According to a latest report by Fact.MR, a market research and competitive intelligence provider on polymer nanocomposites, the market is projected to reach US$ 9 Bn by 2031, surging at a CAGR of 16% over the coming ten years. polymer nanocomposites market is primarily driven by supportive government regulations for use of nanocomposites in packaging and food & beverages, thereby increasing demand from these end-use industries.
Polymer nanocomposites are used in the automotive industry to improve the durability of components such as headlamp covers, engine covers, tires, and interior and exterior components. Increase in demand for weight reduction in vehicles to enhance fuel efficiency has further driven demand for nanocomposites.
Asia Pacific emerged as a lucrative market for polymer nanocomposites, and the region is also expected to maintain its dominance over the forecast period. Key countries such as Japan, India, and China are propelling the growth of nanocomposites in the Asia Pacific region.
Key Takeaways from Market Study
Market for polymer nanocomposites expected to grow 1.8X in value by 2031.
Demand for clay-based nanocomposites to surge at a CAGR of 20%
Market in North America holds close to 35% of global revenue share.
Market in China expected to reach US$ 3.3 Bn by 2031.
Industry in Japan expected to progress at 18.5% CAGR across assessment period.
Demand for carbon nanotube-based nanocomposites to heighten over coming 10 years.
Application of polymer nanocomposites in packaging industry to rise over coming years.
“Increasing applications of polymer nanocomposites in packaging and aerospace industries will heighten the remuneration of manufacturers over coming years,” says a Fact.MR analyst.
Competitive Landscape
Product launches and business expansion are leading strategies adopted by key players in this market in order to expand their geographic reach and improve their product portfolios in the global market.
Expansion covers 25% share out of the strategies adopted by key market players. Product launches, the most preferred strategy, are adopted by many companies in order to increase their product range for polymer nanocomposites.
The Arkema Group and RTP Company are leading companies, which have adopted expansion and product launch as their key business strategies.
Alpine Advanced Materials announced to commercially license and sell thermoplastic nanocomposites developed by Lockheed Martin Aeronautics in 2019. This new material will be used to replace many metal parts in the seats, interiors, galleys, and trays in an aircraft.
Consumption Analysis of Polymer Nanocomposites from 2016 to 2020 Vs Demand Outlook for 2021 to 2031
As per Fact.MR – a market research and competitive intelligence provider, over the last 5 years, the global market for polymer nanocomposites expanded at close to 11% CAGR. In 2020, the market was valued at US$ 5 Bn.
The market for polymer nanocomposites has witnessed substantial growth owing to rising demand in end-use industries, including aerospace engineering, automotive, construction, renewable power generation, military, and food & packaging.
The automotive industry is expected to be a key driver for polymer nanocomposites due to rising demand for lightweight automotive parts, owing to their high strength and lightweight properties resulting in superior performance and reduced carbon emissions.
In addition, stringent government regulations related to automotive emission standards are expected to augment market growth going ahead. Furthermore, growing awareness regarding automotive safety among consumers is expected to propel market growth.
Global acceptance of polymer nanocomposites in semiconductor manufacturing owing to their superior characteristics, including compactness, lightweight structure, and electrical conductivity, is expected to propel the market over the next ten years.
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