Global Polymer Nanocomposites Market - Segmented by Fiber Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global polymer nanocomposites market is expected to register a significant growth during the forecast period of 2018–2023. Rising demand for polymer nanocomposites from the automotive sector due to stringent regulations is expected to drive the market in the forecast period.
Demand for Polymer Nanocomposites from Automotive Sector
The automotive industry is employing polymer nanocomposites in several applications such as engines and powertrain, suspension and braking systems, exhaust systems, and catalytic converters, frames and body parts, paints and coatings, lubrication, tires, and electric and electronic equipment. The key drivers for the consumption of polymer nanocomposite-enabled parts in the automotive industry are the reduction in the vehicle's weight, improved engine efficiency (fuel saving), reduction in CO2 emissions, and superior performance. Polyolefin is commonly used as host polymer and thermoplastics, such as polyamide (nylon), Polyphenylene Sulfide (PPS), Polyetheretherketone (PEEK), Polyethylene terephthalate (PET), polycarbonate, thermosets such as epoxy, and thermoplastic elastomers, such as butadiene-styrene diblock copolymer, are also used in more demanding automotive applications. The use of polymer nanocomposites in the automotive sector is anticipated to escalate during the forecast period.
Nanoclay Segment to Dominate the Market
The clay-based nanocomposites segment accounted for a major share of the global polymer nanocomposites market in 2017. With a significant annual growth rate, nanoclays incorporated nanocomposites are expected to have a wide implementation in commercial and industrial products, from food packaging materials to automotive, and medical devices. In food packaging, nanoclays are organically modified to allow for better exfoliation within the polymer matrix at a low silicate weight percent, leading to higher commercial applications.
Asia-Pacific to Dominate the Market Growth
Asia-Pacific accounted for the largest share in the global polymer nanocomposites market owing to widespread adoption in industrial sectors, such as automotive, due to the stringent regulations in countries, like India and China. Industries like packaging, electronics & semiconductor, aerospace, defense, and coatings are continuously finding newer applications, which will further ignite the growth of polymer nanocomposites market in Asia-Pacific in the future.
Key Developments in the Market
January 2018: Powdermet received funding from NASA for developing high-energy, high-power, high-temperature nanocomposite film capacitors.
December 2016: Lighting and display technologies are adopting ceramic-polymer nanocomposites to improve device performance.
Major players are RTP Company, Arkema, Inc., Nanocyl SA, Powdermet, Inc., and Evonik Industries AG, amongst others.
Reasons to Purchase the Report
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