TIn the process of miniaturization nanotechnology has unleashed enormous prospects for the development of new products and applications for a wide range of industrial and consumer sectors. Currently the most commonly investigated nanomaterials are variants of nanorobots, nanocrystals, Dendrimers, Nanopore sensors, quantum dots, and carbon based materials (e.g., fullerenes, nanotubes). While the source elements are often the same as the ions already used in commercial products, nanomaterials are highly reactive and often differ in many physical and chemical characteristics than their ionic counterparts. These different characteristics make them suitable for improvement or replacement of commercial products and applications. The current and projected applications of engineered nanomaterials span a wide range of sectors. These include cosmetics and personal care products; pesticides and fungicides, lubricants and fuel additives; paints and coatings; agrochemicals, plant protection products, and veterinary medicines, plastics, and weapons and explosives. More than 140 companies worldwide have already engaged in manufacture of nanomaterials. The concerns due to emergence of nanotechnology include health and safety, environmental, analytical, ethical, policy and regulatory issues. While it is often difficult to predict the future, some things seem inevitable. Just as a ball thrown into the air can be expected to fall to the ground, so we can expect our technology to reach the molecular scale.