Nano technology is all set to revolutionize the trends in various industry verticals including information technology sector as well, owing to their unique and advanced technologies, according to “Nanotechnology Market – By Type (Nanocomposites, Nanofibers, Nanoceramics, Nanomagnetics); By Application (Medical diagnosis, Energy, ICT, Nano-EHS); By End-Users (Electronics, Pharmaceuticals, Biotechnology, Textile, Military) – Forecast (2016-2021)”, published by IndustryARC.
It is currently being used for instance to enhance the display screens on electronic devices, which ultimately lessens power consumption, while reducing the weight and thickness of the screens. Nanotechnology has a multi-dimensional character which enhances their potential to have wide range of applications in various areas of economy including automobiles. With more than 20 years of assiduous research on nano science and more than a decade of focused research and development on nano technology, the usage of nano materials has drawn the attention for several commercial applications in various industries in the early 2000s. Medicine and healthcare diagnosis is one of the important applications wherein nanotechnology has harnessed for the past few years.
According to a recent study by IndustryARC, the nanotechnology market in 2015 was $4.49 Billion and is dominated by Americas. APAC is poised to exhibit the fastest growth due to favorable microeconomic conditions like government regulations and financial conditions like increasing FDI investments. By 2016 the global consumption of Nano composites is expected to exceed 210,000 metric tons with growth of 16.6 % CAGR in terms of value. European companies such as Bayer MaterialScience & Arkema have established carbon nanotubes production plants with a capacity of about 200 tons & 400 Tons respectively per year. A production capacity of 3,000 tons per year is in the target for the medium term. The U.S. is the largest M arket for N anotechnology in Americas, whereas Brazil is set to witness a growth of 18.6% CAGR in the coming five years. Canada is expected to grow at a CAGR of 16.9% more than the U.S. growth of 15.1% CAGR .
The number of manufacturers across the world for nanotechnology has increased manifold. These manufacturers are actively investing in scaling up its position in the market and are able to attract profitable deals. Some of the major players are BASF SE, Arkema, Showa Denko K.K. and many others. Major firms spent huge amounts of money in the development of efficient technologies and at the same time, new firms are coming up with cutting-edge technological innovations, resulting in tremendous increase in the degree of competition. Consequently, product launches, mergers and acquisitions and partnerships by companies, universities as well as individual researches has been frequenting the nanotechnology market headlines.
The carbon nanotubes market is characterized by large number of companies but top three companies pertaining to nanotubes account for 57% market share due to the wide distribution network and brand reputation. Expanding collaborations and partnerships across industries for the development of nanoparticle enabled products along with the growth in demand; adoption of new nano based products in emerging economies such as China , Thailand and India provides a strong impetus to the market growth. Innovation is a key driver for this segment. The new firms that venture into this market will need huge capital for investment in manufacturing and marketing along with offering product or pricing benefits to customers. The market is poised to exhibit new product launches and strategic acquisitions or partnerships, as major companies explore for new opportunities.
The nanotechnology market report is a comprehensive study of the market for different types, applications and geography.