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Nanotechnology Market Size to Grow at a CAGR of 16.9% During the Forecast Period 2021-2026

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Nanotechnology Market Size to Grow at a CAGR of 16.9% During the Forecast Period 2021-2026

October 20
12:58 2021
Nanotechnology Market Size to Grow at a CAGR of 16.9% During the Forecast Period 2021-2026
Nanotechnology Market
High Growth in Electronics and Semiconductors Industry Driving the Growth of Nanotechnology Market

The Nanotechnology Market size was accounted $65.1 billion in 2020 and estimated to grow at a CAGR of 16.9% during the forecast period 2021-2026. The market growth is attributed to increasing application of nanotechnology such as nanotubes and anocomposites in various sectors including electronics and semiconductors. In electronics and semiconductors, nanotechnology is being used to improve display screens, decrease power consumption and thickness, and increase the storage capacity of memory chips; while reducing its physical size, which in turn leads to miniaturization of electronic gadgets. The growing need for monitoring and evaluating the interactions of nanomaterials is standing as a challenge for the market. Also, the lack of a standardized market and quality benchmark establishment are challenging factors that the market is facing. The replacement of toxic inhibitors and the constantly growing need for the performance of protective coatings are the drivers of the nanocoatings and thereby nanotechnology market.

Nanotechnology Market Segment Analysis – By Type

Nanocomposites segment dominate the market with a share of 63.4%, and is projected to grow at a CAGR of 15.1% during the forecast period, attributed to innovation in nanotubes which increases the application scope of nanotechnology in medical and other sectors. Factors such as high tensile strength, better optical and magnetic properties; high resistance to corrosion; high thermal and electronic conductivity boost the demand for nanocomposites in electronics sector.The Quantum Dot nanotechnology offer accurate color reproduction along with high resolution, and miniaturization of components result in light weight and slim end-products. Hence, listed traits are supporting the increased deployment of nanotechnology in electronics sector, further resulting in growth of the nanotechnology market. The electronics and semiconductor segment is anticipated to dominate the nanotechnology market by 2026, with growing at a CAGR of 18.2% during the forecast period. 

Nanotechnology Market Segment Analysis – Application

The usage of nanotechnology in drug development will witness growth in the future at 18.5% CAGR through 2026. Additionally, nanotechnology is also used in diagnostic techniques and anti-bacterial treatments, as gold nanoparticles coupled with infrared light can destroy bacteria. Furthermore, research are being carried to harness electricity produced by nano-generators that are worn by patients, it can be helpful to reduce blood loss and heal the wounds faster. These diverse applications of nanotechnology in healthcare sector will observe further developments, which will support the nanotechnology market growth. Apart from ageing and rising population the improvements in purchasing power and access to quality healthcare and pharmaceuticals to poor and middle-class families worldwide also is driving the growth of pharmaceutical sector globally. Overall spending growth is driven by a range of factors including new product uptake and brand pricing, while it is offset by patent expiration and generic medicines. Raw materials from China are used in making antibiotics, paracetamol, and diabetes and cardiovascular drugs, among others. 

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Nanotechnology Market Segment Analysis – By Geography

North America dominated the global nanotechnology market with an estimated share of about 36.4% in 2020, which was majorly attributed to significant R&D investments in nanotechnology in the region. In the U.S., out of around 600 companies that manufacture Nanotechnology based products, 55 are from construction sector, this shows an interest of companies to cater the use of nanotechnology in construction sector, which will increase the adoption of nanotechnology in the construction sector during the forecast period. 

Nanotechnology Market Drivers 

High Growth in Electronics and Semiconductors Industry

The electronics and semiconductor industry is one of the fastest growing industries globally that valued $419 billion in 2019, as per IndustryARC’s analysis. Despite Covid-19 driven component shortages the market is expected to recover in 2021 Nanocomposites, nano-devices and other nanotechnologies are used in various electronic devices such as smartphones, home appliances, and other electronic gadgets for manufacturing MEMS, screen and different sensors. This results in production of energy efficient devices which are more durable, thereby escalating the demand of nanotechnology by electronics and semiconductor sector.

Growing telecom and IT infrastructure

The telecom and information technology industry has been growing at a rapid pace, owing to increasing commercial deployment of base station in countries such as South Korea, U.S., and China. Thus, the adoption of 5G is anticipated to increase further in next 3-5 years, thereby paving way for development of novel nanoscale computer technologies such as AR and VR, and IoT. Such technological advancements in telecom and IT infrastructure coupled with increasing demand for miniaturized products in small cells and others will open new avenues for nanotechnology market growth. 

Nanotechnology Market Challenges 

The most challenging aspect in the nanotechnology market is scalability of production. Even though nanomaterials impart an outstanding functional performance in the laboratory or prototype stage, the scalability factor is acting as a major challenge in growth of the nanotechnology market size. However, in future, significant developments such as miniaturization without compromising on product efficiency and various others are expected in nanotechnology with a profitable commercialization in the automotive, aerospace, and sporting goods industry.  

Market Landscape

Partnerships and collaborations are key strategies adopted by market players in the nanotechnology market. In 2020, the market is consolidated with the top 5 players accounting for over half of the market share. The major players in the nanotechnology market include – Showa Denko KK, BASF SE, Pen Inc., Nanosys Inc., QD vision, Arkema, 3rd Tech Inc., ApNano Materials (NanoMaterials Ltd.), ELITechGroup, Bruker Nano GmbH, and QuantumSphere Inc., among others. 

Acquisitions/Product Launches

In June 2021, Danaher acquired Precision NanoSystems (PNI), which develops technologies and solutions for genetic medicines, including mRNA vaccines and therapeutics.

In June 2021, .Avalon GloboCare inks definitive agreement to acquire Chinese cell therapy company Senlang Biotechnology. 

Key Takeaways

Key companies present in the market are seeking collaboration with companies that are active in R&D of Nanotechnology. 

The increasing demand for water purification is creating opportunities for nanotechnology based products i.e. through nano-fabric membranes.

In the U.S., increased adoption of nanotechnology has changed the manufacturing scenario in the region, thus propelling the market growth. The major active startups are playing active role in the U.S. nanotechnology market, some of the companies are Moleaer Inc., NDB Inc., Rokk3r, Ike Scientific LLC, and Ligandal Inc.

Related Reports

A. Nanocoatings Market

https://www.industryarc.com/Report/15134/nano-coatings-market.html

B. Nanofibers Market

https://www.industryarc.com/Research/Nanofibers-Market-Research-502993

For more Electronics related reports, please click here

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