Nanocomposites Market Analysis (2023 - 2030)
The market for nanocomposites is anticipated to increase at a CAGR of 15.2% from 2022 to 2027, reaching a value of US$ 11.3 billion. By combining different components at the nanoscale, nanocomposites are materials that have peculiar features and novel design opportunities. One of the strongest and longest-lasting materials on the earth is graphene.
Nanocomposites are increasingly employed in the food packaging business, notably in the packaging of cheese, confectionery, processed meat, boil-in-the-bag food, and cereals, due to their low permeability to gases, water, and hydrocarbons. Additionally, recycling is made possible by the use of nanocomposite polymers in packaging, which is predicted to boost industrial expansion. Due to its many benefits, including as high tensile strength, superior optical and magnetic characteristics, great resistance to corrosion, and high thermal and electronic conductivity, nanocomposites have recently gained prominence. Due to these significant properties, nanocomposites are now more in demand across a variety of sectors.
The COVID-19 outbreak, which has had an unequaled impact on public health, has had an impact on most industries. Millions of people have died from this fatal sickness over the world, and as a result, governments have issued broad bans and orders for work stoppages to stem the virus's spread. The only sectors that have not been seriously impacted are healthcare and life support items, however, the nanocomposites sector suffered major losses. Because of the government's travel restrictions and lockdown, the market growth for nanocomposites was constrained and halted. It will be interesting to observe how the market recovers and takes back its position.
Key Market Insights:
- The market share of carbon-nano tubes, which was about 28% in 2021, is estimated to increase significantly throughout the projected period. Promising materials for packaging applications that enhance mechanical capabilities, barrier qualities, and biodegradability include carbon nanotubes and graphene nanoparticles. Due to its high heat conductivity and surface area, graphene is the most competitive product in the nanocomposites market. Carbon nanotube and graphene-containing polymer nanocomposites are currently under intense scrutiny for use in the creation of smart, active, and intelligent packaging that would enhance food quality and safety, address problems with food storage, and notify consumers about the condition of their food. The market expansion for nanocomposites is being supported by the rising demand for packaged food.
- During the projection period of 2022-2027, the polymer matrix segment is anticipated to rise rapidly at a CAGR of 16.5%. Polymer matrix Nanocomposites are well-liked in the market due to their simple manufacture, lightweight, and ductility. The Polymer Matrix-type segment is being supported by the growth in the food packaging market. PNCs (polymer nanocomposites) are packaging materials that can be utilized to replace complex multi-layered polymers and provide a variety of capabilities. Nanofillers can be added to polymers in small amounts to improve their performance noticeably. Incorporating Nano filler molecules will enable this. Antimicrobial and antioxidant qualities, which are essential for food packing, can also be added.
- Approximately 30% of the market was occupied by the packaging industry segment in 2021, and it is anticipated that this segment would expand significantly for the forecast period. Graphene nanoparticles and carbon nanotubes are desirable materials for packaging applications because they enhance the functional, mechanical, and barrier qualities of biodegradable polymers. The packaging market is being driven by the booming food and beverage and e-commerce sectors, which is also boosting the market for nanocomposites. According to the OECD, overall retail sales through mail orders or the Internet in the European region climbed by 30% in April 2020 compared to April 2019, thus propelling the market for nanocomposites and e-commerce. The company also noted that the rise of the market was supported by China's online retail sales, which increased from 19.4% in August 2019 to 24.6% between January and August 2020.
- Due to the region's explosive growth in the construction, packaging, and automotive industries, the Asia Pacific region held the greatest market share for nanocomposites in 2021, amounting to 36%. Graphene is currently in excess due to Chinese firms' overproduction. China dominates graphite production. The increasing demand for nanocomposites from end-use sectors like automotive and electronics & semiconductors in China and Japan as well as the existence of innovative nanocomposites manufacturers are what is causing the area to expand. The regional demand is additionally supported by an abundance of labor resources and raw material sources. FDI inflows into China climbed by 6% in 2020 to USD 149 billion, up from USD 141 billion in 2019, according to UNCTAD's 2021 World Investment Report. In 2020, India produced more than 3.3 million vehicles, based on data made public by OICA. These are a few of the statistics that will help the region expand during the prediction period.
Market Segmentation:
By Product Type
- Carbon Nanotube
- Nanoclay
- Metal/Metal Oxide
- Ceramic
- Nanofiber
- Graphene
- Expanded Graphite
- Fullerene Fillers
- Recycled Paper
- Recycled Fiber
- Others
By Type
- Ceramic Matrix
- Metal Matrix
- Polymer Matrix
By Application
- Packaging
- Automotive
- Electronics Electrical
- Aviation
- Energy
- Construction
- Military
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
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