05 June 2012 21:21 [Source: ICIS news]
HOUSTON (ICIS)--Global demand for nanomaterials will increase to $5.5bn (€4.4bn) by 2016, driven by increased market penetration and the development of new materials and applications, a US-based research group said on Tuesday.
The most rapid expansions will occur in the energy storage and generation and construction markets, The Freedonia Group said in a report.
“The world market for nanomaterials continues to be quite dynamic, undergoing rapid expansion even during the recent global recession in 2009,” the firm said. “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.”
China and India will have the fastest demand growth for nanomaterials until 2016 “as the 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 group said.
Nanomaterials, such as nanopigments, nanotubes and nanocomposites, are used in the chemical industry.
The smaller the particle, the easier it is to distribute evenly through a substance.
($1 = €0.80)
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