Tehran Times - Iran Nanotechnology Innovation Council plans to export $100 million of nanoproducts in the current Iranian calendar year (ending on March 20, 2020), the secretary of the council Saeid Sarkar announced, Mehr reported on Friday.

Last year, $62 million of nanoproducts were exported, he added.

He said that the council plans to increase exports of Iranian nanoproducts to one billion dollars by the Iranian calendar year 1404 (March 2025-March 2026).

Due to its expanded target markets, nanoproducts can be exported to different countries, he explained.

Nanoproducts are being used in 15 different industries in Iran and are being exported to South Korea, Australia, Canada, China, Indonesia, Russia, Turkey, Malaysia as well as European, Latin American, and African countries, he added.

There are currently about 580 nanoproducts in the market, he said, adding that 250 new nanoproducts will be introduced during the current year.

In February, the Iran Nanotechnology Innovation Council announced that knowledge-based companies manufacture 12 to 15 new nanoproducts per month.

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.