Global nanotechnology market is estimated to grow with the CAGR of 18.5% during the forecast period of 2021-2030. Growing medical devices is estimated to be the major factor driving the growth of the market. It is further estimated that the market will reach about $11.7 billion by the year 2023. Favorable government initiatives are also one of the key drivers of the nanotechnology market. However, high capital expenditure and adverse effect of nanotechnology on health are expected to restrain the growth of the market. Global nanotechnology market in this report is analyzed on the basis of its components, applications and geography.
One of the major factor which is influencing the demand for the nanotechnology is rising investment activity across various application verticals. The companies and other government agencies are demanding new technologies to increase the application of nanotechnology. Healthcare is one of the emerging application of nanotechnology the rising use of nanotechnology in drug discovery, small medical devices and treatment of cancer and many others. The National Institute of Standards and Technology (DOC/NIST) is expected to increase the investment in nonmanufacturing from $83.6 million in 2015 to $86.3 million by the end of 2022.
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Electronics is the largest market segment within applications of nanotechnology. The electronic application held about 27% of revenue share during forecast period. The growing research spending is driving the growth of nano electric application segment. in the coming years, nano technology is anticipated to witness new and emerging applications in field of body armors, emission display, drug delivery, water purification, wind turbine blades, bio fuel cell, and others.
Nanomaterial is the largest revenue generating segment in component segments. Nanomaterial segment held the market share of 46% in 2016 which is growing with a CAGR 17% during forecast period. The unique physio-chemical properties of nanomaterials have led to their utilization in various industrial applications, such as high-strength materials and electronics. Metal & non-metal oxides have a major role in many areas of chemistry, physics, and materials science.
North America is showing exceptional growth in its nanomaterials industry which has grown 21% in year 2020. Increasing government participation in nanotechnology, development in manufacturing process, R & D funding and heavy investment by major players has driven the growth in the North American market.In 2020, North America held 38% share in the global nanotechnology market. Increasing medical devices market in the North America is the major factors backing the growth of the market in the region. Asia Pacific region is estimated to be the fastest growing region in the global nanotechnology market. Favorable government initiatives are estimated to be the major factor driving the growth of the market.
KEY MARKET MOVEMENTS
- Global nanotechnology market is estimated to grow with the CAGR of 18.5% during the forecast period of 2021-2030.
- It is further estimated that the market will reach about $11.7 billion by the year 2023.
- Electronics is the largest market segment within applications of nanotechnology. The electronic application held about 27% of revenue share during forecast period.
- Nanomaterial segment held the market share of 46% in 2016 which is growing with a CAGR 17% during forecast period
- North America is showing exceptional growth in its nanomaterials industry which has grown 21% in year 2020.
- In 2020, North America held 38% share in the global nanotechnology market.
