Nanotechnology (“nanotech”) is manipulation of matter on an atomic, molecular, and supramolecular scale. The earliest, widespread description of nanotechnology referred to the particular technological goal of precisely manipulating atoms and molecules for fabrication of macroscale products, also now referred to as molecular nanotechnology. A more generalized description of nanotechnology was subsequently established by the National Nanotechnology Initiative, which defines nanotechnology as the manipulation of matter with at least one dimension sized from 1 to 100 nanometers. This definition reflects the fact that quantum mechanical effects are important at this quantum-realm scale, and so the definition shifted from a particular technological goal to a research category inclusive of all types of research and technologies that deal with the special properties of matter which occur below the given size threshold. It is therefore common to see the plural form “nanotechnologies” as well as “nanoscale technologies” to refer to the broad range of research and applications whose common trait is size. Because of the variety of potential applications (including industrial and military), governments have invested billions of dollars in nanotechnology research. Until 2012, through its National Nanotechnology Initiative, the USA has invested 3.7 billion dollars, the European Union has invested 1.2 billion and Japan 750 million dollars.
Nanocomposites are anticipated dominate the global nanotechnology market by type and are estimated to control around 60% of the total market revenue by type in 2021. However, nanoclays and nanomagnetics are estimated to attain the fastest growth rate during the forecast period.
The nanotechnology market is driven by the ever increasing application base of and increasing emphasis on renewable and sustainable energy sector with the use of low cost materials.
The global nanotechnology market is anticipated to grow with the CAGR of 17.7% during the forecast period of 2016-2022.
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.
The global market for nanotechnology is expected to grow to $64.2 billion by 2019, with a five-year compound annual growth rate (CAGR) of 19.8%.
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