Nanocomposites Market Size, Share, Growth & Forecast | 2031

Report Description

The global nanocomposites market size was USD 5.6 Bn in 2022 and is likely to reach USD 18.3 Bn by 2031, expanding at a CAGR of 15.8% during 2023-2031. The market growth is attributed to the rapid increase in the use of nanocomposites in biomedical applications and packaging.

Nanocomposites are composites that have one of the phases in the nanometer range dimension. They are produced by the mixtures of inorganic solids that include oxides, and clays with polymers in nano scales. Nanocomposites consist of inorganic particles embedded into organic polymer matrices with a nano range dimension.

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Nanocomposites have composites with dimensions lesser than 100 nanometers (nm) making up a phase. These phases are repeated in structures of one, two, or three patterns between multiple phases that make up the material.

Polymeric resins with fillers of nanoparticles are widely used nanocomposites. Rising demand for nanocomposites has been recorded in the sectors of packaging, aviation, sporting goods, and automobile parts.

COVID-19 Impact on Nanocomposites Market

The market report finds that the COVID-19 pandemic affected the global nanocomposites market growth due to the factors such as the shutdown of raw material supply chains around the world. Additionally, travel restrictions implemented around the world affected the operations of industries that had applications of nanocomposite materials in packaging, manufacturing, and other areas.

Several industries’ operations were impacted negatively during the pandemic, yet a significant rise in the utilization of nanocomposites was seen in the food packaging industries. It was due to the increase in delivery services during lockdown periods.

Nanocomposites Market Dynamics

The research report presents a complete market overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The nanocomposites market report has up-to-date insights about market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.

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What are the Drivers of the Nanocomposites Market?

Nanocomposites being extremely light are preferred in the packaging industry boosting market growth. The biodegradable packaging material of confectionery, cereals, meat, cheese, and ready-to-cook foods are day-to-day used packing applications of nanocomposites. Thermal stability provided by nanocomposites makes them highly preferred packaging materials for food items.

Carbon nanotube fillers in electronics packaging as thermal interface materials are widely used. Nanocomposites with desired properties such as better tensile strength, high thermal & electrical conductivity, magnetic characteristics, and high resistance to corrosion have large-scale utilization in electronic appliances’ packaging.

Electronic applications find nanocomposites in sensors, capacitors, shielding, and mechanical devices manufactured using graphene-filled polymers. Graphene polymer nanocomposites exhibit superior mechanical, electrical, thermal, and chemical properties in transistors, electroluminescent devices, batteries, and memory device applications.

Nanocomposites are widely used in biomedical applications such as biomedical temperature sensors, biomedical pressure sensors, and biomedical refrigerators and freezers. Mechanical toughness, adhesive properties, and microfabricated structures are highly beneficial properties of nanocomposites for biomedical applications.

What are the Restraints of the Nanocomposites Market?

The high cost of production of nanocomposites is one of the major factors that can hamper the overall market revenue in the coming years. The raw materials involved in producing nanocomposites are extremely costly that primarily include silicon carbide, silicon nitride, and alumina. Nanocomposites are manufactured through several techniques involving laser sintering techniques, melt-mixing, mixing, polymerization, and electrospinning, which require skilled manpower for implementation.

Which are the Growth Opportunities for Nanocomposites Market?

The majority of governments around the world provide grants for incorporating nanocomposites as part of promoting green initiatives. Packaging industries for food and beverages are expected to have a positive effect on market growth. Reduction in the use of plastics and problems arising from the recycling of plastic wastes are solved by using nanocomposite packaging.

Nanocomposite packaging materials are highly preferred for biodegradable packaging in the food and beverage industry. They retard the growth of bacteria which reduces food spoilage. Government measures to encourage research and development have the potential to aid the growth of the global nanocomposites market.

Opportunities are being explored for reducing corrosion in solar panels through the introduction of nanocomposites. Materials made out of clay assist in reducing the corrosion of metallic solar cell components. Clay-based coatings of nanocomposites are used in solar photovoltaic applications that act as anticorrosive elements.

Scope of Nanocomposites Market Report

The global nanocomposites market research report includes an assessment of the market trends, market segments, and regional analysis of markets. Overview and dynamics have also been included in the report.

Nanocomposites Market Segment Insights

What Key Factors Contribute to the Significant Expansion of the Carbon Nanotubes Segment?

Based on type, the nanocomposites market is divided into graphene, nanoclay, carbon nanotubes, and nanofiber. The carbon nanotubes segment is expected to expand at a significant growth rate during the projected period due to their favorable electrical properties of high thermal & electrical conductivity.

Carbon nanotubes (CNT) are widely used in optical devices, semiconductors, nanotechnology, and several branches of materials engineering due to their high tensile strength, low weight, and flexibility. These highly useful properties are expected to boost the carbon nanotubes demand growth in the market.

Nanoclay segment is anticipated to grow rapidly during the forecast period due to high demand from the automotive and packaging industries. Additionally, rising nanoclay applications in food & beverage packaging, paints & coatings, and the biomedical industry, are likely to increase its demand in the coming years.

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What are the Main Factors for Boosting the Polymer Segment?

On the basis of material segment, the global market is segregated into polymer-based and non-polymer-based nanocomposites. The polymer segment is further subcategorized into inorganic/organic polymer, inorganic/organic hybrid, and polymer/layered silicate. While the non-polymer-based segment is further divided into ceramic-ceramic nanocomposites, ceramic nanocomposites, and metal nanocomposites.

The polymer segment is projected to register a considerable CAGR during the forecast period due to the ductility of polymer matrix materials. Polymer nanocomposites provide design flexibility and being lightweight makes them a popular choice in the automotive interior and for packaging respectively. Polymer nanofillers in the form of molecules in low concentrations are used to replace multi-layered polymers to enhance their usability.

Ceramics form part of the non-polymer-based nanocomposites segment that is anticipated to account for a major market share in the coming years for their toughness and thermal stability. Wide usage of ceramics in the automotive and aerospace sectors for their chemical inertness and as insulating materials has boosted its market demand.

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Which Major Factors influence the Substantial Growth of the Packaging Segment?

Based on the end-use segment, the market is segregated into packaging, medical, automotive, aviation, electrical & electronics, semiconductors, coatings, corrosion protection, and others. . The packaging segment is expected to expand at a significant growth rate during the projected period with an increase in demand for antimicrobial packaging material. Nanocomposites provide biosensing and enzyme immobilization properties, which are favored in the packaging of various products.

Nanocomposites are widely used in the food & beverage industry for their chemical-resistant properties that keep food fresh. The shelf life of foods is enhanced by the superior barrier properties of nanocomposites that prevent food contamination through microbes, gases, or water vapor. The use of bio-nanocomposites and antimicrobial nanocomposites as green nanocomposites in food packaging is anticipated to favor the packaging segment’s growth in the market.

The automotive industry segment is projected to hold a key share of the market in the coming years due to the ability of nanocomposites to merge with plastics for providing stronger bonds to strengthen automotive parts. Weight-reducing properties of nanocomposites are in great demand for the production of automotive parts that include tires, interior & exterior components, power trains, engine covers, and headlamp covers. Reduced vehicular weight enhances automobile performance with increased fuel efficiency.

Why is Asia Pacific Dominating Nanocomposites Market?

In terms of region, the global nanocomposites market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the forecast period owing to a steady rise in industrialization. The rising demand for nanocomposites in the automobile field has boosted the market growth in the region.

The market in North America is anticipated to expand at a rapid pace during the forecast period due to the extensive use of nanocomposites in the automotive sector. The presence of a well-established automotive industry in North America is a major contributor to the market growth.

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