According to the new market research report “Nanocomposites Market by Type (Carbon Nanotubes, Nanoclay Metal Oxide, Nanofiber, Graphene), Resin Type, Application (Packaging, Automotive, Electrical & Semiconductors, Coatings, Aerospace & Defense, Energy), Region – Global Forecast to 2024″, The nanocomposites market size is expected to grow from USD 4.1 billion in 2019 to USD 8.5 billion by 2024, at a CAGR of 16.0%, during the forecast period. The market is witnessing significant growth because of the growing demand from various application industries, such as packaging, aerospace & defense, automotive, and biomedical. Nanocomposites have properties, such as high strength, corrosion resistance, durability, mechanical strength, and high-temperature stability.
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The use of nanocomposites is increasing due to its useful properties, such as mechanical reinforcement, barrier improvement, flame retardation, improved conductivities, and UV resistance. The nanocomposites market size is estimated to be USD 4.1 billion in 2019 and is expected to reach USD 8.5 billion by 2024, at a CAGR of 16.0%, between 2019 and 2024. The increasing use of nanocomposites in the packaging, automotive, and electronics & semiconductor industries is boosting the market growth, globally.
Based on the material used, the nanocomposites market is segmented as carbon nanotubes, metal oxide, nano fiber, nanoclay, graphene, and others. Nanoclay dominated the overall nanocomposites market in 2018, in terms of volume, due to the increasing demand from packaging, automotive, and coatings applications. Nanoclay material improves barrier properties, strength, stiffness, dimensional stability, and heat resistance of composite products. The growing demand from packaging industries is expected to drive the growth of the nanoclay-based composites market during the forecast period.
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The nanocomposites market size is estimated to be USD 4.1 billion in 2019 and is projected to reach USD 8.5 billion by 2024, at a CAGR of 16.0%, between 2019 and 2024. Owing to their superior performance properties, such as mechanical reinforcement, barrier improvement, flame retardation, improved conductivities, and UV resistance, nanocomposites are highly useful in packaging, automotive, and electronics & semiconductor applications.
The major nanocomposite manufacturers are Nanocor Inc. (US), E.I. Du Pont De Nemours (US), Zyvex Technologies Inc. (US), Arkema Inc. (France), Showa Denko K.K. (Japan), Powdermet Inc. (US), RTP Company (US), Nanophase Technologies Corporation (US), Unidym Inc. (US), and Nanocyl S.A. (Belgium). These players have adopted various growth strategies, for instance, new product developments, to further expand their presence in the market.
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Nanocor Inc. (US) is a well-established company in the global nanocomposites market. The company has a wide product portfolio of nanocomposites. It is constantly engaged in providing high-grade nanocomposites. As a part of its growth strategy, it is highly focused on developing new technologies for new applications. Nanocor currently has holds more than 40 patents on the nanocomposite technology. The company is also focusing on creating a smooth distribution network for its products by entering into a distribution agreement with Sigma-Aldrich.
I. Du Pont De Nemours (US) is a major manufacturer and producer of nanocomposites. The company is mainly focused on developing new technologies for commercial applications of nanocomposites in various industries. It is focusing on developing new polymers and new nanocomposites for new and existing applications; it has also entered into an agreement with the University of South Carolina for the same. E. I. Du Pont De Nemours is conducting research into nanomaterials that can offer unique properties and is also developing better ways to disperse such nanomaterials in polymers. Through these strategies, DuPont would be able to increase its market share and maintain a huge customer base in the nanocomposites market.
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