Nanotechnology Market (By Product: Nanotubes, Nanocomposites, Nano Clays, Nano Materials, Nano Particles, Nano Devices, Nano Tools, Others; By Application: Automotive, Medical, Electronics, Aerospace, Energy & Power, Paints and Coatings, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The nanotechnology market size was estimated at USD 99.24 billion in 2022 and is expected to surpass around USD 387.75 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 14.6% during the forecast period 2023 to 2032.

Key Takeaways:

• Based on the product, the nanocomposites segment accounted for a market share of over 63% and dominated the global nanotechnology market in 2022.
• The nanotubes segment is anticipated to be the fastest growing segment during the forecast period.
• Depending on the application, the medical segment dominated the global nanotechnology market, garnering a revenue share of around 33% in 2022.
• The paints & coatings is anticipated to exhibit the highest growth rate during the forecast period.
• Asia-pacific accounted for a market share of over 38% in 2022 and dominated the global nanotechnology market.

Nanotechnology Market Report Scope

Nanoscience and nanotechnology involve the study of nanoparticles and devices, which find their application across all the science fields such as chemical, bio-medical, mechanics, and material science among others. Nanotechnology market encompasses the production and application of physical, chemical, and biological systems and devices at scales ranging from individual atoms or molecules to around 100 nanometers.

Nanotechnology carries a significant impact, and serves as a revolutionary and beneficial technology across various industrial domains, including communication, medicine, transportation, agriculture, energy, materials & manufacturing, consumer products, and households. Emerging use cases and application is expected to be one of the key factors contributing towards the growth of nanotechnology market size. The U.S. National Nanotechnology Initiative has estimated that around 20,000 researchers are working in the field of nanotechnology. For the UK, the Institute of Occupational Medicine has estimated that approximately 2,000 people are employed in new nanotechnology companies and universities where they may be potentially exposed to nanoparticles. 

Furthermore, various organizations globally are investing in nanotechnology market and its emerging applications. For instance, in 2018, Osaka University-led researchers, in a joint research project with The University of Tokyo, Kyoto University, and Waseda University, constructed integrated gene logic-chips called gene nanochips. These self-contained nanochips can switch genes on and off within a single chip using integrated factors on the nanochips, preventing unintended crosstalk.In addition, nanoscale sensors and devices may provide cost-effective continuous monitoring of the structural integrity and performance of bridges, tunnels, rails, parking structures, and pavements over time.

Moreover, nanoscale sensors, communications devices, and other innovations enabled by nanoelectronics support an enhanced transportation infrastructure that can communicate with vehicle-based systems to help drivers maintain lane position, avoid collisions, adjust travel routes to avoid congestion, and improve drivers’ interfaces to onboard electronics. All these factors are expected to be major nanotechnology market trends globally.

Factors such as surge in adoption of nanotechnology in medical diagnosis & imaging, and technological advancements in nanotech devices drive the growth of the global nanotechnology market. However, issues arising in the deployment of nanodevices in extreme conditions and high cost of the technology act as the major barriers, thereby hampering the market growth. On the contrary, increase in support and R&D funding from government organizations and emergence of self-powered nanotech devices are anticipated to offer lucrative opportunities for the nanotechnology market forecast. 

Product Insights

Based on the product, the nanocomposites segment accounted for a market share of over 63% and dominated the global nanotechnology market in 2022. The rising technological advancements and the surging adoption of the nanocomposites in the medical equipment have significant contributions in the dominance of this segment in the global market. Various features of the nanocomposites such as enhanced tensile strength, improved magnetic feature, corrosion resistant, increased electricity and thermal power conducting property has fueled the adoption of the nanocomposites in the electronics sector. The rapidly growing demand for the compact and miniature electronic components and parts has led to the higher demand for the nanocomposites.

