Nanocomposites Market Size Forecast to Reach $11.3 Billion by 2027

Nanocomposites Market
Growing Demand From Various End-use Industries Such as Automotive, Aerospace, Energy, and Construction Are Driving the Nanocomposites Market Growth

Nanocomposites market size is forecast to reach US$11.3 billion by 2027, after growing at a CAGR of 15.2% during 2022-2027. The Nanocomposites are materials created through the mixing of several components at the nanoscale, which gives them unusual properties and unique design possibilities. Graphene is also one of the stiffest and most durable materials on the planet. Furthermore, it has a high thermal conductivity. As a result, graphene-polymer nanocomposites have shown considerable promise as functional or structural materials of the future. The nanotechnology process is generally used for developing Nanocomposites products. The aim of nanotechnology is to integrate chemistry, physics, material science, and biology in order to create new materials with properties that can be exploited to develop facile methods of making electronics, biomedical devices, and high-performance materials. The rapid adoption of nanocomposites in the packaging industry is driving the market growth. They act as an active and intelligent food packaging material and offer various properties such as mechanical, thermal, and biodegradable among others. In the current market, there is considerable interest in developing packaging materials with reduced processing and longer shelf lives. The growing demand from various end-use industries such as automotive, aerospace, energy, and construction are driving the market growth for nanocomposites. According to the U.S. Census Bureau, Construction spending during July 2021 was estimated at a seasonally adjusted annual rate of US$1,568.8 billion, which is above the revised June estimate of US$1,563.4 billion

COVID-19 Impact

A majority of industries have been affected by the COVID-19 epidemic, which is unmatched in its impact on public health. Around the world, this deadly disease has killed millions of people, and due to this governments have imposed major prohibitions and work stoppage orders to stop the spread of this virus. Medical supplies and life support products are the only industries that have not been significantly affected, but the nanocomposites industry faced huge losses. Nanocomposites’ market growth was restricted and stopped because of the government’s lockdown and travel bans. It will be interesting to see that how the market will bounce back and regain its position in the market.

Nanocomposites Market: By Product Type

The Carbon-Nano tubes segment accounted for approximately 28% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. Carbon nanotubes and graphene nanoparticles are promising materials for packaging applications that improve mechanical properties, barrier properties, and biodegradability. Graphene is the most competitive product in the Nanocomposites market because of its exceptional thermal conductivity and surface area. Polymer Nanocomposites containing carbon nanotubes and graphene are now widely evaluated for the development of smart, active, and intelligent packaging to improve food quality and safety, solve food storage dilemmas, and provide information about food quality to consumers. The growing demand for packaged food is supporting the market growth for nanocomposites.

Nanocomposites Market: By Type

The polymer matrix segment is expected to grow at a high CAGR of 16.5% during the forecast period 2022-2027. The easy production, lightweight, and ductility of polymer matrix Nanocomposites s make them popular within the industry. The rise in the food packaging segment is supporting the Polymer Matrix-type segment. PNCs (polymer Nanocomposites s) are packaging materials that can be used to provide a range of functionalities and to replace complex multi-layered polymers. Polymers can be made to perform significantly better by incorporating nanofillers in low concentrations. This can be achieved by incorporating Nano filler molecules. Additionally, antimicrobial and antioxidant properties can be introduced, which are vital for food packaging.

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Nanocomposites Market: By Application

The packaging industry segment accounted for approximately 30% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. For packaging applications, graphene nanoparticles and carbon nanotubes are attractive materials for improving mechanical properties, barrier performances, and functional properties of biodegradable polymers. The rapid growth in e-commerce services, food & beverage industry is driving the market for packaging industry which is further driving the market for nanocomposites. According to OECD, In the European region total retail sales via mail order or the Internet in April 2020 increased by 30% compared to April 2019, which is further driving the e-commerce and nanocomposites market. The organization is also mentioned that the China online retail sales between January and August 2020 reached 24.6%, up from 19.4% in August 2019, which is also supporting the market growth.

Nanocomposites Market: By Geography

Asia Pacific region held the largest share in the Nanocomposites s market in 2021, up to 36%, owing to the rapid growth in construction, packaging, and automotive industries in the region. As a result of overproduction by Chinese companies, graphene supply currently exceeds. China dominates graphite production. The presence of an advanced nanocomposites manufacturers and high demand for nanocomposites from end-use industries such as automotive and electronics & semiconductor in China and Japan are driving the regional growth. Abundant raw material sources and availability of workforce also support the regional demand. According to the 2021 World Investment Report published by UNCTAD, FDI inflows into China increased by 6% in 2020, to USD 149 billion, up from USD 141 billion in 2019. According to the data published by OICA, India produced more than 3.3 million vehicles in 2020. These are some of the facts supporting the region growth during the forecast period.

Nanocomposites Market Drivers

Growing Demand for Nanocomposites in the Automotive Industry:

The automotive industry pumped the brakes hard in the early months of the global COVID-19 pandemic. Additionally, auto exports from India are growing rapidly and is expected to continue for some time to come. Several initiatives taken by the Indian government and major automobile makers in 2020 helped India make the world’s largest two-wheeler and four-wheeler markets. The total volume of passenger vehicles, three-wheelers, two-wheelers, and quadricycles produced in June 2021 was reached about 1,693,639 units. Ford and General Motors announced that they would invest more than $17 billion in plants and equipment in the U.S. from 2020 through 2024 (in addition to nearly $6 billion already committed).

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Nanocomposites Market Challenges

Harmful to human health: Some nanomaterials have been reported to cause harm to humans. Nevertheless, the evidence has not been established as to whether any type of nanomaterial application, particularly in the food industry, is responsible for this. For safety to be verified, nanomaterials should first be treated as potentially dangerous materials, as recommended by the Institute of Food Science and Technology (IFST). Food and Drug Administration’s (FDA’s) responsibility includes proving nanoscale products’ safety. For nano-based products, the FDA foundation performs a case-by-case review based on approved standards. Although the FDA cannot easily evaluate nanotechnology-based products as there is no labeling requirement that states whether nanotechnology has been used in their production.

Nanocomposites Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the nanocomposites market. Major players in the nanocomposites market include:

Nanocor Inc.

E.I. Du Pont De Nemours

Zyvex Technologies Inc.

Arkema Inc

Showa Denko K.K.

Powdermet Inc.

RTP Company

Nanophase Technologies Corporation

Unidym Inc.

Nanocyl S.A.

Gnanomat

Other Companies

Acquisitions/Technology Launches

In October 2020, Gnanomat launched two graphene-based nanocomposites namely “Graphene-Manganese Oxide nanocomposite” and “Graphene-Zinc Oxide nanocomposite”. These products are used in pseudocapacitors, electrodes for energy storage devices, catalyst and others.

Key Takeaways

The Asia Pacific region is expected to grow at a high CAGR of 16.8% during the forecast period 2022-2027. The growing demand from the medical and automotive industry is supporting the market growth for Nanocomposites s in the region.

Since nanotechnology has developed rapidly in the past few years, the study of Nanocomposites has become increasingly important to developing new materials for advanced applications. Nanocomposites are the best choice to meet the growing demands for multifunctional materials due to their versatility as well as their high degree of integrated association.

The impact of Nanocomposites on the world economy and business is expected to be immense. One crucial aspect is that it is likely to benefit a variety of various sectors in the economy including electronics and electrical industries, chemical industries, transportation sectors, health care organizations, and most importantly, environmental protection.

Relevant Report:

Polymer Nanocomposites Market

https://www.industryarc.com/Research/Polymer-Nanocomposites-Market-Research-500282

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