Polymer nanocomposite market is expected to witness substantial growth owing to growth in end-use applications including aerospace engineering, automotive industry, construction, renewable power generation, military, and food. The automotive industry is expected to be a key driver for polymer nanocomposites due to rising demand for lightweight automotive parts owing to its high strength and lightweight properties resulting in superior performance and reduced carbon emissions. In addition, stringent government regulations related to automotive emission standards is expected to augment the polymer nanocomposite market over the forecast period. Furthermore, growing awareness regarding automotive safety among consumers is expected to propel market growth. Global acceptance of polymer nanocomposites in semiconductor manufacturing owing to its superior characteristics including compactness, lightweight structure, and electrical conductivity is expected to propel the market over the next seven years.
Polymer nanocomposite contains nanoparticles or nanofillers dispersed in the polymer matrix. Polymer nanocomposite market is segmented based on product type including carbon nanotube, nanofiber, nanoclay, and inorganic particle reinforced composites. Furthermore, polymer nanocomposites market is segmented based on end-use including packaging, automotive, electronics & semiconductor, food & beverage, aerospace & defense, energy, coatings, and other industrial applications. Automotive market accounts for largest market share among polymer nanocomposites owing to its widespread use in manufacturing of automotive parts such as power train, suspension and braking systems, exhaust systems and catalytic converters, lubrication, tires, and body parts. Enhanced mechanical, thermal barrier, electrical chemical properties of polymer nanocomposites including increased tensile strength, heat deflection temperature provides an edge over conventional nanocomposites. Food & beverage contributed a significant share to polymer nanocomposite application due to increasing use in food packaging material as well as conservation of flavor in drinks and beverages. Defense application includes use of polymer nanocomposites in the manufacturing of electrically conductive fabrics, sensors, electromagnetic shielding, microwave absorption, ballistic protection, fire retardation, and corrosion protection. The aerospace industry also contributed a significant share to polymer nanocomposite applications owing to increased use in manufacturing of laminates, sandwich structures, anti-lightening, and anti-radar protectors. Biomedical application of polymer nanocomposites includes biological imaging, cell tracking, magnetic bioseparation, nanomedicine. In addition, various chemical compositions of natural and synthetic biodegradable polymers with organic or inorganic fillers are used in applications including tissue engineering and bone reconstruction. Renewable power generation application of polymer nanocomposites includes use of carbon nanotubes (CNT) tiles for power generation and CNT conductors for reducing transmission losses. However, high processing cost required for polymer nanocomposites production is expected to pose a major challenge for market growth over the forecast period. In addition, water-resistance of polymer nanocomposite in wet environmental conditions, degradation rates under various conditions, change in mechanical properties during storage, potential for microbial growth, and release of harmful compounds into packaged food products is expected to pose a major challenge for market growth over the forecast period.
Asia Pacific accounted for the largest market share for poly nanocomposite applications owing to widespread use in various industries including packaging, automotive, electronics & semiconductor, aerospace, defense, and coatings. The presence of emerging economies including India and China is helping the polymer nanocomposites market to grow in the region. Growing electrical and electronics market in South East Asia particularly in South Korea, Japan, and China is expected to boost the poly nanocomposite market over the forecast period. European market accounted for the second-largest market share owing to increasing demand in automotive industries to replace the other conventional composites that reduce the weight of vehicles and increases efficiency. In addition, the packaging industry is expected to boost the market in the region owing to its superior material and preservation characteristics. Middle East polymer nanocomposites market is expected to witness significant growth owing to increasing use in the packaging industry including food & beverage packaging over the forecast period. Africa is expected to grow at a significant rate owing to rising use of poly nanocomposites in the coatings industry particularly in Nigeria and South Africa. Furthermore, growing infrastructure in the region is expected to propel market growth.
Major players in the poly nanocomposite market include 3D System, Foster Corporation, Industrial Nanotech, Hybrid Plastics Inc., Inframat Corporation, InMat Inc., Nanocor Incorporated, Crown Plastics Co., Inc., AVEKA, Inc., Nanotech Industrial, SiM Composites, NanoMate Fastener, Nanolab, Inc., Noble Polymers LLC, Grand Rapids and Natural Nano, Inc.
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The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor.