Nanocomposites market valued at USD 3.9 billion in 2018 will be grow USD 10.2 billion by end 2026

(MENAFN- America News Hour) Nanocomposites consist of nano-sized particles into a matrix of standard material. These nano-sized particles are used to mix into materials to enhance the thermal conductivity, toughness, and mechanical strength of the material. There are various types of nanocomposites which include metal oxide, nano clay, nanofiber, carbon nanotubes, and graphene. It have flame resistance, thermal, and flame resistance properties which are used mainly in anticorrosion, antimicrobial, antifogging, and adhesive applications.

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Based on the product type, the global nanocomposites market has been segmented into carbon nanotubes, metal oxide, nano clay, nanofiber, graphene, and others. Due to its excellent properties like high durability and desirable electrical properties, the carbon nanotubes are the most widely used across the electronics industries across the globe. These carbon nanotubes are transparent; provide excellent finish gloss, rigid, flexible, and highly conductive. Due to these factors, carbon nanotubes are expected to grow at the fastest rate throughout the forecast period.

The carbon nanotubes segment expected to grow at the fastest rate of 18.5% CAGR during the forecast period

"The global nanocomposites market was valued at USD 3.9 billion in 2018 and is expected to reach USD 10.2 billion in 2026, growing at a CAGR of 10.5% during the forecast period."

The Global Nanocomposites market was valued at USD 3.9 billion in 2018 and is expected to reach USD 10.2 billion in 2026, growing at a CAGR of 10.5% during the forecast period Nanocomposites are commonly known as nanoparticles consist of small-sized particles in a matrix of standard material. The Nanocomposites are widely used in various end-user industries owing to better optical and magnetic properties, high tensile strength, high thermal and electronic conductivity, and high resistance to corrosion.

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The growth of the market is primarily 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 nanocomposites market. The nanocomposites are used in the automotive industry to improve the durability of a component such as headlamp covers, engine cover, tires, and interior and exterior components. The increase in demand for weight reduction in vehicles to enhance fuel-efficiency further increases the demand for nanocomposites during the forecast period. On the other hand, stringent government regulations regarding environmental safety and high costs of the product are creating a major hindrance for its market growth. However, continuous development in commercializing bio-based nanocomposites and graphene-based nanocomposites is expected to create major growth opportunities in future.

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 are expected to drive the growth of the nanocomposites market.

Key Findings:

• Based on the product type, the carbon nanotubes segment is expected to grow at the highest CAGR of around 18.5% during the forecast period
• Based on the application, the packaging segment is accounted for the largest share in the market and held for around 28% of the total market, in 2018
• Asia-Pacific accounted for around 38% share of the global nanocomposites market in 2018

Recent News:

• In April 2018, Evonik Industries AG developed new product line of RESOMER Composite polymers. This product was targeted to help the customer to enhance the durability, flexibility, and high strength of material.
• In March 2017, Evonik Industries AG and Forward Engineering have established the joint venture named 'VESTARO GmbH'. The joint venture intends on implementation of composite solutions for the industrial mass production of fiber composite components for the automotive industry.
• In March 2015, ZYVEX TECHNOLOGIES developed new product line named ZNT (Zyvex Nanotube Technology). ZNT is a polymer-modified carbon nanotube additive for a wide range of host matrices that include epoxies, elastomers, thermoplastics, and aqueous-based solutions.

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