Nanomaterials Demand to Reach $5.5 Billion by 2016
World demand for nanomaterials will rise more than two-and-a-half times to $5.5 billion in 2016 driven by a combination of increased market penetration of existing materials and ongoing development of new materials and applications. Nanotubes, along with other materials such as nanoclays and quantum dots, will grow at the fastest pace, with the energy storage and generation market and the construction market undergoing the most rapid expansions. These and other trends are presented in World Nanomaterials, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
The world market for nanomaterials continues to be quite dynamic, undergoing rapid expansion even during the recent global recession in 2009. Significant investments into the research and development of nanomaterials continue to highlight their unique properties and their high-value nature when compared to conventional materials. This high-value nature has concentrated nanomaterial demand in wealthier countries where the majority of research and development occurs, and where many companies continue to manufacture their most technologically advanced products due to concerns about intellectual property rights in developing countries. Through 2016, however, the fastest growth in nanomaterial demand will be in China and India as these countries gain a greater share of global research and development spending, and as large multinational corporations become increasingly comfortable allowing their most advanced products to be made in these manufacturing powerhouses.
The energy storage and generation market and the construction market will expand at the fastest paces through 2016. However, this primarily reflects the limited historical penetration of nanomaterials in these markets. As prices continue to fall and material properties continue to improve, both markets will offer significant opportunities for expansion. Growth in the electronics market, in contrast, while still robust, will trail all other markets. The largest market in 2011 was the health care market, due primarily to the use of nanocrystalline active pharmaceutical intermediates to improve bioavailability and system uptake. Significant opportunities remain as many pharmaceuticals still have not been converted into a nanocrystalline form, and the use of nanocomposites to produce advanced medical devices remains in its infancy. Significant opportunities for market expansion will also exist in many smaller markets such as aerospace and defense, packaging, personal care products, and sports equipment.
Source: The Freedonia Group Inc.