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I AgreeAnalysis of Polymer Nanocomposites market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global polymer nanocomposites market is projected to grow from US$ 5 Bn in 2020 to US$ 9 Bn by 2031, surging at a CAGR of 16%. Demand for clay-based nanocomposites is set to accelerate at an impressive CAGR of 20% across the assessment period of 2021 to 2031.
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As per Fact.MR – a market research and competitive intelligence provider, over the last 5 years, the global market for polymer nanocomposites expanded at close to 11% CAGR. In 2020, the market was valued at US$ 5 Bn.
The market for polymer nanocomposites has witnessed substantial growth owing to rising demand in end-use industries, including aerospace engineering, automotive, construction, renewable power generation, military, and food & packaging.
The automotive industry is expected to be a key driver for polymer nanocomposites due to rising demand for lightweight automotive parts, owing to their high strength and lightweight properties resulting in superior performance and reduced carbon emissions.
In addition, stringent government regulations related to automotive emission standards are expected to augment market growth going ahead. Furthermore, growing awareness regarding automotive safety among consumers is expected to propel market growth.
Global acceptance of polymer nanocomposites in semiconductor manufacturing owing to their superior characteristics, including compactness, lightweight structure, and electrical conductivity, is expected to propel the market over the next ten years.
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A nanocomposite is a material designed for enhanced performance in number of unique applications through improvement in structural, functional or cosmetic properties.
These nanocomposites are nowadays widely used in industries such as food packaging, automotive, aerospace & defence, electronics & semiconductors, energy, construction, and others.
Nano-particles and nano-layers have very high surface-to-volume and aspect ratios, and this makes them ideal for use in polymeric materials. Such structures combine the best properties of each component to possess enhanced mechanical & superconducting properties for advanced applications.
New applications of polymer nanocomposites in food packaging is a major factor driving the market. It is owing to the multi-functionality of nanocomposites that the market is experiencing high demand and growth.
Although polymer nanocomposites are highly in demand, high prices of products are slowing down growth of the industry. High price of nanomaterials such as carbon nanotubes, nanofibers, etc., will affect polymer nanocomposite demand over the coming years.
North America holds more than 35% of share in the global market owing to the region’s high spending on nanotechnology.
Increasing product demand from the packaging sector is a key reason behind the growth of the market in this region. Growing demand for polymer nanocomposites in the automobile industry will further enhance the growth of the market over the coming years.
Asia Pacific holds around 20% market share for polymer nanocomposites. This region is the largest and the fastest-growing market for polymer nanocomposites, in terms of volume. Packaging is a major application of polymer nanocomposites across Asia.
Presence of a large number of nanocomposite manufacturers and application industry makes this region the most important market for polymer nanocomposites.
Presence of an advanced nanocomposites industry and high demand for nanocomposites for automotive and electronics & semiconductor applications in China are expected to drive the market in Asia Pacific.
The polymer nanocomposites market in the U.S was estimated at US$ 1.5 Bn in the year 2020.
High demand is attributable to huge amount of capital investments in building infrastructure for carrying out research activities in the field of polymer nanocomposites.
Also, growing medical industry, development of new medical electronic devices, rising automobile industry, and increasing number of nanocomposite manufacturers are expected to enhance market growth during the predicted years.
South Korea and Japan are the two leading polymer nanocomposite manufacturing countries in Asia Pacific.
Japan accounted for around 50% of polymer nanocomposite revenue share alone in the Asia Pacific region.
Furthermore, growing manufacturers of nanocomposites owing to their investments in respective domestic markets as well as support from national governments will further propel sales of polymer nanocomposites in both countries over the coming ten years.
Carbon nanotube-based nanocomposites are widely used in electronic & semiconductor applications due to their desirable electrical properties. They are considered a viable replacement for transparent conductors in electronic applications.
Fabricated as transparent conductive films (TCF), carbon nanotubes can be used as a highly conductive, transparent, and cost-efficient alternative in flexible displays and touch screens.
It is owing to these properties that their demand remains high in the market.
Nanoclay composites are extensively used in the food & beverage packaging industry as they offer good amount of barrier properties over other materials.
Incorporation of nanoclay composites can improve the thermal, mechanical, and barrier properties of a host polymer. Both, natural hydrophilic and modified organophilic nanoclay composites provide unique characteristics to the host polymer depending on the selected applications.
Besides the advantage of polymer reinforcement, various novel applications of nanoclay composites in food packaging have been suggested recently, such as control and release for active ingredients, antimicrobial agent, and carrier for the colorimetric indicator system.
Product launches and business expansion are leading strategies adopted by key players in this market in order to expand their geographic reach and improve their product portfolios in the global market.
Expansion covers 25% share out of the strategies adopted by key market players. Product launches, the most preferred strategy, are adopted by many companies in order to increase their product range for polymer nanocomposites.
Attributes |
Details |
Forecast Period |
2021-2031 |
Historical Data Available for |
2016-2020 |
Key Companies Profiled
|
|
Pricing |
Available upon Request |
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The global polymer nanocomposites market is currently valued above US$ 5 Bn.
The market for polymer nanocomposites is expected to expand at a CAGR of 16% across forecast period.
Increasing product demand in the packaging and automotive industry and rising research & development activities related to nanotechnology across the world are major factors driving growth of the global market.
Arkema, RTP Company, Nanocyl SA, Unitika Ltd, Evonik Industries, Mineral Technology, Nylon Corporation of America, and Nanophase Technologies Corporation are the top market contributors, as per ratings on the basis of market share, market reach, and cl
Arkema, RTP Company, Nanocyl SA, Unitika Ltd, Evonik Industries, Mineral Technology, Nylon Corporation of America, and Nanophase Technologies Corporation are the top market contributors, as per ratings on the basis of market share, market reach, and cl
China and Singapore are the two fastest growing manufacturers of polymer nanocomposites.
Application of polymer nanocomposites in the packaging industry to account for the largest market share over the next ten years.