PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485864
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485864
Polymer Nanocomposite Market size was valued at USD 10,302.09 Million in 2023, expanding at a CAGR of 16.89% from 2024 to 2032.
The market for polymer nanocomposites has grown significantly in recent years due to its special blend of improved qualities and a wide range of applications across several industries. Materials called polymer nanocomposites are made of nanoscale fillers, like nanoparticles or nanofibers, distributed throughout a polymer matrix. Polymer nanocomposites are being investigated for their drug delivery and biocompatibility in the medical field. Tissue engineering, implanted gadgets, and targeted pharmacological therapy have all advanced as a result of this.
Polymer Nanocomposite Market- Market Dynamics
Increasing Demand for Weight Reduction in Vehicles to Improve Fuel Efficiency
Governments worldwide have implemented stringent fuel efficiency and emission standards. For instance, the Corporate Average Fuel Economy (CAFE) standards in the United States and the European Union's CO2 emission targets push automakers to produce more fuel-efficient vehicles. According to the Department of Energy, a 6%-8% increase in fuel efficiency can be obtained with a 10% decrease in vehicle weight. The weight of a vehicle's body and chassis can be directly reduced by up to 50% by swapping out cast iron and conventional steel components for lightweight alternatives like high-strength steel, magnesium (Mg) alloys, aluminum (Al) alloys, carbon fiber, and polymer composites. This will also lower the vehicle's fuel consumption.
Polymer Nanocomposite Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 16.89% over the forecast period (2024-2032)
Based on product type segmentation, nanofiber was predicted to show maximum market share in the year 2023
Based on end-user segmentation, automotive was the leading type in 2023
based on region, Asia Pacific was the leading revenue generator in 2023
The Global Polymer Nanocomposite Market is segmented on the basis of Product Type, End User, Fiber Type, and Region.
The market is divided into five categories based on product type: Carbon Nanotube, Metal Oxide, Nanofiber, Nanoclay, and Other Fiber Types. The category with the largest market share was nano clay. Because they are non-toxic, researchers have studied the use of nanoclays and their composites in biomedical applications, including bone cement, tissue engineering, medication delivery, wound healing, and enzyme immobilization. Based on the form and chemical composition of the nanomaterials, bentonite, montmorillonite, halloysite, kaolinite, and hectorite are the different types of nanoclays.
The market is divided into six categories based on end-user: Automotive, Packaging, Aerospace and Defense, Electronics, Energy, and Other End-user Industries. Automotive holds the largest market share in polymer nanocomposites. In the automotive and aerospace industries, polymer nanocomposite materials are mostly used to replace heavy metal composites to drastically reduce weight and improve the fuel efficiency of the vehicle or aircraft system. Some of the key characteristics of these materials include their low weight, resistance to UV rays, low wear and corrosion, low friction, and low engine pollution.
Polymer Nanocomposite Market- Geographical Insights
Due to the extensive use of polymer nanocomposite materials in the industrial and automotive sectors in nations such as China and India, the Asia-Pacific region held the greatest share of the global market. When compared to other years, China's domestic air passenger market saw the largest incremental increase in the number of passenger journeys. An estimated 6,000 new aircraft are expected to be added to China's aviation fleet between 2016 and 2033. The government is encouraged to invest more in the creation of additional flights as a result of the rise in passenger volume, which raises the need for polymer nanocomposites. In India, since polymer nanocomposites (PNCs) can meet the demand for lightweight automobiles, which results in low petrol input and drain petrol emissions, their relevance in the automotive sector has been growing over the past few decades.
Prominent industry participants are making significant R&D investments to broaden their product offerings, hence contributing to the overall growth of the Polymer Nanocomposites market. The Polymer Nanocomposites sector needs to provide affordable products to grow and thrive in an increasingly competitive and developing market environment. The leading businesses in polymer nanocomposites are Showa Denko KK, Evonik Industries AG, Nanocyl SA, Arkema Group, and Nanophase Technologies Corporation. For instance, The National Research Council Industrial Materials Institute (NRC-IMI) has launched an R&D initiative in partnership with 13 major companies. Known as PNC-Tech, the initiative plans to invest $300,000 a year in R&D focused on the development of polymer nanocomposites, which are plastic-based materials.
In November 2023, Researchers developed a stretchable transistor based on a polymer-perovskite quantum dot nanocomposite that functions as an artificial synapse. This will offer a promising avenue for developing low-energy consumption soft electronics, neurologically inspired robotics, and neuromorphic network computation.
In March 2023, DuPont announced the launch of its new line of polymer nanocomposites for the electronics industry. The new products are designed to improve the thermal and electrical conductivity of electronic devices.
GLOBAL POLYMER NANOCOMPOSITE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Arkema Group
Evonik Industries AG
Nanocyl SA
Nanophase Technologies Corporation
Showa Denco KK
Du Pont De Nemours And Company
RTP Company
Inframat Corporation
Powdermet, Inc.
Nanocor, Inc.
Others