17-Feb-17 In spite of their high cost, the use of polymer nanocomposites has gained significant market traction in industries such as automobiles, where mechanical properties, low weight, and the ability to withstand high loads are major factors. Technavio's market research analysts predict the global polymer nanocomposites market to grow at a CAGR of more than 24% until 2019. The market is witnessing the introduction of innovative bio-based nanocomposites that are expected to contribute to its sustainability. However, the market growth is likely to be restricted by factors such as the high R&D cost for vendors and the high deployment costs for end-users.
Market segmentation of the global polymer nanocomposites market by product type
• Clay-based nanocomposites
• Carbon nanotubes
• Others
In terms of revenue, the clay-based nanocomposites segment accounted for a major share of the global polymer nanocomposites market in 2014. The latest trend in this segment is to fill the polymer between individual clay sheets or to disperse the clay sheets into the polymeric matrix. In the future, the use of hybrid materials is expected to provide higher thermal stability and barrier properties, less shrinkage, and improved resistance to solvents, scratches, and fire.
Market segmentation of the global polymer nanocomposites market by application
• Medical and healthcare
• Cosmetics
• Protective clothing and material
• Filter media
• Optical application
• Electrical conductors
The food packaging industry is the second largest consumer of polymer nanocomposites. The high barrier properties of polymer nanocomposites enhance the shelf-life of packaged food items. It is used in the packaging industry for making wrapping films and beverage containers. However, as traditional plastics are not degradable and pollute the environment, the market is witnessing a growing demand for biodegradable and environment friendly plastics. It has resulted in an increasing use of nanocomposites to manufacture various biodegradable polymers in the food and beverage segment.
APAC accounted for the largest share of the global polymer nanocomposites market due to widespread adoption in industrial sectors such as automotive, packaging, electronics & semiconductor, aerospace, defense, and coatings. The region is witnessing a surge in industrialization and infrastructure development, and it is likely to propel the polymer nanocomposites market in the APAC region. The automobile industry is the largest consumer of polymer nanocomposites accounting for almost 70% of the consumption of the material. The high demand from this industry drives the global Polymer nanocomposites Industry.
Industrialization and infrastructure development have led to an increase in the consumption of polymer nanocomposites for various specialized products. For instance, Bayer has just developed a new grade of plastic films for food packaging, made from nylon-6 exfoliated nanocomposites. The presence of developing economies, such as China and
India poses a key market opportunity for the vendors in this market.
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