The global polymer nanocomposites market was valued at $7.89 billion in 2023 and is expected to reach $34.02 billion by the end of 2033, growing at a 15.7% CAGR from 2023 to 2033.
'Polymer nanocomposites' are polymer or copolymer composite materials that contain nanoparticles dispersed throughout the polymer matrix. Polymer nanocomposites are in high demand because of their superior mechanical and chemical properties, as well as their corrosion resistance.
“Increasing applications of polymer nanocomposites in packaging and aerospace industries will heighten the remuneration of manufacturers over coming years,” says a Fact.MR analyst.
Demand for clay-based nanocomposites is expected to grow at a 20% CAGR between 2021 and 2031. Asia Pacific has emerged as a profitable market for polymer nanocomposites, and the region is likely to maintain its dominance during the forecast period. Key countries including Japan, India, and China are driving the rise of nanocomposites in the Asia Pacific area.
The growing automotive & packaging industries, superior mechanical & physical properties, and infrastructural growth in emerging economies are the key factors driving the growth of the polymer nanocomposites market. However, environmental & technical barriers and high production cost hamper the growth of this market.
- The carbon nanotube segment dominated the market, and is expected to grow during the forecast period, owing to the increasing applications across various end-user industries.
- increasing demand for flame retardant polymer nanocomposites is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and India.
Competitive Landscape of Polymer Nanocomposites Market:
This research also includes profiles of the top manufacturers, including BYK Additives (Germany), 3D System (US), Foster Corporation (US), Industrial Nanotech (US), Hybrid Plastics Inc. (US), Inframat Corporation (UK), InMat Inc. (US), Nanocor Incorporated (US), and others.
• Leading firms like the Arkema Group and RTP Company prioritise expansion and product launches in their company strategy.
· In 2019, Alpine Advanced Materials announced the commercialisation of Lockheed Martin Aeronautics' thermoplastic nanocomposites. This novel material will replace many metal parts found in aircraft seats, interiors, galleys, and trays.
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.
Old Source: https://www.globenewswire.com/news-release/2022/02/16/2386517/0/en/Rapidly-Growing-Medical-Industry-Aims-To-Deliver-Healthy-CAGR-of-16-For-Polymer-Nanocomposites-Market-By-2031.html
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