Theglobal nanocomposites market size is projected to reach USD 14.34 billion by theend of 2027. The increasing applications of the product across diverse industryverticals will emerge in favor of market growth. The presence of several large-scale companies will contribute to the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “NanocompositesMarket Size, Share & Industry Analysis, By Type (Polymer, Metal, Ceramic, Others), By Product (Carbon Nanotubes, Nanoclay, Graphene, Nanofiber, Others), By Application (Packaging, Electrical & Electronics, Automotive, Aerospace & Defense, Others), and Geography Forecast, 2020-2027” the market wasworth USD 4.32 billion and will exhibit a CAGR of 16.3% during the forecast period, 2020-2027.
Theproperties of nanocomposites such as good electric conductivity, high thermalstability, and excellent mechanical strength have fuelled the demand for the product across the world. The increasing uses of nanocomposites in the biomedical industry will bode well for the growth of the overall nanocomposites market in the foreseeable future.
List of the Key Companies Profiled:
Arkema S.A. (France)
Evonik Industries AG (Germany)
Showa Denko K.K. (Japan)
Cabot Corporation (U.S.)
Zyvex Technologies Inc. (U.S.)
Nanocyl SA (Belgium)
RTP Company (U.S.)
Nanophase Technologies Corporation (U.S.)
Nanocor Inc. (U.S.)
DuPont (U.S.)
Other Key Players
Covid-19 Pandemic to Create Several GrowthOpportunities for Nanocomposite Businesses
The recent coronavirus outbreak has had a massiveimpact on several economies across the globe. Due to the rapid spread of thedisease, several countries are looking to implement strict measures with a view to controlling the spread of the disease. The efforts taken to curb the spread of the disease have limited the growth of the businesses across the world. Despite the barriers set by the Covid-19 pandemic, the nanocomposites market will derive significant growth from this due to the rise in demand for packaging material across the world. Due to the increase in deliveries across food supplies and other industries will emerge in favor of market growth. Besides the food industry, the electronics industry will also witness significant growth due to the recent pandemic.
Increasing Number of Company Collaborations willEmerge in Favor of Market Growth
The report encompasses several factors that havecontributed to the growth of the overall market in recent years. Accountingto the increasing demand for the product, there is a healthy market competition across the world. The strong market competition has encouraged companies to adopt newer strategies that have helped them establish a stronghold in the market. In July 2020, PPK announced that it has partnered with Geelong’s Deakin University for the development of a new product integrated with nanocomposites. The companies will develop boron nitride nanotubes (BNNT) for new dental nanocomposites. Increasing number of such company collaborations will have a huge impact on the growth of the overall market in the forthcoming years.
Asia Pacific to Emerge Dominant; Presence ofSeveral Large Scale Companies will Emerge in Favor of Market Growth
The report analyzes the ongoing market trendsacross North America, Asia Pacific, Europe, the Middle East & Africa, andLatin America. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing use of nanocomposites by large scale companies in the Asia Pacific will fuel the demand for the product across the world. The increasing investments in the research and development of efficient products will also emerge in favor of market growth. Additionally, the increasing use of nanocomposites in the electronic industry will have a huge impact on the growth of the regional market. As of 2019, the market in Asia Pacific was worth USD 1.65 billion and this value is projected to rise at considerable pace in the coming years.
Industry Developments:
July 2019: Researchers from the University ofCalifornia, Santa Barbara and the University of Hawaii have synthesizednanoparticles that can be used for 3D printing.