Nanotechnology plays an increasingly important role in the manufacture of a wide range of consumer products which are improved and at a lower cost. Nanotechnology companies get new market opportunities by increasing the efficiency of manufacturing and logistics operations. Nanoscale materials are used in electronic, magnetic and optoelectronic, biomedical, pharmaceutical, cosmetic, energy, catalytic and materials applications. Areas producing the greatest revenue for nanoparticles reportedly are chemical-mechanical polishing, magnetic recording tapes, sunscreens, automotive catalyst supports, biolabeling, electro conductive coatings, optical fibers, non-volatile magnetic memory, automotive sensors, landmine detectors and solid-state compasses. More than $32 billion worth products containing nano-materials were sold globally during 2007.
The value of the nanotechnology inputs used to produce consumer products worldwide is projected to reach $10.5 billion in 2010, at an average annual growth rate of 9.1%. Nanoparticles chiefly used in the production of automobile catalytic converters and tires account for more than 90% of inputs.
By 2010, nanostructured materials are projected to increase their share of the total market from 7.5% to 19%, and nanotubes from 0.002% to 8.3%. Nanocomposites and nanosensors, while expected to grow, should remain small in percentage terms.
The total market for end products that rely on nanotechnologies for their production, functioning and/or distribution is expected to reach $958 billion in 2010. By 2014, it is projected that $2.6 trillion in manufactured goods will incorporate nanotechnology.