Global polymer nanocomposites market to cross US$5 bln by end of decade

18-Feb-15

The market for polymer nanocomposites in terms of value is expected to cross US$5100 mln by 2020, as per MarketsandMarkets. The Asia-Pacific region dominated the polymer nanocomposites market in terms of values in 2013 and it is expected to grow at a higher CAGR, from 2014 to 2020. Large packaging industry and increasing automotive and aerospace industry in Asia-Pacific region helped it to dominate the global market. The electrical & electronics market in Eastern Asian market, driving the polymer nanocomposites application market. The automotive industry can benefit from polymer nanocomposites in several applications such as powertrain, suspension and breaking systems, exhaust systems and catalytic converters, lubrication, tyres and body parts. The advantage of nanocomposites over conventional composites is that their mechanical, electrical, thermal, barrier and chemical properties such as increased tensile strength, improved heat deflection temperature, flame retardancy etc. Asia-Pacific is the prime consumer of polymer nanocomposites globally followed by Europe. Europe and Asia-Pacific together accounted for more than 60% of the polymer nanocomposites in terms of value in 2013. Asia-Pacific is expected to grow at a highest CAGR and secure its leading market position by 2020, with developing new application areas in electrical & electronics and automotive market. In Europe, the use of polymer nanocomposites continues to increase in automotive industries to replace the other conventional composites that reduces the weight of vehicles and increases the mileage. Demand for polymer nanocomposites is expected to increase from automotive industry as car manufacturers aims to reduce weight of vehicles to make them energy-efficient. “The demand of light weight automotive parts has given an edge to polymer nanocomposites due to its high strength and light weight properties. The use of polymer nanocomposites enabled automotive parts reduction in light weight vehicles, improved engine efficiency, reduction in CO2 emissions and superior performance,” added the report.