DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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.
Nanocomposites are used in different applications, such as packaging, aerospace & defence, automotive, electronics & semiconductors, coating, and energy. They exhibit various properties, such as non-corrosiveness, lightweight, high mechanical strength, and high-temperature capability. The superior properties offered by nanocomposites are enabling its usage in various end-use industries.
Nanoclay-based nanocomposites accounted for the largest share, in terms of value, of the overall nanocomposites market in 2018.
Nanoclay-based nanocomposites accounted for the largest share in the global nanocomposites market; this is due to the increasing demand from packaging, automotive, and coatings applications as nanoclay material improve barrier properties, strength, stiffness, dimensional stability, and a heat resistance of the composite product. The growing demand from packaging industries is a major driver of the growth of the nanoclay-based composites market during the forecast period.
The nanocomposites market in the automotive application is expected to register the highest CAGR between 2019 and 2024.
The use of nanomaterials in the current and future automobiles would enable the usage of environmentally-friendly automotive materials with higher performance. The nanocomposites are expected to witness high growth in the automotive industry, due to superior performance properties of nanocomposites, which can improve the physical and mechanical properties of automobiles. China is propelling the growth in the Asia Pacific region, mainly because it enjoys higher national government support and spending on nanotechnology across respective domestic markets.
The nanocomposites market in Asia Pacific is projected to register the highest CAGR, in terms of value and volume, between 2019 and 2024.
Asia Pacific dominated the global nanocomposites market. The region has the presence of many manufacturers and application industries of nanocomposites and its products. China accounted for a major share of the global nanocomposites market and is expected to register significant growth during the forecast period. The growth of the nanocomposites market in Asia Pacific region is mainly driven by the growing packaging, automotive, and electronics & semiconductor application industries.
- Increasing Use of Nanocomposites in the Packaging Industry
- Enhanced Physical and Mechanical Properties
- Growing Demand for Nanocomposites in the Automotive Industry
- Environmental and Health Safety Issues
- Development of Bio-Based Nanocomposites
- Increasing High-Value Applications of Graphene-Based Nanocomposites
- High Research & Development and Processing Costs
- Arkema Inc.
- E. I. Du Pont De Nemours
- Evonik Industries AG
- Hyperion Catalysis International
- Inframat Corporation
- Inmat Inc.
- NEI Corporation
- Nano Shine Group
- Nanocor Inc.
- Nanocyl S.A.
- Nanophase Technologies Corporation
- Noble Polymers
- Polyone Corporation
- Powdermet Inc.
- RTP Company
- Showa Denko K.K.
- Unidym Inc.
- Unitika Ltd.
- Zyvex Technologies Inc.
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