The nanotechnology industry is growing at a rapid rate with numerous applications from healthcare to agriculture. Furthermore, with increasing government funding to encourage innovation, the industry holds solid growth prospects. So, we believe nanotech stocks Thermo Fisher Scientific (TMO), Intel Corporation (NASDAQ:INTC), Applied Materials (AMAT), and BASF SE (OTC:BASFY) could be solid buys.Nanotechnology is a rapidly emerging technology with potential uses in many sectors, including healthcare, energy, and agriculture. For example, with the world facing its worst public health catastrophe in history, nanotech healthcare applications are helping create effective ways to identify, diagnose, treat, and prevent the spread of the coronavirus.
The increasing adoption of nanotechnology in medical diagnosis & imaging and other industries, and the emergence of self-powered nanotech devices are anticipated to drive the growth of the nanotechnology industry. Increasing government support should aid this growth. As a result, the global nanotechnology industry is expected to reach $33.63 billion by 2030, growing at a CAGR of $36.4%.
Given this backdrop, it may be prudent to bet on fundamentally sound nanotech stocks Thermo Fisher Scientific Inc. (NYSE:TMO), Intel Corporation (INTC), Applied Materials Inc. (NASDAQ:AMAT), and BASF SE (BASFY) as they are well-positioned to capitalize on the industry’s growth.