Tehran Times – Some 250 new nanotech products will be introduced to the domestic market by the end of the current Iranian calendar year (March 2020), Iran Nanotechnology Innovation Council head Saeid Sarkar said, Mehr reported on Saturday.

There are currently about 600 nanotech products in the market and the number is projected to reach 1,400 by the Iranian calendar year 1400 (March 2021-March 2022, he added.

The council plans not only to increase the number of nanotech products but also to expand exports, he explained.

In May, Sarkar announced that during the past Iranian calendar year 1397 (March 2018-March 2019), there were 180 nanotech products, which has so far increased to 580.

Nanotechnology has already covered 15 different industrial fields and Iran exports nanotech products to 45 countries including South Korea, Australia, China, Indonesia, and Malaysia as well as European, Canadian and African countries.

Iran exported $65 million of nanotech products to the countries during the year 1397 and it is planned to increase the amount during the current year.

In July, Iran Nanotechnology Innovation Council announced that it plans to export $100 million of nanotech products in the current Iranian calendar year.

------------ Nanotechnology and global market share

According to a research conducted by the Research and Markets, the global nanotechnology market is expected to exceed $125 billion mark by 2024.

Nanotechnology continues to have a broad and fundamental impact on nearly all sectors of the global economy, namely electronics, energy, biomedical, cosmetics, defense, automotive and agriculture among others.

The factors such as advancement in technology, increasing government support and private sector funding for R&D, growing demand for miniaturization of devices, and strategic alliances between countries are expected to drive the global nanotechnology market growth. However, the issues such as environmental, health, and safety risks, and concerns relating to nanotechnology commercialization are expected to hamper market growth.