Global nanocomposites market size is projected to reach USD 7,475.0 million by 2022. Growing demand for nanocomposites in electronic & electrical applications owing to high electrical conductivity and thermal resistance is expected to drive growth over the forecast period. Nanocomposites are gaining huge importance in recent times on account of characteristics such as high tensile strength, better optical and magnetic properties, high resistance to corrosion, high thermal and electronic conductivity. The market is expected to grow significantly over the forecast period on account of its wide range of applications including building & construction, automotives, electronics & electrical, IT, energy and packaging.
Raw materials such as glass fibers, clay, ceramics, carbon nanotubes and other fillers are used in manufacturing of nanocomposites. Polymer production is concentrated majorly in North America and Europe. Metal oxide production is also concentrated in North America and Europe owing to advanced technology development and huge amount of investment in R&D.
Supportive government regulations regarding the use of nanocomposites in food & beverage packaging applications are expected to have a positive impact towards growth. Furthermore, growing demand for bio-based high performance nanocomposites such as bacterial cellulose with polyvinyl alcohol (PVOH), cellulose nanocrystal-filled polyurethane (PU), polysulphone/cellulose nanocomposites, cellulose nanocrystal-filled carboxymethyl cellulose is expected to propel demand for the products over the forecast period.
Lack of technological development and high production cost involved in manufacturing of nanocomposites is expected to hamper growth over the next few years. However, technological advancements related to optimizing production techniques in order to lower overall product cost is key to ensure sustainability over the next seven years.
North America nanocomposites market revenue by product, 2012 - 2022 (USD Million)
Nanoclay was the largest product segment, accounting for 52.3% of global market volume in 2014. Growing demand for this product in packaging and automotive applications is expected to propel market growth. Furthermore, growing demand of nanoclay application industries coupled with increasing application scope is likely to augment demand over the forecast period.
In terms of volume, carbon nanotubes (CNT) are expected to witness significant growth, growing at a CAGR of 19.3% from 2015 to 2022. Carbon nanotubes are increasingly being used in the manufacturing of the automotive parts owing to its superior heat and thermal conductivity. Growing demand for CNT in automotive as a multifunctional coating material and in the manufacturing of automotive parts is likely to drive growth over the forecast period. In addition, it is increasingly being used as coating material in boat and ship hulls owing to its property to reduce biofouling as well as aid in corrosion resistance.
Electronics & electrical application demand was 43.5 kilo tons in 2014. Increasing application scope within electronic & electrical component manufacturing is expected to drive demand for the market over the forecast period. Nanocomposites are widely used in manufacturing electrical components and semiconductors. Growing use of these products in the manufacturing of supercapacitors and printed circuit boards owing to their superior thermal resistivity and electrical conductivity is expected to drive demand over the next seven years.
Packaging accounted for 8.5% of the global market volume in 2014. The market is expected to decline over the forecast period on account of higher demand for the product from other applications. Rising demand for nanocomposites particularly in food & beverage packaging is expected to drive demand over the forecast period. Supportive regulations for nanocomposites owing to its degradable nature are expected to favour market growth in Europe.
North America was valued at USD 483.4 million in 2014. The North America application market in terms of revenue is dominated by the building and construction segment. Thus, rising residential construction activities particularly multi-family housing is likely to augment the market growth in the region. Automotives, aviation and electronics & energy are the other major segments in North America in terms of revenue.
Asia Pacific is expected to witness fastest growth, growing at a CAGR of 23.8% from 2015 to 2022. Rising industrialization in the region coupled with growing construction activities is likely to propel demand over the forecast period. Significant share of demand for the product came from automotive sector owing to rising use of composite materials in automobile manufacturing. In addition, rising disposable income and consumer lifestyle in Asia Pacific is likely to propel the demand in the region over the projected period.
Key players in the nanocomposites market include Zyvex Technologies, Inframat Corporation, Powdermet Inc., DuPont, DSM, BASF, Plasma X, Plasmachem Gmbh, Arkema, Cabot, BASF, InMat and eSpin Technologies.
The global nanocomposites market is characterized by integration through raw material supply as well as manufacturing stages. Companies such as Foster Corporation, Inframat Corporation, BASF AG, Cyclics Corporation, Plasma X, Plasmachem Gmbh and Lyondellbasel are engaged in manufacturing of raw materials for nanocomposites. These companies captively consume these raw materials to manufacture various grades of nanocomposites.
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