Nanocomposites Market Share, Size, Trend, Top Key Players, Growth and Forecast Till 2027
The Global Nanocomposites Market is projected to grow at a CAGR of 15.9% from USD 4.16 billion in 2019 to USD 13.64 billion in 2027. The increasing demand for such materials from the modern packaging industry, automotive industry and government regulations favoring the usage of such products is expected to drive the market during the forecast period.
Nanocomposites are widely used in the food packaging industry specially for food items like cheese, confectionary, processed meat, cereals amongst others. They prevent the passage of gases, water and hydrocarbons into food items. The usage of such polymers in packaging assists in reducing production waste and they can be easily recycled. These factors are contributing to the growing popularity of nanocomposites in the food packaging industry.
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Top companies Nanocor Inc., Zyvex Technologies, Du Pont De Nemours, Arkema Inc., Powdermet Inc., Nanophase Technologies Corporation, Unidym Inc., Nanocyl S.A., Inframat Corporation and Evonik Industries AG.
The production cost of nanocomposites is quite high and there is a need of optimized production process. But there is lack of technological advancements which is crucial for the optimization of these processes. These factors are hindering the market’s growth to a certain extent. Large manufacturers around the world are focusing on developing cost effective solutions and are aiming to supply products at lower price.
Nanocomposites possess properties like high tensile strength, superior optical and magnetic properties, resistivity against corrosion and is a good conductor of heat and electricity. These factors are leading to its increasing demand from end-user sectors like automotive, construction, IT, energy and packaging. They are also used in biomedical processes like tissue engineering, cancer therapy, enzyme immobilization amongst others. Increasing awareness regarding health and safety of people have led to several government regulations which are concerned with packaging of foods. These regulations are encouraging the usage of nanocomposites in food and beverage packaging. All of these factors are expected to contribute to the market’s growth during the forecast period.
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Segments covered in the report:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Carbon Nanotubes
- Metal Oxide
Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Electronics & Electrical
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
- Asia Pacific
- Latin America
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