According to a new research report by Global Market Insights Inc., the Polymer Nanocomposites Market size is forecast to exceed USD 26.5 billion by 2028.
A polymer nanocomposite is a composite made up of a polymer matrix and a nanomaterial. The rising applications of polymer nanocomposites in the automotive sector will boost the overall industry growth. In the automotive industry, the product is extensively used to make lightweight vehicles, replacing heavy metals. Polyamide-based clay nanocomposites are used in Under-the-Hood (UTH) applications in vehicles to impart key properties including higher stiffness, lightweight, and higher thermal deflection.
Today, polymer nanocomposites have found applications in major automotive parts such as timing belt covers, fuel lines, tires, automotive fabrics, coolants, door frames, fenders, body panels, fuel hoses & valves, engine covers, hood louvers, fuel cells, etc. The rising product usage in vehicle components is likely to drive the polymer nanocomposites market in the upcoming years.
Furthermore, various countries are currently investing in R&D activities of nanotechnology and related products due to the rising usage of this novel material in the end-user industry. Globally, nanotechnology-related products generated a revenue of over USD 3.7 trillion in 2018 and will grow in the coming years. Nanotechnology is used in major applications of aerospace, consumer electronics, water purification, infrastructure, transportation, energy, textile, food safety, agriculture, medicines, and sports industries. Government agencies including the National Nanotechnology Initiatives (the U.S.), the National Research Council (Canada), the Israel National Nanotechnology Initiative (Israel), and the Brazilian Nanotechnology National Laboratory (Brazil) are working toward the development of nanomaterial-based products across the globe.
The packaging segment is projected to reach around USD 7.5 billion by 2028. The packaging industry utilizes polymer nanocomposites in food & beverage packaging applications due to the superior physical & gas barrier properties of the product. The above-mentioned factor aids in the prevention of microbial growth and improves the shelf life of the food product.
Polymer nanocomposites used for food packaging also improve thermal stability, biodegradation, optical properties, controlled release, etc. The product may find its application in the packaging of cheese, processed meat products, bakery products, food grains, boil-in-bag foods, dairy products, food grains, etc.
Browse key industry insights spread across 300 pages with 217 market data tables & 23 figures & charts from the report, “By Polymer (Epoxy Resin, Polyamide, Polyethylene, Polypropylene), By Nanomaterials (Nanoclays, Carbon Nanotubes, Nanofibers, Nano-oxides), By End-user Industry (Automotive & Aerospace, Electrical & Electronics, Packaging, Biomedical, Paints & Coatings), Industry Analysis Report, Regional Outlook (U.S., Canada, France, Germany, UK, Italy, Russia, Spain, China, India, Japan, Indonesia, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2022-2028” in detail along with the table of contents:
Rising applications of epoxy resin nanocomposites
The epoxy resin segment dominated the global polymer nanocomposites market and is projected to grow at a CAGR of 20.3% through 2028. Epoxy resin is a thermosetting polymer that possesses key properties such as high modulus, tensile strength, thermal insulation, and better solvent resistance, and thus is preferred in industrial applications of electronic devices, adhesives, marine systems, aerospace components, encapsulations, laminates, etc. In the past few years, epoxy nanocomposites are gaining importance owing to their undifferentiated physiochemical properties. This novel composite improves key properties of epoxy resins such as optical, magnetic, electrical, thermal, anticorrosive, flame retardancy, etc.
Increasing demand for carbon nanotubes will escalate the overall industry growth
The carbon nanotubes segment it is projected to reach around USD 9.5 billion by 2028. Polymer carbon nanotube composites are extensively used in the applications of antistatic coatings, EMI shielding, lightweight energy storage devices, etc. Among carbon nanotubes, Multi-Walled Carbon Nanotubes (MWCNT) has gained wide acceptance in the polymer nanocomposite industry compared to Single-Walled Carbon Nanotubes (SWCNT) due to the low cost of MWCNT. The ongoing research & development related to carbon nanotubes and increasing CNT production capacity across the globe will enhance the application area in the near future.
Asia Pacific to exhibit steady growth during the forecast period
Asia Pacific polymer nanocomposites market was anticipated to grow CAGR of 19.8% through 2028. Major countries including Japan, South Korea, China, and Singapore have well-established research & manufacturing bases for nanomaterials. Furthermore, these countries are utilizing a greater number of technologically advanced products compared to other regions. China has many vehicle manufacturers available in the country, which will be a key factor in industry growth. Similarly, South Korea and Japan are likely to have a significant product demand due to advanced electrical & electronics and automotive industries, respectively.
Major participants in the global polymer nanocomposites industry are mainly focusing on expanding their product portfolio and regional presence to expand their business capabilities. For instance, in March 2018, Unitika Ltd. launched its NANOCON nylon-6-composite material in Europe. The material will be utilized in the application of automotive components, such as door handles, due to its improved rigidity, strength, and chemical resistance.