Polymer Nanocomposites Market - Forecast, 2024-2030.
due to increasing demand from end-use industries such as automotive, healthcare, aerospace, and others as they provide outstanding barrier properties, heat resistance, and thermal stability. The electrospinning process produce polymer nanocomposites that increase the efficiency of the engine which leads to low fuel consumption, reduction in the emission of CO2, and reduced weight of automotive parts. Also, bio-hybrid polymer nanofibers are also produced by the same electrospinning techniques which are used in the electronic applications. Polymer nanocomposites are used for both interior and exterior applications owing to their high load-bearing characteristics. Hence, the growing demand for lightweight vehicles is estimated to grow the demand for polymer nanocomposites during the projected era.
Polymer nanocomposites exhibit unparalleled versatility, positioning themselves as cutting-edge materials with widespread applications across diverse industries. Their nanometer-sized fillers enable superior dispersion, revolutionizing conventional polymer usage. From automotive to industrial manufacturing, these advanced materials find utility in creating molds, tooling, and more. Their adaptability extends to the food and bioprocessing industries, showcasing a broad spectrum of contemporary implementations. In the environmental sector, polymer nanocomposites play a pivotal role in water treatment applications, demonstrating their pivotal role in addressing multifaceted challenges.
In the realm of Polymer Nanocomposites, significant strides have been made in functional applications, particularly in advancing rubber and elastomer composites. These developments underscore the continuous evolution of Polymer Nanocomposites, expanding their utility across diverse applications. This progress not only enhances the functional attributes of rubber and elastomers but also positions Polymer Nanocomposites as crucial materials contributing to innovation and efficiency in a wide array of industries.
Polymer Nanocomposites Market Report Coverage
The report: “Polymer Nanocomposites Market – Forecast (2024-2030)”, by Industry ARC, covers an in-depth analysis of the following segments of the polymer nanocomposites industry. By Fiber Type: Nano Clay, NanoFiber, Carbon Nanotube, Carbon Nanofibers, Graphite Platelets, Nono Metal Oxides, and Others By End-Use Industry: Transportation {Automotive (Passenger Cars, Light Weight Commercial Vehicles, Heavy Duty Commercial Vehicles), Aerospace, and Others}, Pharmaceuticals (Drug Delivery, Medical Devices, Others), Packaging Industry, Consumer Goods, Adhesives, Personal Care & Cosmetics, Power & Energy, Electrical & Electronics, and Others? By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)
Key Takeaways
Polymer Nanocomposites Market Segment Analysis – By Fiber Type
Carbon nanotube fiber type held the largest share for the global polymer nanocomposites market in 2023. Carbon nanotubes offer excellent transparency, high durability, electrical & thermal properties, and others, thus; it is widely used in drug delivery and biomedical tissue engineering. Additionally, carbon nanotube displays enormous potential for wearable electronic applications. Hence, its excellent electrical and mechanical properties, carbon nanotubes are employed in industrial applications such as supercapacitors, and biosensors, and others. Thus, these factors are increasing demand for carbon nanotubes which is estimated to grow the market size.
Polymer Nanocomposites Market Segment Analysis – By End-Use Industry
Automotive sector dominated the global polymer nanocomposites market in 2023 and is growing at a CAGR of 22.9% during 2024-2030 as polymer nanocomposites are used for body panels, bumpers, racing cars, and doors. Thus, owing to their high load bearing characteristic despite their less weight, these polymer nanocomposites are widely used in the automotive sector. Hence, the increasing automotive sector is estimated to grow the demand for polymer nanocomposites. The Chinese government expects the production of automobiles to reach 35 million units by 2025. Furthermore, the Indian Government expects the automobile sector to attract US$8 to US$10 billion in local and foreign investments by 2023. Hence, the growing automotive production is estimated to grow the polymer nanocomposites market.
Polymer Nanocomposites Market Segment Analysis – By Geography
Asia Pacific dominated the global polymer nanocomposites market in 2023 with 30%, due to increasing demand from various end-use industries in developing countries such as India, China, Japan, and others. Polymer nanocomposites offer excellent durability, suitable for harsh environments, fire-resistant, thermal stable, superior elasticity, easy to access, and others. According to Healthcare Information Company IQVIA, China was the world’s second-largest national pharmaceutical market with US$175 billion in 2022. Furthermore, India’s domestic pharmaceutical market is US$ 65 billion by 2024 and around US$ 120-130 billion by 2030. Hence, the growing demand for packaging from the pharmaceutical sector and rising automotive production is estimated to grow the demand for polymer nanocomposites.
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Polymer Nanocomposites Market Drivers
Rising Demand from Packaging Industry
Polymer nanocomposite used in food & beverage packaging and conserved flavor of soft drinks as well. Polymer nanocomposite has excellent properties such as corrosion protection, tensile strength, enhanced thermal barrier, enhanced mechanical barrier, and so on. Also, polymer nanocomposites provide barrier properties against oxygen, moisture, and UV rays. Hence, they can be recycled in large quantities thus; they are used in the packaging of food and cosmetic products. According to the India Brand Equity Foundation (IBEF), India’s food processing sector is expected to reach US$ 535 billion by 2025-26. However, the Indian government approved Rs. 107.42 crore (US$ 15.25 million) to implement 28 food processing projects, which helps to reduce food waste and increasing demand for recycling packaging and biodegradable materials. Thus, these factors are driving the market growth.?
Growing Consumption of Polymer Nanocomposites for Electronics and Semiconductor Devices
Polymer nanocomposites improve electrical conductivity, mechanical strength, modulus, and dimensional stability. Thus, they are widely used in chemical sensors, electroluminescent devices, batteries, smart windows, and memory devices. Another potential application includes photovoltaic cells and photodiodes, supercapacitors, printable conductors, light-emitting diodes, and field-effect transistors are growing consumption of polymer nanocomposites. Polymer semiconductor nanocomposites offer a new generation of hybrid nanofibers with numerous applications such as in optical displays, catalysis, photovoltaic, gas sensors, electrical devices, mechanics, photoconductors, and superconductor devices. Bio-hybrid polymer nanofibers by electrospinning techniques are used in sensors and optoelectronics which is estimated to grow the consumption of polymer nanocomposites.
Polymer nanocomposites Market Challenges
High Cost of the Products
Polymer nanocomposites help to improve vehicle fuel efficiency and corrosion resistance. Also, polymer nanocomposites improve manufacturing speed, thermal stability, and also reduce weight; however, these products are costly. Nylon 6/nanocomposites are the costliest clay-based polymer nanocomposite product. It is used in tires, conveyor belts, and other applications. Thus, the high cost of polymer nanocomposites is a major challenge for the market.
Polymer Nanocomposites Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the polymer nanocomposites market. Major players in the polymer nanocomposites Market are Arkema, RTP Company, Nanocyl SA, Unitika Ltd, Evonik Industries, Mineral Technology, Inc., Hybrid Plastics, Inc., Nylon Corporation of America, Inc, 3M, Ad-Nano Technologies Private Limited, Nanophase Technologies Corporation, and among others.
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