Polymer Nanocomposite Market - Growth, Trends, and Forecast (2020 - 2025)
The polymer nanocomposite market is expected to register a CAGR of more than 5%, during the forecast period. Growing applications in electronics, especially in semiconductor applications is one of the major factors that is driving the studied market. However, high processing costs is expected to hinder the growth of the market studied.
The carbon nanotube segment dominated the market, and is expected to grow during the forecast period, owing to the increasing applications across various enduser industries.
increasing demand for flame retardant polymer nanocomposites is likely to act as an opportunity in the future.
AsiaPacific dominated the market across the world, with the largest consumption from countries, such as China and India.
Key Market Trends
Increasing Applications in the Automotive Industry
Polymer nanocomposites are used for both interior and exterior applications. Owing to their high load bearing characteristic despite their less weight, these nanocomposites are widely used in the automotive sector.
One of the key applications of polymer nanocomposites in the automotive industry include their usage in fuel systems. Their nano size results in the smooth surface and helps in retaining any damage against corrosion and other barriers. The fuel lines are protected from the sour gas resulting in preservation of base resin properties. Additionally, these materials help in preventing the buildup and discharge of damaging static electricity at fuel systems.
Polymer nanocomposites are also used for automotive exterior plastic parts in imparting conductivity, which is subjected to electrostatic painting, such as door handles, mirror housing, fender, etc.
Hence, such investments indicate the wait for development and production of new vehicles in the market, which is further expected to drive the demand for polymer nanocomposites market in the coming years.
AsiaPacific Region to Dominate the Market
AsiaPacific accounted for the largest share in the global polymer nanocomposite market, owing to widespread adoption in industrial and automotive sectors in countries, like India and China.
The aviation industry in China is said to be adding around 6,000 new airplanes between 2016 and 2033. China’s domestic air passenger market experienced the biggest incremental rise, in terms of the number of journeys made by passengers, when compared to the previous years.
The increase in the number of passengers encourages the government to invest more in the production of more flights, which, in turn, increases the consumption of polymer nanocomposites.
Industries, like packaging, electronics and semiconductor, aerospace, defense, and coatings are continuously finding newer applications, which will further ignite the growth of polymer nanocomposites market in AsiaPacific in the future.
The polymer nanocomposite market is partially fragmented with few major players. The major companies include Arkema Group, Evonik Industries AG, Nanocyl SA, Nanophase Technologies Corporation, and Showa Denko KK, among others.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook