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. In recent years, smart nanomaterials are expected to be the material of choice to be used in various end-use industries and are expected to play a crucial role in the next-generation pharmaceutical technologies and devices.
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.
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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Metal-based smart nanomaterials include quantum dots, metals and non-metal oxides such as silver, copper, zinc oxide, gold, aluminum, and tin, which exhibit great promise as an alternative to traditional conductive materials. Metal and non-metal oxides smart nanomaterials are the most widely applied nanomaterials in various industries. Metal oxides are widely used in the electronics and healthcare industries. Metal-based smart nanomaterials have greater flexibility as compared to traditional materials and thus, are used in variety of applications such as imaging, optoelectronics, remediation of contaminated groundwater, smart windows, and sunscreens.
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.
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