The global nanotechnology market size was estimated at US$ 10 billion in 2022 and it is expected to hit over US$ 38.23 billion by 2032 with a registered CAGR of 14.40% from 2023 to 2032.
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The Asia Pacific nanotechnology market size was valued at US$ 10 billion in 2022 and is predicted to reach around US$ 38.23 billion by 2032 with a CAGR of 14.40% between 2023 to 2032.
Asia-pacific accounted for a market share of over 35% 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.
Nanotechnology has gained rapid traction since it came into existence. Nanotechnology includes designing complicated structures from molecular or atomic stage to develop a high quality and high performance products at lower costs. It is a revolutionary and a highly useful technology that is used in all industrial verticals such as pharmaceuticals, transportation, agriculture, communication, manufacturing, and other industries. The growing adoption of nanomaterials in various end use verticals such as aerospace, healthcare, electronics, and textiles industries is expected to drive the growth of the global nanotechnology market during the forecast period. The nanomaterials have gained a rapid traction in the aforementioned industries owing to its special physiochemical properties.
The recent outbreak of COVID-19 pandemic in 2020 had resulted in the increased investments towards research and development activities to develop new potential applications of nanotechnology in the prevention, diagnosis, and treatment of COVID-19 disease.
Furthermore, the nanomaterials are being increasingly adopted in the pharmaceutical and healthcare applications such as imaging applications, medical implants, photo-thermal therapy, and biomedical uses owing to its antimicrobial, anticancer, and antioxidant properties. The demand for the nanomaterials in the electronics industry is significantly rising owing to the growing demand for spintronics, quantum dots, and nanowires in the nano-electronics sector. The growing demand for the high-tech electronic products across the globe is expected to foster the growth of the global nanotechnology market.
|Market Size by 2032||USD 38.23 Billion|
|Growth Rate from 2023 to 2032||
CAGR of 14.5%
|Asia Pacific Market Share in 2022||35%|
|Nanocomposites Segment Market Share in 2022||62%|
|Forecast Period||2023 to 2032|
|Segments Covered||Product, Application, Geography|
|Companies Mentioned||Showa Denko KK, BASF SE,Pen Inc., Nanosys Inc., QD vision, Arkema, 3rd Tech Inc., ApNano Materials, ELITechGroup, Bruker Nano GmbH, QuantumSphere Inc.|
Based on the product, the nanocomposites segment accounted for a market share of over 62% 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.
Depending on the application, the medical segment dominated the global nanotechnology market, garnering a revenue share of around 30% 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.
Key Market Developments
The nanotechnology market is highly fragmented with the presence of several top players in the market. These market players are constantly engaged in various developmental strategies such as mergers, joint ventures, business expansion, acquisitions, partnerships, collaborations, and new product launches to strengthen their position and expand their market share.
Segments Covered in the Report
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