The GLOBAL NANOCOMPOSITES MARKET is projected to be valued at over $9 Billion by the end of 2025 and is estimated to register a CAGR of around 15.5% during the forecast period. The drivers for the nanocomposites market are growing popularity in the food packaging applications and increasing use of lightweight and high strength components in automobile manufacturing.
Additionally, the increasing demand for nanocomposites in various biomedical applications such as gene therapy, hip implants, artificial lenses, wound healing, catheters, tissue engineering, large diameter vascular grafts, implantation of medical devices, and artificial organs is expected to propel the nanocomposites market growth in the coming years.
Furthermore, the increasing popularity of the product in the paints & coatings industry for anticorrosion barrier coatings, drug delivery systems, and antibacterial coatings, among others is expected to create immense growth opportunities for the players operating in the market during the assessment period.
The prominent players in the global nanocomposites market are Evonik Industries AG (Germany), Nanocyl SA (BELGIUM), Arkema (France), ZYVEX TECHNOLOGIES (US), NanoSonic, Inc. (US), UNITIKA LTD (Japan), Pixelligent (US), Industrial Nanotech, Inc. (US), SHOWA DENKO K.K. (Japan), and Integran Technologies (Canada).
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The global nanocomposites market has been segregated on the basis of type of matrix material, end-use industry, and region.
By type of matrix material, the global nanocomposites market has been segmented into polymer matrix, metal matrix, ceramic matrix, and others.
The polymer matrix segmented has been further segmented into polymer/CNT, polyester/TiO2, and thermoplastic/thermoset polymer/layered silicates. The metal matrix segment is further divided into Fe-Cr/Al2O3, Ni/Al2O3 Al/CNT, and others.
The ceramic matrix segment is further categorized into Al2O3/SiO2, SiO2/Ni, Al2O3/SiC, and others.
The polymer matrix segment held the largest market share in 2018 and is projected to be the leading segment during the forecast period.
This is mainly attributed to the ease of production, lightweight, and ductile nature.
The increasing demand for polymer matrix nanocomposites in the packaging and automotive industries is further expected to favor the growth of the segment in the years to follow.
Based on end-use industry, the global nanocomposites market has been categorized into packaging, automotive, aerospace & defense, medical, electrical & electronics, energy, and others.
The packaging industry is projected to be the largest segment on account of increasing demand in the food packaging applications such as processed meat products, bakery products, cheese, fruit juices, dairy products, food grains, confectionery, boil‐in‐bag foods, and in the manufacturing of carbonated beverages and beer bottles.
The increasing demand for innovative packaging materials for meeting the consumer need for higher quality food with safety, sustainability, and convenience is further expected to fuel the nanocomposites market growth during the forecast period.