Demand for nanomaterials is increasing with emerging applications in electronics, biomedical, chemical catalysis, paints and coating, fertilizer, construction, composites, energy harnessing and storage industries. However, compared to bulk chemicals, only smaller quantities of nanomaterials are required in formulations or integrations into novel products arising from various industrial sectors. Markets are not well defined and there are many barriers for entering to those industries due to evolving nature of nanomaterial applications, inadequate analysis of long-term impact, fate and transport in the environment, and high cost of production etc. Despite these challenges, the estimated global market for nanomaterials will be over USD 27.4 billion by 2030 with a compound annual growth rate (CAGR) greater than 15%. This situation encourages both established and novel players to enter the nanomaterial market as these have shown significant improvements in performance of formulated products. Therefore, a general decision analysis framework for assessing technical, business, and environmental viability of industrial scale nanomaterials production is proposed through a literature review. The proposed framework consists of decision analysis for market and business viability, process chemistry R&D focusing on nanomaterial synthesis, process design and equipment selection, and criteria for overall optimization of the whole manufacturing process. Then, a case study is presented by applying the proposed decision analysis framework for evaluating process economics of graphene oxide production at industrial scale. Further improvement opportunities and limitations of the proposed framework were also identified.