Nanocomposites Market Size, Share & Trends Report

Nanocomposites Market Size, Share & Trends Analysis Report By Product (Nanoclay, Carbon Nanotubes, Ceramics), By Application (Packaging, Electronics & Electrical, Aviation), And Segment Forecasts, 2015 - 2022

  • Published Date: Sep, 2015
  • Base Year for Estimate: 2014
  • Report ID: 978-1-68038-539-7
  • Format: Electronic (PDF)
  • Historical Data: 2012 - 2013
  • Number of Pages: 140

Industry Insights

The global nanocomposites market size was valued at USD 5.4 billion in 2014 and is expected to exhibit a CAGR of 6.4% over the forecast period. Increasing application of lightweight aluminum composite panels for insulation in growing construction industry is projected to the drive the industry over the forecast period.

Due to low permeability to gases, water, and hydrocarbons, nanocomposites are increasingly used in the food packaging industry, specifically in the packaging of cheese, confectionery, processed meat, boil-in-the-bag food, and cereals. In addition, nanocomposite polymers used in packaging help to reduce production waste and allow recycling, which is expected to propel industry growth.

In recent times, nanocomposites are gaining importance on account of their various abilities including high tensile strength, better optical and magnetic properties, high resistance to corrosion, and high thermal and electronic conductivity. These important characteristics have resulted in increased demand for nanocomposites in various industries.

U.S. nanocomposites market

The industry is expected to grow significantly over the forecast period on account of its wide range of applications including building and construction, automotive, electronics and electrical, IT, energy, and packaging. Products designed for biomedical purposes are referred as biomedical nanocomposites and are used in processes including tissue engineering, wound dressings, cancer therapy, stem cell therapy, cardiac prosthesis, and enzyme immobilization.

Raw materials such as glass fibers, clay, ceramics, carbon nanotubes, and other fillers are used in manufacturing of the product. Polymer production is concentrated majorly in North America and Europe. Metal oxide production is also concentrated in North America and Europe owing to advanced technological development and increased investment in R&D.

Supportive government regulations regarding the use of nanocomposites in food and beverage packaging applications are expected to have a positive impact on growth. Furthermore, growing demand for bio-based high-performance products such as bacterial cellulose with polyvinyl alcohol (PVOH), cellulose nanocrystal-filled polyurethane (PU), polysulphone/cellulose nanocomposites, and cellulose nanocrystal-filled carboxymethyl cellulose is expected to propel the product demand over the forecast period.

Lack of technological development and high production cost involved in manufacturing of nanocomposites are 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 likely to ensure sustainability over the next few years.

Product Insights

Nanoclay was the largest product segment in 2014, accounting for 52.3% share of the overall volume. Growing demand for this product in packaging and automotive applications is expected to propel nanocomposites market growth. Furthermore, growing demand from 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, expanding at a CAGR of 19.3% over the forecast period. Carbon nanotubes are increasingly used in the manufacturing of the automotive parts owing to their superior heat and thermal conductivity. Growing demand for CNT 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. In addition, 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.

Ceramics are majorly used in industrial, automotive, and aerospace engineering due to their prominent properties including stiffness, thermal stability, and strength. In addition, the product is used in biomedical and electronic devices owing to its thermal shock resistance, magnetic, and optical properties.

Application Insights

Demand in the electronics and electrical application segment was 43.5 kilo tons in 2014. Increasing application scope in electronic and electrical component manufacturing is expected to drive demand for the nanocomposites market over the forecast period. Nanocomposites are widely used in manufacturing electrical components and semiconductors. Growing use of these products in the manufacturing of super capacitors and printed circuit boards owing to their superior thermal resistivity and electrical conductivity is expected to drive demand over the next few years.

Packaging accounted for 8.5% share of the global 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 and 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.

Global nanocomposites market

Aviation accounted for 10.4% share of the global volume in 2014 and is expected to witness significant growth over the forecast period.  Nanocomposites act as strengthening elements for the aircraft structures including frames, wings, and stringers. Ceramic-matrix nanocomposites have improved magnetic, optical, and electrical properties. In addition, the product provides protection against corrosion, which is expected to promote the growth of nanocomposites in the aviation industry.

Regional Insights

The nanocomposites market in North America was valued at USD 483.4 million in 2014. The growth in the region is attributed to booming building and construction sector. Thus, rising residential construction activities, particularly multi-family housing, are likely to augment the market growth in the region. Automotive, aviation, electronics, and energy are the other major industries contributing to the market growth in North America.

Asia Pacific is expected to witness the fastest growth, expanding at a CAGR of 23.8% over the forecast period. Rising industrialization in the region, coupled with growing construction activities, is likely to propel demand over the forecast period. Demand for the product is increasing in the automotive sector owing to rising use of composite materials in automobile manufacturing. In addition, rising disposable income and consumer lifestyle in Asia Pacific are likely to propel the demand in the region over the projected period.

Automotive parts, coating, and packaging are the major applications of nanocomposites in Europe. Presence of a vast base of the automotive industry contributing majorly to the European economy is expected to drive the market demand over the forecast period. The packaging sector is expected to grow owing to increasing end user markets in the region, thereby driving the market in the region.

Nanocomposites Market Share Insights

Key players in the market include Zyvex Technologies; Inframat Corporation; Powdermet Inc.; DuPont; DSM; BASF; Plasma X; Plasmachem Gmbh; Arkema; Cabot; BASF; InMat; and eSpin Technologies.

The nanocomposites industry 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 actively consume these raw materials to manufacture various grades of the product.

Report Scope

Attribute

Details

Base year for estimation

2014

Actual estimates/Historical data

2012  -  2013

Forecast period

2015  -  2022

Market representation

Volume in Kilo Tons., Revenue in USD Million, and CAGR from 2015 to 2022

Regional scope

North America, Asia Pacific, Europe, and Rest of World

Report coverage

Revenue forecast, competitive landscape, growth factors and trends

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