Report predicts $50B nanotechnology growth
The nanotechnology market will grow by about $50 billion by the year 2021, according to a new report by BCC Research, as demand for industrial and consumer products that use nanotechnology increases.
The nanotechnology market should reach $90.5 billion by 2021, BCC said Tuesday, compared to $39.2 billion in 2016, demonstrating a five-year annual growth rate of about 18.2 percent.
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%) electronics (22.4%), and consumer applications (21.1%). Biomedical, consumer, and electronics applications should demonstrate the highest projected growth rates (i29.9%, 27.9%, and 20.5%, respectively) during the forecast period.
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