The polymer nanocomposite market is expected to grow at a CAGR of more than 5% during the forecast period of 2019 to 2024, as per ResearchAndMarkets.com. Growing applications in electronics specially in the semiconductor applications is one of the major factors that is driving the studied market. However, high processing costs is expected to hinder the growth of the market studied. Carbon nanotube segment dominated the market in 2018 and is expected to grow during the forecast period owing to the increasing applications across various end-user industries. Growing demand for flame retardant polymer nanocomposites is likely to act as an opportunity in the future. Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India. The market is fragmented with few major players. The major companies include Arkema Group, Evonik Industries AG, Nanocyl SA, Nanophase Technologies Corporation, and Showa Denko K.K
Key Market Trends include:
* Increasing Demand from Automotive Sector
- Polymer nanocomposites are used for both interior and exterior applications. Owing to their high load bearing characteristic despite their less weight, these nanocomposites are widely used in the automotive sector.
- One of the key applications of polymer nanocomposites in the automotive industry include their usage in fuel systems. Their nano size results in the smooth surface and helps in retaining any damage against corrosion and other barriers. The fuel lines are protected from the sour gas resulting in preservation of base resin properties. Additionally, these materials help in preventing the build-up and discharge of damaging static electricity at fuel systems.
- Polymer nanocomposites are also used for automotive exterior plastic parts in imparting conductivity, which is subjected to electrostatic painting, such as door handles, mirror housing, fender, etc.
- Other applications, include replacing membrane switches in automotive interiors by thermoformable, printable, capacitive touch sensors, and to enhance other thermal and mechanical properties.
- The automotive production is expected to increase in the coming years, as the automakers in the region have been investing enormously on the innovation and development of vehicles, especially lightweight and environment-friendly electric vehicles.
- Hence, such investments indicate the wait for development and production of new vehicles in the market, which is further expected to drive the demand for polymer nanocomposites market in the coming years.
* Asia-Pacific Region to Dominate the Market
- Asia-Pacific accounted for the largest share in the global polymer nanocomposite market owing to widespread adoption in industrial and automotive sectors in countries, like India and China.
- The aviation industry in China is said to be adding around 6,000 new airplanes between 2016 and 2033. China's domestic air passenger market experienced the biggest incremental rise, in terms of the number of journeys made by passengers in 2018, when compared to 2017. The increase in the number of passengers encourages the government to invest more in production of more flights, which, in turn, increases the consumption of polymer nanocomposites.
- Industries like packaging, electronics & semiconductor, aerospace, defense, and coatings are continuously finding newer applications, which will further ignite the growth of polymer nanocomposites market in Asia-Pacific in the future.