The rapid pace of advancements in the field of nanotechnology has led to advances in pharmaceutical industries, where further research is being carried out to enable further growth of more innovative material known as smart nanomaterials for various diseases diagnosis. Smart nanomaterials are promising materials due to their potential and promising range of applications in the medical and electronic fields. The smart nanomaterials are biomimetic with unique properties to be used in self-healing diagnostic and drug delivery.
Smart nanomaterials can occur naturally, can be produced purposefully through engineering, or be created as the by-products of combustion reactions. Smart nanomaterials have gained prominence in technological advancements owing to their unique physical, chemical, and biological properties including altered magnetic properties, increased structural integrity, and altered optical or electrical activity. Owing to varied properties, smart nanomaterials span across various industries. Smart nanomaterials are revolutionizing several manufacturing sectors including medicine, energy, electronics, transportation, environment, and defense. Nanomaterials for example, carbon nanotubes are being used in 3D printers.
The smart nanomaterial is biomimetic with distinctive properties to be utilized in drug delivery and self-healing diagnostic. Nearly all of the research on smart nanomaterial in the pharmaceutical sector is restricted to lab scale. However, research on an industrial scale is being carried out by several companies or in collaboration. Apart from industry players, several big players from other industries are eager to invest in the technology to achieve profit potential over the coming years.
Smart nanomaterials are also in huge demand in aerospace and automotive, with major applications being light weight vehicles and spacecraft. According to the national nanotechnology initiative (NNI), reducing the weight of a commercial jet aircraft by 20% can cut its fuel consumption by 15%. As per the national aeronautics and space administration (NASA), the development and use of smart nanomaterials with twice the strength of traditional composites would lessen the gross weight of a launch vehicle by 63% approximately. The use will further reduce launch costs and increase mission reliability. However, the looming lack of skilled technical personnel, is, therefore, alarming in the field of smart nanomaterials. For instance, in Europe, the availability of skilled workers is threatened by demographic trends such as a dwindling and an aging population. Also, the environmental, safety, and health risks of smart nanomaterials and concerns related to its commercialization could hamper the market growth.
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The competitive landscape of the smart nanomaterials market consists of different strategies undertaken by major players across the entire value chain to gain market presence. Some of the strategies adopted by smart nanomaterials manufacturers are product launches, contracts and agreements, partnerships, and collaborations. Among all the strategies adopted, product launches have dominated the competitive landscape. Product launches accounted for the largest development strategy adopted by key players and recorded for a 40% share in 2018 in the global smart nanomaterials development. BASF SE, Bayer AG, Abbott, and Akzo Nobel N.V. are some of the leading players in the global smart nanomaterials market.
Most of the smart nanomaterials manufacturers are of similar financial capability, and the industry landscape is not quite competitive because of the small number of players in the market. However, innovation and development have been the key factors for large scale growth in this market. To increase their overall global footprint, manufacturers are expanding their businesses and are also entering into strategic partnerships to target a greater audience.