According to the latest research from Reportlinker, increased applications of nanotechnology in sectors like cosmetics will propel global growth which is anticipated to expand at a CAGR of about 19 percent during 2011-2014.
According to ‘Nanotechnology Market Forecast to 2014’, electronic specialists are finding new ways of incorporating nanotechnology into consumer products like music systems and mobile phones in order to improve their processing capabilities.
The market researcher particularly notes that the technology could help improve cosmetics by changing their physical properties, and that the sector alone will reach $155.8m by the end of 2012, with sunscreens pinpointed as accounting for 95 percent of the market.
Nanotechnology is the science of manipulating the properties of tiny particles, normally 1 to 100 nanometers, and has a broad range of applications from computer chips to personal care.
Domination and innovation...
Country-level analysis included in the report identified the US as being the most prominent nanotechnology market and predicts it as set to continue to enjoy the biggest pie of the global industry.
Fellow market analyst Mintel also identifies the US as holding a considerable amount of market share in the last ten years in terms of cosmetic nano product launches, placing it in second, losing out only to Asia Pacific who dominated the category.
Meanwhile, Reportlinker further hit home that although nanomaterials are to continue to dominate the nanotechnology market in the coming years, nano devices - comprising nanolithographic tools for manufacturing the next generation semi-conductors, as growing at a much faster rate in near future.
“Nano devices, which have had a huge impact on almost each industrial sector, are now entering the consumer market in a big way.”
Making nano claims
Elsewhere Mintel reveals that moisturizing or hydrating is the number one claim made about new nanotechnology cosmetics product launches, with botanical/ herbal coming in at a very close second, followed by claims of anti-aging or antioxidant, brightening/ illuminating and UV protection.
"The UV protection claim ranking so low is surprising given how much attention has been given to these products and their use of nanomaterials, particularly after the FDA sunscreen announcement made last year," says a spokesperson for the market researcher.
"However, this may have affected the amount of products launched making these claims, so could increase now that proper labelling has been put in place and nanotechnology becomes a more accepted and efficient method in sun care," they added.