The Polymer Manocomposites Market size is poised to hit around US$ 31.8 Bn by 2026, growing at a CAGR of around 6.7% during the forecast period 2019 to 2026.
LOS ANGELES, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled “Polymer Nanocomposite Market (By Product Type: Carbon Nanotubes, Metal Oxide, Nanoclay, Nanofiber, Graphene, Others; By Application: Automotive, Packaging, Electronics & Semiconductor, Aerospace & Defense, Energy, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
The polymer nanocomposites market growth is driven by supportive government regulations for use of nanocomposites in packaging and food and beverage industry, increase in demand for nanocomposites in end-use industries and growing demand enhanced mechanical and physical properties. Moreover, rising demand from growing end-use industries, such as packaging, automotive & transportation, and food and beverage in emerging countries also drives the growth of the global polymer nanocomposites market. The polymer nanocomposites are used in automotive industry to improve the durability of component such as headlamp covers, engine cover, tires, and interior and exterior components.
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Key Takeaway
Asia-Pacific dominated the global polymer nanocomposites market in the year 2018. The region has experienced the potential growth owing to the presence of polymer nanocomposites companies such as Evonik Industries AG, Nanocyl SA, ZYVEX TECHNOLOGIES, Arkema, and NanoSonic, Inc. are among others. The presence of a large customer base and rising foreign direct investment in manufacturing sector is additionally accelerating the regional market growth. Moreover, technological advancement and increase in the number of applications, alternative to synthetic materials, rising per capita income, increase in mobile and electronic devices production in China, India, and Japan and growing end user industries such as computers, medical devices, and automotive electronics are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
The North America region is expected to exhibit a second-largest share in the polymer nanocomposites market. The increasing number of manufacturing plants and increasing use of nanocomposites in the packaging industry in the region rise the demand for nanocomposistes is expected to contribute to market growth. Additionally, growing demand for polymer nanocomposites in various end user applications, increase demand for production and consumption of mobile and electronic devices in this region further expected to further propel the growth of the market. The US has large research and development hub which increases the innovation and development in polymer nanocomposites and growing production of medical devices, and growing manufacturing base of computer and electronic devices propels the market growth. Furthermore, growing demand from electronic device manufacturers, medical device producers, industrial machinery manufacturers, pharmaceutical companies, automotive electronics producers further grows the demand for polymer nanocomposites in the region over the forecast the period.
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Europe is expected to register highest CAGR during the forecast period. The growing electronic device industry, high research and development from polymer nanocomposites manufacturers, several government initiatives to enhance the production of electronic device, and growth in production of pharmaceutical products and medical devices further expected to boosts the demand for polymer nanocomposites in the region during the forecast period. Moreover, the growth of packaging, printing & coating, medical manufacturing industry in key countries such as Germany and the UK are also propelling the growth of polymer nanocomposites in the Europe region.
Nanocomposites have a huge application in the food industry, due to increase in demand for packaged foods, extend the shelf life of packaged food materials, and increase in shelf life of the packaged foods. Rising demand for nanocomposites in end-use industries like construction, automotive, packaging, electronics, and food in emerging countries is the key factors attributed to the market growth. Furthermore, the increasing demand for enhanced physical and mechanical properties in automotive components also expected to fuel the market growth during the forecast period. On the other hand, high costs of nanocomposites and stringent government regulations regarding environment safety is acting as a restraint to this market. However, continuous development in commercializing bio-based nanocomposites and graphene-based nanocomposites and growing applications of nanocomposistes in various end user industries is expected to create major growth opportunities during the forecast period.
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Carbon nanotubes segment dominated the polymer nanocomposites market on the basis of product type in the year 2018. The carbon nanotubes segment accounts of the largest share in the market and held for more than 35% of the total market in 2018. The major factors that are driving the growth of this segment are used across the electronics industries across the globe and provide excellent finish gloss, rigid, flexible, and highly conductive. This expected to enhance the dominance of the carbon nanotubes segment in the global market over the forecast period. The manufacturers SHOWA DENKO K.K., Evonik Industries AG, and Nanocyl SA are the mainly investing in the development of carbon nanotubes for the automotive, packaging, electronics & semiconductor, which expected the lead the market in the coming years.
Some of the leading competitors are Industrial Nanotech, Inc., Integran Technologies, and SHOWA DENKO K.K., Evonik Industries AG, Nanocyl SA, ZYVEX TECHNOLOGIES, Arkema, NanoSonic, Inc., UNITIKA LTD, Pixelligent.
Some of the key observations regarding polymer nanocomposites industry include:
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