#Nanotechnology Sees Big Growth in Products and Applications
February 13, 2017 (Investorideas.com Newswire) 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).
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%.
The largest end-user markets for nanotechnology in 2015 were environmental applications (38.8% of the total market), electronics (22.4%), and consumer applications (21.1%). Biomedical, consumer, and electronics applications should demonstrate the highest projected CAGR rates (i.e., 29.9%, 27.9%, and 20.5%, respectively) during the forecast period.
"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," says BCC Research analyst Andrew McWilliams.
The Maturing Nanotechnology Market: Products and Applications (NAN031G) analyzes the global markets for nanomaterials, nanotools, and nanodevices. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at firstname.lastname@example.org.
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