Polymer Nanocomposites Market Segment Analysis By Fiber Type
Carbon nanotube fiber type held the largest share for the global polymer nanocomposites market in 2020. Carbon nanotubes offer excellent transparency, high durability, electrical & thermal properties, and others, thus; it is widely used in drug delivery and biomedical tissue engineering. Additionally, carbon nanotube displays enormous potential for wearable electronic applications. Hence, its excellent electrical and mechanical properties, carbon nanotubes are employed in industrial applications such as supercapacitors, and biosensors, and others. Thus, these factors are increasing demand for carbon nanotubes which is estimated to grow the market size.
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Polymer Nanocomposites Market Segment Analysis By End-Use Industry
Automotive sector dominated the global polymer nanocomposites market in 2020 and is growing at a CAGR of 22.9% during 2021-2026 as polymer nanocomposites are used for body panels, bumpers, racing cars, and doors. Thus, owing to their high load bearing characteristic despite their less weight, these polymer nanocomposites are widely used in the automotive sector. Hence, the increasing automotive sector is estimated to grow the demand for polymer nanocomposites. The Chinese government expects the production of automobiles to reach 35 million units by 2025, according to the International Trade Administration (ITA). Additionally, according to the International Organization of Motor Vehicle Manufacturers (OICA), light commercial vehicle production has increased from 2,249,348 in 2018 to 2,254,153 in 2019, an increase of 0.2 % in Europe. Furthermore, the Indian Government expects the automobile sector to attract US$8 to US$10 billion in local and foreign investments by 2023. Hence, the growing automotive production is estimated to grow the polymer nanocomposites market.
Polymer Nanocomposites Market Segment Analysis By Geography
Asia Pacific dominated the global polymer nanocomposites market in 2020 with 30%, due to increasing demand from various end-use industries in developing countries such as India, China, Japan, and others. Polymer nanocomposites offer excellent durability, suitable for harsh environments, fire-resistant, thermal stable, superior elasticity, easy to access, and others. According to Healthcare Information Company IQVIA, China was the worlds second-largest national pharmaceutical market US$122.6 billion in 2017. It was also the biggest emerging market for pharmaceuticals with growth tipped to reach US$145 billion to US$175 billion by 2022. Furthermore, Indias domestic pharmaceutical market is estimated at US$ 41 billion in 2021 and is expected to reach US$ 65 billion by 2024 and around US$ 120-130 billion by 2030. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of light commercial vehicles has also increased in the APAC region by 10.2 % in 2018. Hence, the growing demand for packaging from the pharmaceutical sector and rising automotive production is estimated to grow the demand for polymer nanocomposites.
Polymer Nanocomposites Market Drivers
Rising Demand from Packaging Industry
Polymer nanocomposite used in food & beverage packaging and conserved flavor of soft drinks as well. Polymer nanocomposite has excellent properties such as corrosion protection, tensile strength, enhanced thermal barrier, enhanced mechanical barrier, and so on. Also, polymer nanocomposites provide barrier properties against oxygen, moisture, and UV rays. Hence, they can be recycled in large quantities thus; they are used in the packaging of food and cosmetic products. According to the India Brand Equity Foundation (IBEF), Indias food processing sector is expected to reach US$ 535 billion by 2025-26. However, the Indian government approved Rs. 107.42 crore (US$ 15.25 million) to implement 28 food processing projects, which helps to reduce food waste and increasing demand for recycling packaging and biodegradable materials. Thus, these factors are driving the market growth.
Growing Consumption of Polymer Nanocomposites for Electronics and Semiconductor Devices
Polymer nanocomposites improve electrical conductivity, mechanical strength, modulus, and dimensional stability. Thus, they are widely used in chemical sensors, electroluminescent devices, batteries, smart windows, and memory devices. Another potential application includes photovoltaic cells and photodiodes, supercapacitors, printable conductors, light-emitting diodes, and field-effect transistors are growing consumption of polymer nanocomposites. Polymer semiconductor nanocomposites offer a new generation of hybrid nanofibers with numerous applications such as in optical displays, catalysis, photovoltaic, gas sensors, electrical devices, mechanics, photoconductors, and superconductor devices. Bio-hybrid polymer nanofibers by electrospinning techniques are used in sensors and optoelectronics which is estimated to grow the consumption of polymer nanocomposites.
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Polymer nanocomposites Market Challenges
High Cost of the Products
Polymer nanocomposites help to improve vehicle fuel efficiency and corrosion resistance. Also, polymer nanocomposites improve manufacturing speed, thermal stability, and also reduce weight; however, these products are costly. Nylon 6/nanocomposites are the costliest clay-based polymer nanocomposite product. It is used in tires, conveyor belts, and other applications. Thus, the high cost of polymer nanocomposites is a major challenge for the market.
Polymer Nanocomposites Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the polymer nanocomposites market. Major players in the polymer nanocomposites Market are Arkema, RTP Company, Nanocyl SA, Unitika Ltd, Evonik Industries, Mineral Technology, Inc., Hybrid Plastics, Inc., Nylon Corporation of America, Inc, 3M, Ad-Nano Technologies Private Limited, Nanophase Technologies Corporation, and among others.
Key Takeaways
Asia-Pacific dominates the polymer nanocomposites market owing to increasing demand from automotive, packaging, electronics, and other industry in Asian countries.
Growing consumption of polymer nanocomposites is estimated to grow the market as they offer excellent properties such as electrical conductivity, mechanical strength, thermal stability, and other characteristics.
Additionally, electrospinning is the most useful technique to manufacture polymer in the nanoscale and bio-hybrid polymer nanofibers which are used in filtration, sensors, and other applications.
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