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Economics of Nanotechnology

Although nanotechnology, the science of manipulating molecular-scale objects, is still in its infancy, products that exploit its advanced properties have already made an economic impact. Companies sell a variety of nanotech-based coatings and treatments to improve goods such as clothing, automobiles and appliances. However, despite decades of research, nanotech remains far from being fully developed, though it has the potential for producing revolutionary products in the future.

R&D Investment
- As of 2013, research and development money constitutes a large part of the economics of nanotechnology. According to a report by Cientifica, a technology consulting and information services company, national governments around the world spend a total of about $10 billion per year for nanotech R&D. Figures for private research money are estimated to be greater than the public amount. Although the fundamental science behind nanotechnology is well understood, substantial investments in research are necessary to develop safe and practical uses of the technology.
Nanotech Sales
- According to a study released by the Illinois Science and Technology Coalition, the global market for nanotech-related materials is expected to reach $27 billion per year by 2015. This figure has three main components: nanomaterials, which manufacturers purchase to produce or enhance other products; nanotools, which is equipment used to work with nanomaterials; and nanodevices, which are components and mechanisms that use molecular-scale parts.
Applications of Nanomaterials
- Nanomaterials that have seen commercial success include water-repellant coatings for clothing, antimicrobial surfaces for appliances and catalytic coatings that make window glass self-cleaning when exposed to sunlight. Substances such as graphene, a flat sheet of carbon atoms recognized as the strongest material known, hold promise, although scientists have yet to make it in large quantities.
Productive Nanosystems
- One area of nanotechnology, productive nanosystems, may one day turn the world economy on its head. Similar in concept to but more sophisticated than present-day 3D printers, a tabletop nanofactory is a proposed device that builds objects precisely, atom by atom, from cheap chemical feedstocks such as acetone. According to theory, a nanofactory can turn out mundane objects such as toys and household goods, as well as computers, entertainment systems and other high-tech items. If it ever becomes available, such a system will virtually eliminate the need for traditional factories, warehouses and stores -- you will make everything at home in your tabletop device from plans you download over the Internet.

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