WELLESLEY, Mass. -- Nanotechnology
promises to impact many sectors of the global economy, as evidenced by double-digit growth rates of nanomaterials, nanotools, and nanodevices. BCC Research reveals in its new report that continuing moderate growth of the U.S. and world economies should significantly expand the nanotechnology industry.
Nanotechnology applications are defined comprehensively as the creation and use of materials, devices and systems through the manipulation of matter at scales of less than 100 nanometers. This report examines nanomaterials (nanoparticles, nanotubes, nanostructured materials and nanocomposites), nanotools (nanolithography tools and scanning probe microscopes) and nanodevices (nanosensors and nanoelectronics).
Nanotechnology Sees Big Growth
The global nanotechnology market should reach $90.5 billion by 2021 from $39.2 billion in 2016, growing at a five-year compound annual growth rate (CAGR) of 18.2%. This figure includes well-established commercial nanomaterials applications such as nanoparticle-based sunscreen products and nanocatalyst thin films for catalytic converters, as well as new technologies such as nano-thin film solar cells, nanolithographic tools and nanoscale electronic memory.
The nanomaterials market should reach $32.5 billion and $77.3 billion in 2016 and 2021, respectively, demonstrating a five-year CAGR of 18.9%. The nanodevices market should reach $195.9 million by 2021, up from $56.5 million in 2016, reflecting a five-year CAGR of 28.2%.
Nanomaterials, particularly nanoparticles and nanoscale thin films, dominated the market in 2015, accounting for 83.3% of the market. Nanotools totaled 16.6% of the market and nanodevices the remainder. By 2021, nanomaterials’ market share is expected to increase to 85.3%, while nanotools’ share shrinks to 14.5%, and nanodevices’ share increases slightly from 0.1% to 0.2%.
BCC Research analyst Andrew McWilliams, said:
"Economic expansion will foster growth in the nanotechnology sector by stimulating industrial and consumer demand for products incorporating nanotechnology, and increasing corporate profits and government tax revenues needed to fund research and development activities".
About BCC Research
BCC Research is among the leading market research companies covering changes driven by science and technology. Its market research coverage provides detailed market size forecasts that incorporate the major economic, scientific, and technological developments in industrial, pharmaceutical, and high technology organizations. Industry analysis and market forecasts for advanced materials, high-tech systems and components, nanotechnology and novel processing methods are at the forefront of the company's expertise.
Source: BCC Research