#Nanotechnology Market to Cross USD 12 Billion in Revenue by 2021 as Commercialization of Technologies Across Industry Verticals Increases
Increasing emphasis on renewable and sustainable energy sector with the use of low cost materials fuels the growth of nanotechnology market in the energy and environment sectors.
Hyderabad - February 14, 2017 (Investorideas.com Newswire) The report, "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, the global nanotechnology market revenue is forecast to grow at 16.9% CAGR to reach $12.83 Billion by 2021.
Browse 18 Market Tables, 66 Figures spread through 179 Pages and an in-depth TOC on "Nanotechnology Market (2016 - 2021)"
Nanotechnology has the potential to solve problems related to human civilizations, pertaining to both basic needs and aspirations for a comfortable life. Even though nanotechnology involves the manipulation of matter on an atomic, molecular and supramolecular scale, the particular technological goal is of precisely manipulating atoms and molecules for fabrication of macro scale products, also now referred to as molecular nanotechnology. Nanotechnology is evolving towards becoming a general-purpose technology by 2020, encompassing four generations of products with increasing structural and dynamic complexity:
- Passive nanostructures
- Active nanostructures
- Nano systems
- Molecular Nano systems
Opportunities for Nanotechnology Commercialization:
Huge expectation from the society: By knowing the advantages and benefits of nanotechnology, people are waiting for the breakthrough of nanotechnology products in all areas of the consumer requirements in the society.
Opportunity for new innovative product development: Based on substantial advantages and hence expected huge demand for nanotech products, there are infinite opportunities for new product development in different areas of the society.
Opportunity for both small business and mega business players based on their investment capacity: Since nanotechnology products vary from simple cosmetic product to screen infrared rays from skin to artificial food products to self-generating molecular motors, depending on the interest and capability of firm, it can focus on a particular type of product so that both small and financially strong business firms have opportunity in nanotechnology product development and marketing.
Opportunity for new product development for entrepreneurs in their existing field itself so that they can use their experience: Being general purpose technology, nanotechnology provides scope for existing firms to upgrade their products/services. Hence, the existing entrepreneurs can plan to improve their products by improving them using nanotechnology features for improved performance.
The new discoveries and innovations get patent protection to commercialize their inventions, so that the investment of the firms will not be wasted due to their right to get patent protection for their inventions. The new technology gives an opportunity to explore new business and sustainable earnings through the use of systematic commercialization process.
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Challenges for Nanotechnology Commercialization
New inventions based on new technology, usually attract attention due to their ingenuity, but a product must also be useful and compelling, enabling it to be used in everyday life. The objective of the firm is to identify a market for its new products. From a business perspective, the steps to be followed for the successful commercialization of a nanotechnology based product include market size, market potential, and the economic scenario of the countries and the people who use such products. Common challenges faced by nanotechnology firms are:
Time Lag: The average time delay between research, completion, and commercialization of a nanotechnology product can lie between three to five years. The banks and other financial funding agencies, find this time lag to be a major detriment due to the fact of the block of their capital.
Valley of Death: This is the gap between a positive scientific result of a researcher and obtaining supporting funds for commercialization and prototyping of the product. Since the cost of commercialization is very high compared to the invention cost of the product, usually, the scientist who invented the product may not have the interest in commercialization, but the firms invested for such research have to spend to en-cash its business opportunity.
Lack of infrastructure: Nanotechnology product based research is expensive and requires costly instruments. The lack of infrastructure retards the progress of new product invention.
Lack of standard for evaluation: A major obstacle for developing Nano-products is the lack of standards for evaluation of performance at different stages of research. Because of this, normalizing standards by which nanotechnologies can be evaluated are lacking which affects the patenting process.
Bureaucratic delays: Patent policies take up to thirty-six months to respond to a single application, a serious problem when even a slight delay can be detrimental. Due to lack of a coherent policy on technology transfer from universities to start-up businesses and a considerable red tape must be dealt with for any such transfer using black ocean strategy.
Dearth of funding: Since the research in nanotechnology is capital intensive due to the state-of-the-art instruments requirement, firms face challenges in obtaining funding. Thus, commercialization of nanotechnology products requires huge investments which small to medium firms cannot secure easily.
Lack of trained professionals: The lack of sufficiently trained scientists, engineers, technicians, and researchers in the field is another barrier. This is mostly due to lack of addition of Nano science and technology in the engineering and science syllabus.
Sustainability in the market: The final challenge for the firms is maintaining the sustainability for the commercialized product or service for longer time to get the return on investment and expected profits through planning and executing proper marketing strategies.
Carbon nanotubes (CNTs) have recently emerged as one of the most important classes of nano materials having enormous potential to spark off the next industrial revolution. CNTs' unique and extraordinary properties such as extremely high electrical and thermal conductivities make it an ideal candidate for electronic devices. This product falls under the Nano composites market segment, which is anticipated to grow at a CAGR of 16.6% during the forecast period between 2016 and 2021.
Europe accounted for 33% market share in global nanotechnology market revenue in 2015 after Americas region and is forecast to grow at a CAGR of 15.6% to reach $3.98 billion by 2021. APAC region is projected to grow at a rate of 20.9% CAGR during the forecast period 2016-2021. On aggregate, the global nanotechnology market revenue is forecast to grow at 16.9% CAGR to reach $12.83 billion by 2021.
Nano composites dominate the market with a share of 65% and generating revenues of $2.92 billion in 2015. It is forecast to grow at a CAGR of 16.6% to reach $8.17 billion by 2021, which is mainly attributed to the growing demand from the end user segments. Increasing emphasis on renewable and sustainable energy sector with the use of low cost materials fuels the growth of nanotechnology market in the energy and environment sectors. Growing demand for efficient and cost-effective healthcare treatment and diagnostics is yet another driver which propels the adoption of Nano-materials in drug delivery and medical devices sector
The major areas of nanotechnology research include nanoscale science, development of nanoscale materials as well as modeling of nanoscale devices, materials and interactions. Potential nanotech markets tend to arise from the telecom and information technology industries. Moreover, research activities in the electronics and semiconductor industry as well as pharmaceuticals industry will also account for a significant market share of the global nanotechnology market in the upcoming years. Sizeable investments in the nanotechnology companies would foster the development of new products and processes.
Following are few key players profiled in this report as part of the market landscape analysis:
- Applied Sciences Inc.
- Asahi Kasei Corporation
- I. du Pont de Nemours and Company
- Catalytic Materials LLC
- Donaldson Company, Inc.
- US Research Nanomaterials, Inc.
Ablynx NV Nanophase Technologies Corporation, Acusphere Inc., Altair Nanotechnologies Inc., Carbon Nanotechnologies Inc., Evident Thermoelectrics, Glonatech S.A., Isotron Corporation, Luna Innovations Incorporated, Molecular Manufacturing Enterprises Incorporated, Moore Nanotechnology Systems,LLC, Nanometrics Inc., Nanophase Technologies Corporation, Nanoscale Corporation, Nanosys Inc., Nanoworld AG Oxford Instruments PLC, Particular GmbH, PEN Inc., SouthWest Nano Technologies Inc., Unidym Inc., Zyvex Technologies Corporation NanoInk, Inc & many more.
The market has also been analyzed for four geographic regions which include North America, APAC, Europe and Rest of the World.
IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Aerospace & Defense, Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications of the Market. Our Custom Research Services are designed to provide insights on the constant flux in the global demand-supply gap of markets. Our strong analyst team enables us to meet the client research needs at a very quick speed with a variety of options for your business.
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