The global market for nanotechnology products was $9.4 billion in 2005, should reach more than $10.5 billion in 2006 and is set to grow to about $25.2 billion by 2011, according to new research.
The findings were published in the newly updated technical market research report, Nanotechnology: A Realistic Market Evaluation from BCC Research. The market values represent an average annual growth rate (AAGR) of 19.1 per cent. This figure includes well-established commercial nanomaterials applications, including carbon black filler for inkjet inks and nanocatalyst thin films for catalytic converters. It also covers new technologies, such as nanoparticulate fabric treatments, rocket fuel additives, nanolithographic tools, and nanoscale electronic memory.
Nanomaterials, particularly nanoparticles and nanocomposites, dominated the nanotechnology market in 2005, accounting for over 86 per cent of the market. Nanotools accounted for 10 per cent of the market and nanodevices the remaining four per cent. Nanotools, which include the nanolithographic tools used to produce the next generation of semiconductors, are projected to grow at a much faster rate than either nanomaterials or nanodevices. As a result their market share should increase to 30 per cent by 2011, while both nanomaterials and nanodevices are forecast to lose market share, shrinking to 67 per cent and three per cent respectively.
The largest end-user markets for nanotechnology in 2005 were environmental remediation (33 per cent of the total market), electronics (24 per cent), energy (15 per cent) and biomedical applications (five per cent). Electronics and biomedical applications have much higher projected growth rates than other applications over the next five years. As a result, electronics’ share of the nanotechnology market should grow to over 50 per cent by 2011, and biomedical applications’ share to eight per cent.