Increased usage in automotive to drive global demand of polymer nanocomposites to US$31 bln by 2025
The Global Polymer Nanocomposites Market revenue is set to rise from US$7 bln in 2018 to around US$31 bln by 2025, according to a Global Market Insights, Inc. report. Increasing product usage in the automobile industry will chiefly drive the growth of polymer nanocomposites market over the upcoming years. The product is extensively used in making under the hood components in the automotive sector, wherein key product properties such as light weight, improved stiffness and high heat deflection temperature are desirable. Rising consumption of lightweight materials in automotive industry will enhance polymer nanocomposites market size by 2025.
Major countries such as Japan, U.S., Germany, South Korea, etc. are increasing their R&D expenditures for development of novel nanomaterials. Manufacturers of polymer nanocomposites are also expanding their research activities related to nanotechnology in order to promote the usage of the product in various end-user industries. Thus, rising corporate and government spending into nanotechnology research will propel the market demand in the study period.
Polypropylene, epoxy, polyethylene, polyamide and others are the major plastic matrix used in the polymer nanocomposites. Other polymer-based nanocomposites in the industry include various thermosetting resins, elastomers and thermoplastics such as NBR-based, EPDM-based, PET-based, and IR-based polymers. Polyethylene based products will account for more than a third of the overall polymer nanocomposites market by 2025. These products are widely utilized for automotive & aerospace, packaging, and electrical & electronics industry. Nano-oxide based polymer nanocomposites are widely utilized in the biomedical industry for application in therapeutic systems and as a bioimaging agent. These products possess good magnetic and optical properties. Rising biomedical industry across the world will increase the polymer nanocomposites market share by 2025.
Packaging industry is a major consumer segment of polymer nanocomposites and will account for a significant share by 2025. Packaging manufacturers use the product in variety of food & beverages wrapping applications due to high gas barrier properties. Other end-user industries include oil & gas, sports, marine, etc.
Europe will hold approximately 30% share in the global polymer nanocomposites market due to increasing research activities in the field of nanotechnology. Major countries such as Germany, UK, and France are making investments into research and development of nano-based products. Major manufacturers are expanding their capacities in Europe due to increasing consumption of the product.
Some participants of polymer nanocomposites market share include Nanocyl SA, Arkema, Unitika, 3M, RTP Company, Evonik, Nanophase Technologies Corporation, Hybrid Plastics, Nanoshel, Nylon Corporation of America, Minerals Technologies, Ad-Nano Technologies, etc. These players are strategically investing to expand their capacities for the development of nanomaterials and related products and are actively entering into partnerships with other companies and research organizations to offer competition to their rivals in the industry.