Nanocomposites Market Outlook
According to the report by Expert Market Research (EMR), the global nanocomposites market trends reached a value of around USD 6.21 billion in 2022. Aided by the rising demand for advanced materials in various industries and the growth in applications of nanocomposites, the market is projected to further grow at a CAGR of 16.20% between 2023 and 2028.
Nanocomposites are multiphase solid materials where one of the phases has dimensions in the nanometre range. They have exceptional mechanical, thermal, and electrical properties, making them suitable for a wide range of applications including automotive parts, packaging, electronics, aerospace, construction, and biomedical uses.
The increasing demand for advanced materials with superior properties is a significant driver for the global nanocomposites market growth. The extraordinary properties of nanocomposites, such as improved stiffness, heat resistance, flame retardancy, and barrier properties, have resulted in their extensive use in various industries, especially in the production of automotive parts and electronic components. Nanocomposites are increasingly employed in the food packaging industry, notably in the packaging of cheese, confectionery, processed meat, boil-in-the-bag food, and cereals, among other foods, due to their low permeability to gases, water, and hydrocarbons.
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In addition, the growth in the applications of nanocomposites across different sectors plays a critical role in boosting the nanocomposites market expansion. For instance, in the automotive industry, nanocomposites are used to manufacture lightweight yet durable components to improve fuel efficiency. In the packaging industry, nanocomposites are used for creating materials with better barrier properties, resulting in longer shelf-life of packaged goods.
Moreover, nanocomposites are being increasingly used in the biomedical field due to their biocompatibility and superior mechanical properties. They are used in various applications such as bone repair and replacement, drug delivery systems, and in the development of antimicrobial surfaces. Such properties are fuelling the global nanocomposites market development.
Furthermore, the growing interest in eco-friendly and sustainable products is leading to a rise in the demand for nanocomposites. As nanocomposites can significantly improve the properties of biodegradable polymers, they are being extensively used to create green and sustainable materials, thus, further driving the nanocomposites market growth.
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Nanocomposites Market Segmentation
The market can be divided based on material type, application, and region.
Market Breakup by Material Type
- Carbon Nanotubes
- Metal Oxides
Market Breakup by Application
- Electronics and Semiconductors
- Aerospace and Defence
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global nanocomposites companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Mineral Technologies Inc.
- DuPont de Nemours, Inc
- Zyvex Technologies Inc.
- Arkema Inc.
- Powdermet Inc.
- RTP Company
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