The global quantum dots market was worth $961.4 million in 2014, and it is expected to grow at a CAGR of 30.4% during 2015-2020. Cadmium Selenide (CdSe) based quantum dots dominated the global market in 2014 with 30.3% share; whereas, among applications, the optoelectronics accounted for the highest share of 39.7% in global quantum dots market in the same year. Quantum dots market is escalating with high growth rate due to several favorable macro-economic factors, such as people’s growing fascination towards new technologies and their increasing disposable incomes. Rising urbanization have been imparting positive impact on electronics market, as people are increasingly adopting new technology to make their daily chores easier and experience better results from the electronics. The application of nanotechnology is growing across several other industries such as optics, healthcare, renewable energy, and security and surveillance. Quantum dots market in developing economies, such as Asia-Pacific, Africa, and Latin America, have been growing at a significant pace due to rising economic active population that is increasing people’s buying power.
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The electronics industry has made large strides in the recent years, which have been favorable for the display market as well. This has continuously boosted the demand for quantum dots. The growing acceptance of smart phones and tablet personal computers (PC) have skyrocketed the demand for quantum dots. The smart phone market is growing at an average annual growth rate of over 20%. The tablet PC market on the other hand grew at a CAGR of 52% during 2010-2013. The emergence of Organic Light Emitting Diode (OLED) televisions has further laid opportunities for the quantum dots. The LED television market is also growing at an average annual growth rate of 15%.
The increasing disposable income across the globe is encouraging consumers to use more number of electronic products to increase their convenience level. However, at the same time, the increasing number of electronic devices in a household is also resulting in high electricity consumption. Since television is one of the basic electronics of a household, it becomes pertinent to reduce its power consumption. The developed countries have already upgraded their cathode ray tube (CRT) televisions and monitors with Liquid Crystal Display (LCD) and Light Emitting Diode (LED) televisions and monitors. The people in developing countries are also replacing their CRT based devices with new technology based devices, which is consequently driving the quantum dots market.
The restraints associated with quantum dots market include high cost of quantum dots and health related issues from cadmium-based quantum dots. Quantum dot materials are expensive, which elevate the cost of products manufactured with them, leading to less penetration of such products. The adoption of quantum dots based electronics has been increasing. However, a large rural population in the developing countries are least using them due to their high cost. Quantum dots are also potential materials for biological imaging and therapeutic interventions due to their bright and stable photoluminescence; however, owing to their high price, their application is limited in this field. Cadmium based quantum dots have been considered toxic for human health and environment. According to International Agency for Research on Cancer, cadmium and cadmium compounds have been classified as carcinogenic to humans. Certain studies also show that cadmium telluride based quantum dots causes disruption of mitochondrial membrane potential, increases intracellular calcium levels, impairs cellular respiration, and decreases adenosine triphosphate synthesis. In Europe, before 2015, cadmium was restricted for use in electronics under the directive European Restrictions on Hazardous Substances. However, the cadmium-free quantum dots are expensive as compared to cadmium based quantum dots.
The key companies operating in the global quantum dots market include QD Vision, Inc., Quantum Materials Corporation, Nanosys Inc., QD Laser Inc., Nanoco Group Plc, Invisage Technologies Inc., Ocean Nanotech LLC, and NN-LABS LLC.
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