The nanotubes segment is anticipated to be the fastest growing segment during the forecast period. This growth is attributed to the higher adoption of carbon nanotubes in the production of lithium-ion batteries due to its high reversible capabilities. The carbon nanotubes are also used in the various medical and pharmaceutical applications owing to its big surface area which enables it to conjugate and absorb therapeutic and diagnostic agents such as genes, vaccines, antibodies, drugs, and biosensors. The rising popularity of the minimally invasive surgeries and the rising adoption of the carbon nanotubes in the production of various small equipment and tools is expected to further drive the growth of this segment.

Application Insights

Depending on the application, the medical segment dominated the global nanotechnology market, garnering a revenue share of around 33% in 2022. The increased adoption of nanotechnology in the development of surgical nano-robots, nano-diagnostics, nano-biosensors, cell repair, imaging, and target drug delivery applications are the primary factors behind the growth of this segment. The surging prevalence of various chronic diseases across the globe and increasing adoption of surgical procedures by the patients is expected to drive the demand for nanotechnology for the manufacturing of various surgical tools and equipment in the forthcoming future. Furthermore, the technological advancements in the field of nanotechnology is resulting in the development of various miniaturized surgical equipment, portable monitoring systems, and compact diagnostic devices. These factors are expected to retain the dominant position of the medical segment throughout the forecast period in the global nanotechnology market.

The paints & coatings is anticipated to exhibit the highest growth rate during the forecast period. The nanomaterials are gaining popularity in the coating industry owing to development of advanced techniques that helps in the production of need-specific coatings. Moreover, the nanomaterials enhances the biocide characteristics, hardening, and UV absorption of the coatings & paints. The two prominent nanomaterials used in the production of paints includes silicon dioxide and titanium dioxide. Further, the deodorizing and antimicrobial feature of nano-silver has boosted its adoption in the paints & coatings industry across the globe.

Regional Insights

Asia-pacific accounted for a market share of over 38% in 2022 and dominated the global nanotechnology market. Asia-pacific is the home to world's largest population and there is a huge demand for various electronics, medical equipment, textiles, and automotive products that has led to the higher demand for nanomaterials in the manufacturing of these products. Furthermore, the rising government investments in the development of energy and power sector in Asia Pacific region is expected to foster the demand for the nanomaterials in the forthcoming years. The demand for nanomaterials in the countries like China, India, South Korea, and Japan is relatively high owing to the presence of huge manufacturing facilities of various industries. Moreover the rising FDIs due to the favorable industrial policies and availability of cheap labor and other factors of production is expected to boost the manufacturing sector of Asia Pacific region, driving the consumption of nanomaterials in the region. The rising employment level, growing demand for the technologically advanced electronics, and rising investments in the infrastructural projects are the significant drivers of the Asia Pacific nanotechnology market.

Europe was the second largest nanotechnology market in 2022. Industrial development in Europe and the higher adoption rate of new and advanced technologies in the production facilities has propelled the growth of the nanotechnology market in Europe. The government in Europe has played a crucial role in introducing the latest and innovative nanotechnology in the industrial sector which has fostered the growth of the market. The increased disposable income of the consumers and improved standard of living has resulted in the increased demand for various advanced electronic devices, sensors, and photonic devices. The presence of advanced healthcare infrastructure and enhanced access to the developed medical facilities is further fueling the growth of the nanotechnology market owing to the high demand for the miniaturized devices in the healthcare sector.

Some of the prominent players in the Nanotechnology Market include:

• Showa Denko KK
• BASF SE
• Pen Inc.
• Nanosys Inc.
• QD vision
• Arkema
• 3rd Tech Inc.
• ApNano Materials
• ELITechGroup
• Bruker Nano GmbH
• QuantumSphere Inc.

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the Nanotechnology market.

By Product

• Nanotubes
• Nanocomposites
• Nano Clays
• Nano Materials
• Nano Particles
• Nano Devices
• Nano Tools
• Others

By Application

• Automotive
• Medical
• Electronics
• Aerospace
• Energy & Power
• Paints and Coatings
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)