Overview on Nanotechnology

Eun-Hee Park Cirlin, Ph.D.

ITA

Los Angeles, CA

Global nanotechnology R&D funding almost doubled to more than $10 billion (Japan – $4b, US – $3.4b, Korea – $0.3b) in 2004 from the previous year.  Most of the increase came from corporate and private funding, which grew by 160% while government funding was increased 37%.  The current estimated NNI spending in 2005 is $1.23 billion with an increase of $136 million from the last year.  In 2004, nanotech was already a $10 billion market, and that is expected to triple by 2008.  Much of the growth is expected from new nanomaterials.  According to NSF, by 2015 nanotechnology is estimated to be the next trillion dollar industry.  All of the Fortune 500 companies have launched significant nanotech initiatives since 2002.  Their R&D includes new nanomaterials, CNT, nanocatalysts, QDs, molecular electronics, information, storage, nano-wires, energy, and life sciences.  The global market for nanotechnology applications in the life sciences is expected to exceed $910 million in 2005 and to exceed $3.4 billion by 2010.  

The manipulation of matter on the nanoscale confinement can result in novel, unique, and exciting chemical, physical, optical, thermal, electrical, and mechanical properties.  Although still in its infancy, nanomaterials and devices with new material properties and device characteristics have been created in unprecedented ways.  Nanotechnology is already improving the performance characteristics and functionality of many products. Examples include lighter and stronger automobile bumpers, non-corrosive catalytic converters, enhanced computer screens, higher-strength metal-cutting tools, scratch-resistant paints and coatings, sensors, tennis balls, golf balls, and skin cares. A wide variety of cutting-edge nanotechnology research, including drug-delivery systems, cancer research, human repair, nano-electronics, nano-photonics, computing, defense, security, biotechnology, biomedicine, new data storage technologies, fuel cells, nanotube composites automotives, and textiles, is exploding.  Molecular nanotechnology shows potential to replace the current manufacturing base with a new, precise, less expensive, and more flexible way of making products.  Beyond scientific exhilaration and entrepreneurial challenges, nanotechnology is poised to revolutionize our future by affecting almost every aspect of our lives.