near future. The nanoparticles have become major attraction due to their significant potential for development of nanotechnology in the healthcare industry.

In recent times, metal nanoparticles are synthesized and altered along with different bio-chemical functional groups. This allows metal nanoparticles to conjugate with anti-bodies, ligands, and medicine. Due to these vast functionalities, allows a broad range of possible applications in biotechnology, magnetic severance, pre-concentration of required analysts, targeted medicine distribution, and transportation for gene and medicine delivery. The various metal nanoparticles also allow diagnostic imaging used in biotechnology.

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Some of the extensive applications of nanotechnology in different industry verticals include automobile industry, electronics & electrical sector, pharmaceutical industry, military & defense sector, consumer goods, electronics, filtration, and life sciences, which are also expected to contribute positively to market expansion. Introduction of Nano cellulose technology, which gaining widespread popularity in applications such as scaffolds in tissue engineering, artificial skin and cartilage, wound healing and vessel substitutes, and biodegradable food packaging, are estimated to boost market growth over the next seven years.

The market is broadly categorized into major segments based on the product type such as nanomaterials, nano-tools, and nano-devices. The nanomaterials is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years. Growing popularity of the segment is attributed to the increasing demand form electronics industry, power & energy sector and defense industry. The nano-devices segment has also witnessed substantial growth owing to the increasing adoption in the electromechanical devices.

The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in electronic sector, increase in the number of research & development activities, and existence of well-established industrial infrastructure in the region.

Asia-Pacific region is predicted to hold major market share in the nanotechnology market with massive growth in forecast period. Countries such as South Korea, China and Japan are leading the Asia-Pacific market with increasing consummation of highest consumption of the metal nanoparticles and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the nanotechnology market are Altair Nanotechnologies Inc., AMCOL International Co., BioDelivery Sciences International Inc., Clariant International Ltd., Competitive Technologies Inc., Dendritic NanoTechnologies, Inc., Eastman Kodak Co., Frontier Carbon Co., Hosokawa Micron Group AG, and Hyperion Catalysis International, Inc.

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