ABSTRACT
If the figures prove to be accurate, nanotechnology will emerge as a larger economic force than the combined telecommunications and information technology industries seen at the beginning of the technology boom of the late 1990s [35]. The nanotech markets include the energy, healthcare, consumer goods, textile, automotive, aerospace and many other industries. Interestingly, Lux Research insists that the presence of the nanotechnology market is an illusion; there is no nanotechnology market and instead there is a
nanotechnology value chain in the existing market [28]. Regardless of the definition, a large number of small and large companies saw significant business opportunities in nanotechnology commer-cialisation. Many start-up companies used the word “nano” in their names to take advantage of the hype. In 2008, Credit Suisse developed the Global Nanotechnology Index to focus on companies offering nanotechnology products. Other financial institutions followed this move [13].In 2002, an analysis by Holister and Harper listed the four major markets for nanoparticles by volume as (i) automotive catalysts (Pt, Pd, CeO2, ZrO2,11,500 tonnes), (ii) chemical mechanical planarisation slurry (Al2O3, SiO2, CeO2, 9,400 tonnes), (iii) magnetic recording media (Co, Fe2O3 and other ferrites, 3,100 tonnes) and (iv) sunscreens (ZnO and TiO2, 1,500 tonnes) [21]. Although nanoparticle sunscreens are often regarded as the most widely known nanotech products, their volume is estimated to be only ~6% of the combined volume of those four major markets. In terms of business profit, the volume does not necessarily equate with value. In general, cosmetic, pharmaceutical and medical applications can fetch significantly higher profit margins than industrial applications.In this chapter, the detailed analysis of the nanotechnology market in each sector is left to the commercial market reports (Table 2.1). Instead, the overviews of current nano-enabled consumer goods and future applications in key industrial sectors are presented. 2.3 Opportunities and ChallengesNanoparticles can be used in many ways at the various stages of manufacturing processes. For example, they can be the raw ingredients which are transformed into non-nano materials during the process. They can be used to assist manufacturing processes as process catalysts or processing tools, which are not incorporated in the final products. For example, chemical mechanical planarisation slurry is a processing tool and the nanomaterials do not remain in the final products, i.e., computer chips. Nanoparticles can also be the vital components incorporated in the final products to give unique
functionalities to the products. As such, the consumer products that contain nanoparticles are rather a small part of the examples of nanoparticle technology applications. Many of the applications may be invisible to most of the consumers. In this section, a brief overview of the applications of nanomaterials is given for some key market sectors. 2.3.1 Energy SectorOwing to the population explosion and global industrialisation, energy demand in the world is expected to double over the next 25 years [34]. Currently, fossil fuels provide ~85% of energy production worldwide, but the resources are limited. In 2002, the reserves of fossil fuels throughout the whole world were projected to last 40 years for oil, 60 years for natural gas and 200 years for coal [34]. Once the demand for fossil fuels exceeds the supply, our lifestyle will be largely compromised and geo-political restrictions/conflict will escalate. Hence, renewable energy sources are urgently needed to fill the demand-supply gap expected in the near future. Nanotechnology presents significant potential to assist the development of clean energy technology in the segments of energy production, storage and conservation [24,34,47]. 2.3.1.1 Energy productionThe major applications of nanomaterials in this sector are listed in Table 2.2. Solar cells generate electricity directly from sunlight and are one of the most recognised clean energy technologies. The production of fuels such as methanol and diesel from renewable biological sources is an attractive alternative to the direct use of fossil fuels. Fuel cells are another clean energy technology where the chemical energy stored in the fuel (methanol, hydrogen, methane, etc.) is transformed into H2O and electrical energy with high efficiency, no toxic emission and low environ-mental impact. Wind power is a major source of clean energy in Europe. In Denmark, ~20% of electricity demand is met by wind power technology. In all of those clean technologies, nanomaterials are expected to have significant influence on improving the efficiencies.
