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"Global Nanocomposites Market was Valued at US$ 4.3 Bn in 2019 and it is Expected to Reach More than US$ 13.2 Bn by 2028, Likely to Grow with the CAGR of 13.3 % During the Forecast Period."
Nanocomposites are the nano-sized particles in a matrix of standard material. The nanoparticle improves its properties like mechanical strength, toughness and electrical or thermal conductivity of the material when added to the material. It is a rapidly expanding field that is generating different exciting new composite materials that have novel properties. The market is growing due to the high demand from aerospace & defense, packaging, automotive, and electronics & semiconductor applications.
Nanocomposites are gaining importance due to their various abilities including high tensile strength, high resistance to corrosion, better magnetic and optical properties, high thermal and electronic conductivity all these characteristics are driving the demand for nanocomposites in various industries. Moreover, increasing the application of lightweight aluminum composite panels for insulation in the growing construction industry is projected to drive the industry over the forecast period. Nanocomposites are increasingly used in the food packaging industry due to their properties such as low permeability to gases, water, and hydrocarbons. In addition, they are also used in packaging help to reduce production waste and allow recycling, which is expected to propel industry growth.
Furthermore, increasing demand for bio-based high-performance products such as bacterial cellulose, polysulphone/cellulose nanocomposites, cellulose nanocrystal-filled polyurethane (PU), and cellulose nanocrystal-filled carboxymethyl cellulose. Products designed for biomedical purposes are referred to as biomedical nanocomposites and are used in processes including tissue engineering, wound dressings, cancer therapy, stem cell therapy, cardiac prosthesis, and enzyme immobilization is expected to propel the product demand over the forecast period.In addition, Raw materials such as glass fibers, clay, ceramics, carbon nanotubes, and other fillers are used in the manufacturing of the product.
However, the growth of the nanocomposites market is hindered by factors such as its complex manufacturing process, high cost, and high-level technology of skill required for handling applications of nano-level composites.
Packaging Industry Segment Expected To Dominate The Global Nanocomposites Market Over The Forecast Period
The packaging industry dominated the nanocomposites market in 2019 and accounted for over xx % of the share of the global Nanocomposites market in 2019. It is projected to grow at a significant CAGR during the forecast period owing to increasing demand from applications, such as food & beverage, pharmaceuticals, and electronics devices. This increase in demand is mainly due to the improved lightweight, physical, and mechanical properties of polymer nanocomposites.
Rising demand for nanocomposites, particularly in food and beverage packaging, is expected to drive demand over the forecast period due to wrapping films and containers are made of polymer nanocomposites whose demand continues to increase. In addition, Supportive regulations for nanocomposites owing to its degradable nature are expected to favor market growth in Europe.
The Carbon Nanotubes (CNT) Segment is expected to Witness Highest Growth in the Global Nanocomposites Market Across the Globe
The carbon nanotubes (CNT) segment is estimated to be the largest application of the Nanocomposites market. The carbon nanotubes (CNT) segment is projected to grow at the highest rate at 19.3% of CAGR in the Nanocomposites market during the forecast period.
The carbon nanotube-based nanocomposites are widely used in electronics & semiconductor applications due to their desirable electrical properties. They are used in the fabrication of transparent conductive films (TCF) which can be used as a highly conductive, transparent, and cost-efficient alternative in flexible displays and touch screens.
In addition, Carbon nanotubes are increasingly used in the manufacturing of the automotive parts owing to their superior heat and thermal conductivity. Growing demand for Carbon nanotubes in the automotive industry as a multifunctional coating material and in the manufacturing of automotive parts is likely to boost the segment growth over the forecast period. Furthermore, it is increasingly used as a coating material in boat and ship hulls owing to its property to reduce biofouling as well as corrosion resistance.
While, Nanoclay was the largest product segment in 2019, accounting for over 45% share of the overall volume owing to the growing demand for this product in packaging and automotive applications is expected to propel nanocomposites market growth.
The North America Is Expected To Dominate The Nanocomposites Market During The Forecast Period
The Nanocomposites market in North America was valued at US$ xx million which was the largest market for nanocomposites in 2019, accounted for approximately 40% of the global demand of the Nanocomposites market. This trend is expected to remain unchanged over the forecast period. The growth in the region is attributed to booming building and construction, electronics & semiconductors and aviation sector. In addition, Automotive, aviation, electronics, and energy are the other major industries contributing to the market growth in North America.
While Europe has also shown substantial growth and accounted for a large portion of nanocomposite sales.
The Asia-Pacific Region Is Projected to Register a Highest Growth in the Nanocomposites Market during the Forecast Period
The Asia Pacific accounted for over xx % of global in terms of volume in 2019 and is expected to be the fastest-growing region at a CAGR of over 20 % during the forecast period.
Growing construction activities coupled with rising industrialization in the region is likely to propel demand over the forecast period. The demand for the product is increasing in the automotive sector owing to the rising use of composite materials in automobile manufacturing.
Furthermore, the packaging is a major application of nanocomposites in the region. The presence of a large number of manufacturers and High demand for nanocomposites from the automotive and electronics & semiconductor applications in China are expected to drive the nanocomposites market in the Asia Pacific. China is the largest market of nanocomposites in the region, where manufacturers are investing in new material types and R&D activities.
Global Nanocomposites market is fragmented among the number of local and global players.Some of key players operating in the global Nanocomposites market are Arkema SA, BASF SE, Cabot Corporation, Cyclics Corporation, DSM Somos, Elementis Specialties Inc., eSpin Technologies Inc., Hybrid Plastics IncInframat Corporation, InMat Inc., Nanocor Incorporated, Powdermet Inc.,E.I. du Pont de Nemours & Company (DuPont), Evonik Degussa GmbH, Foster Corporation, Rockwood Additives Ltd., Showa Denko K.K., Unidym, Inc., and Zyvex
Global Nanocomposites Market Key Segments:
Global Nanocomposites Market, By Material Type
- Carbon Nanotubes
- Metal oxide
- Others (Expanded Graphite, Fullerene Fillers, Recycled Paper, Wood, Recycled Fibers)
Global Nanocomposites Market, By Application
- Electronics and Semiconductors
- Aerospace & Defense
- Others (Marine, Biomedical, Industrial)
Global Nanocomposites Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America