Increasing demand from automotive sector to prop growth of global polymer nanocomposite market

Polymer nanocomposite market is expected to witness substantial growth owing to growth in end-use applications including aerospace engineering, automotive industry, construction, renewable power generation, military and food. Automotive industry is expected to be a key driver for polymer nanocomposites due to rising demand of light weight automotive parts owing to its high strength and light weight properties resulting in superior performance and reduced carbon emissions, as per Grand View Research. In addition, stringent government regulations related to automotive emission standards is expected to augment the market over the forecast period. Furthermore, growing awareness regarding automotive safety among consumers is expected to propel market growth. Global acceptance of polymer nanocomposites in semiconductor manufacturing owing to its superior characteristics including compactness, light weight structure, and electrical conductivity is expected to propel the market over next seven years. Polymer nanocomposite contains nanoparticles or nanofillers dispersed in polymer matrix. Polymer nanocomposite market is segmented based on product type including carbon nanotube, nanofiber, nanoclay and inorganic particle reinforced composites. Furthermore, polymer nanocomposites market is segmented based on end-use including packaging, automotive, electronics & semiconductor, food & beverage, aerospace & defense, energy, coatings and other industrial applications. Automotive market accounts for largest market share among polymer nanocomposites owing to its widespread use in manufacturing of automotive parts such as power train, suspension and braking systems, exhaust systems and catalytic converters, lubrication, tires and body parts. Enhanced mechanical, thermal barrier, electrical chemical properties of polymer nanocomposites including increased tensile strength, heat deflection temperature provides an edge over conventional nanocomposites. Food & beverage contributed a significant share to polymer nanocomposite application due to increasing use in food packaging material as well as conservation of flavor in drinks and beverages. Defense application includes use of polymer nanocomposites in the manufacturing of electrically conductive fabrics, sensors, electromagnetic shielding, microwave absorption, ballistic protection, fire retardation and corrosion protection. Aerospace industry also contributed a significant share to polymer nanocomposite application owing to increased use in manufacturing of laminates, sandwich structures, anti-lightening and anti-radar protectors. Bio medical application of polymer nanocomposites includes biological imaging, cell tracking, magnetic bio separation, nanomedicine. In addition, various chemical compositions of natural and synthetic biodegradable polymers with organic or inorganic fillers are used in applications including tissue engineering and bone reconstruction. Renewable power generation application of polymer nanocomposites includes use of carbon nanotubes (CNT) tiles for power generation and CNT conductors for reducing transmission losses. However, high processing cost required for polymer nanocomposites production is expected to pose a major challenge for market growth over the forecast period. In addition, water resistance of polymer nanocomposite in wet environmental condition, degradation rates under various conditions, change in mechanical properties during storage, potential for microbial growth and release of harmful compounds into packaged food products is expected to pose a major challenge for market growth over the forecast period. Asia Pacific accounted for largest market share for poly nanocomposite application owing to widespread use in various industries including packaging, automotive, electronics & semiconductor, aerospace, defense and coatings. Presence of emerging economies including India and China is helping the polymer nanocomposites market to grow in the region. Growing electrical and electronics market in South East Asia particularly in South Korea, Japan and China is expected to boost the poly nanocomposite market over the forecast period. European market accounted for second largest market share owing to increasing demand in automotive industries to replace the other conventional composites that reduces the weight of vehicles and increases efficiency. In addition, packaging industry is expected to boost the market in the region owing to its superior material and preservation characteristics. Middle East polymer nanocomposites market is expected to witness a significant growth owing to increasing use in packaging industry including food & beverages packaging over the forecast period. Africa is expected to grow at a significant rate owing to rising use of poly nanocomposites in coatings industry particularly in Nigeria and South Africa. Furthermore, growing infrastructure in the region is expected to propel market growth. Major players in the poly nanocomposite market include 3D System, Foster Corporation, Industrial Nanotech, Hybrid Plastics Inc., Inframat Corporation, InMat Inc., Nanocor Incorporated, Crown Plastics Co., Inc., AVEKA, Inc., Nanotech Industrial, SiM Composites, NanoMate Fastener, Nanolab, Inc., Noble Polymers LLC, Grand Rapids and Natural Nano, Inc