Nanotechnology

On the other hand, nanotechnology can be viewed as an industry if the focus is kept on activities that advance the knowledge of nanoscale materials and how they can be used. People in many occupations do this kind of research and development work. Scientists and technicians are uncovering the principles that govern the properties of materials at nanoscale. They have discovered the principles of nanoscale building blocks—cubes, spheres, sheets, and tubes—and how to assemble these parts or coax them to assemble themselves. They are also increasing our understanding of how to mimic the processes that living things accomplish at nanoscale. These research findings are being applied to solve practical problems by engineers and engineering technicians. Properties such as electrical conductivity, water resistance, catalysis (sparking a chemical reaction), emission of light, and tensile strength can be put to countless uses in industrial products and processes.

News and projections about the dollar value of the industry are often distorted by being based on the total sales figures for products containing nanomaterials rather than solely on the value of these component materials. For example, a can of paint priced at several dollars may incorporate only a few cents' worth of nanoparticle pigments. Also these sales figures apply to industries that use nanoenhanced products and do not measure the volume of business in the nanotechnology knowledge industry itself.

Nevertheless, to appreciate the growing impact of nanotechnology research and development, it helps to observe the premium prices commanded by products that incorporate nanomaterials. For example, a can of Wilson tennis balls with a nanomaterial coating sells for 35 percent extra. A pair of Dockers khakis with a stain-resistant nanoscale coating sells for a 15 percent premium. The U.S. National Nanotechnology Initiative estimates the "2022 economic impact of nanotechnology on the U.S. economy was between $67 billion and $83 billion and close to a trillion dollars over the past two decades."

According to a January 2024 report from BCC Research, the global nanotechnology market was expected to grow from $68 billion in 2023 to reach $183.7 billion by 2028, at a compound annual growth rate (CAGR) of 22 percent from 2023 through 2028. Some issues, however, will hamper growth in the nanotechnology market, such as environmental, health, and safety risks, and concerns over the commercialization of nanotechnology.

The various U.S. government agencies that are encouraging the technology are funded and coordinated by the National Nanotechnology Initiative (NNI). The agencies receiving the largest investments are the Department of Energy, National Science Foundation, National Institutes of Health, Department of Defense, and National Institute of Standards and Technology. The NNI works with more than 30 federal departments, independent agencies, and commissions "toward the future in which the ability to understand and control matter at the nanoscale leads to ongoing revolutions in technology and industry that benefit society." NNI has come under some criticism, however, because it has the conflicting missions of both encouraging and regulating the industry, somewhat like the Nuclear Energy Commission in the early years of atomic power.

The U.S. Census Bureau released data from its 2017 Economic Census in late 2022. In the classification code of "Nanotechnology Research and Development (NRD)," the data showed that there were 3,700 NRD companies that reported $42 billion in annual revenue and $20 billion in employee salaries for more than 171,000 workers. This report is limited in scope because it only included companies that self-identified as primarily being in the business of nanotechnology research and development. The NNI reports that "if the microelectronics and semiconductor segments were included, the estimated impact jumped to between $268 billion and $297 billion annually."