The Global Market for Nanotechnology is Projected to Reach US$125.7 Billion by 2024
New and Emerging
Applications to Drive the Global Nanotechnology Market, According to a New
Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends,
growth drivers, market share, size and demand forecasts on the global Nanotechnology
market. The global market for
Nanotechnology is projected to reach US$125.7 billion by 2024, driven by demand
for diverse nanotech-based products & solutions, arising from chemical,
pharmaceuticals & healthcare, electronics, agriculture & food, and
aerospace & defense industries.
As a versatile technology with expanding
application possibilities in a wide range of end-use sectors, nanotechnology
has been attracting tremendous attention over the last few years creating
strong demand prospects for products such as nanomaterials, nanodevices and
nanotools. Use of nanotechnology in production of multitude of devices/products
is already common in semiconductors & electronics, chemicals,
pharmaceutical & healthcare, aerospace & defense, automotive, and food
industries. Developments in nanomaterials for energy storage, energy conversion,
construction, healthcare, water treatment, and environmental remediation, among
others will positively impact business opportunities in the market. Potential
nanotech opportunities will also arise from telecom and information technology
industries. With a line-up of already successful products and many more to be
commercialized in coming years, commercial expansion of nanotechnology is
poised for strong growth. The coming years are forecast to witness
nanotechnology developments reach critical mass and radically change the
dynamics of a broad range of vertical industries.
Key nanotechnology developments include improved crop protection and
productivity in agriculture, enhanced purification in water treatment, and better
energy storage. New and emerging applications in energy, construction, textiles,
agriculture, environment protection, cosmetics and sporting goods augur well
for the future of nanotechnology. The market growth would also be driven by
cost-effective and efficient healthcare diagnostics and advanced drug delivery
systems and medical devices, and demand for low-cost materials in the
sustainable and renewable energy sector. Over the last few years, the
market has witnessed a significant drop in prices of nanoclays and carbon
nanotubes, thus helping broaden application possibilities into a wider spectrum
of industries. Rising number of production facilities and number of companies
foraying into the market augurs well for the future of nanotechnology. R&D efforts
by governments and technology giants serve to further the commercialization of
next-generation nanomaterials. While lack of
extensive research and incomprehensive understanding may restrain the market,
it is expected to be offset by increasing funding for research purposes by the
governments. Other market restraints include high production costs, unknown
health risks associated with usage, and also environmental issues and
regulations pertaining to the same.
As stated by the new market research report on Nanotechnology, the United States
represents the largest market worldwide. Efforts to extend commercialization of
nanotechnology in wide range of products/applications are yielding considerable
revenue benefits in the country. Asia-Pacific, the fastest growing market with a CAGR of 22.9% over the analysis period,
has
a powerful standing in the field of nanoelectronics and development of
nanotechnology products for automotive industry. Nanoelectronics
and Nanomaterials remain the dominant areas of research in most of the Asian
countries such as South Korea, Taiwan, China and Singapore
that have nanotech agenda. NanoMaterials represents the largest market segment
accounting for majority share of total dollar sales with most of the contribution
coming from nanocomposites and highly popular nanoparticles such as nanofibers,
nanotubes and nanoclays.
Leading players in the market include Advanced Diamond Technologies
Inc., Advanced Nano Products Co. Ltd., Altair Nanotechnologies Inc., Bruker
Corp., Catalytic Materials LLC, Chemat Technology Inc., ELITech Group, eSpin
Technologies Inc., Hanwha Chemical Corp., Hybrid Plastics Inc., Hyperion
Catalysis International Inc., Integran Technologies Inc., Nanocyl S.A.,
NanoMaterials Ltd., Nanosys Inc., QuantumSphere Inc., Rogue Valley Microdevices
Inc., Shenzhen Nanotech Port Co. Ltd., and Starpharma Holdings, among others.
The research report titled “Nanotechnology:
A Global Strategic Business Report”
announced by Global Industry Analysts Inc., provides a comprehensive review of
market trends, growth drivers, innovations and strategic industry activities of
major companies worldwide. The report provides market estimates and projections
for all major geographic markets including the US, Canada, Japan, Europe
(France, Germany, UK, and Rest of Europe), Asia-Pacific (China and Rest of
Asia-Pacific) and Rest of World. Key product segments analyzed in the report
include NanoDevices, NanoMaterials and NanoTools.
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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Global Industry Analysts, Inc. 6150 Hellyer Ave., San
Jose CA 95138, USA, All Rights Reserved.
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