Polymer Nanocomposites Market Size is Projected to Reach USD 44.2 Billion at a CAGR of 19.50% by 2032 – Report by Market Research Future (MRFR)
Polymer Nanocomposites Market Research Report Information By Type (Carbon Nanotubes, Metal Oxide, Nanofiber, Nanoclay, Graphene, and Others (Expanded graphite, Recycled paper, Wood, Recycled fibers)), By Application (Packaging, Automotive, Electronics & Semiconductor, Aerospace & Defense, Coatings, Energy, and Others (Sports, Healthcare)), and By Region (North America, Europe, Asia-Pacific, and Rest of The World) – Market Forecast Till 2032
New York (US), Aug. 09, 2023 (GLOBE NEWSWIRE) — Polymer Nanocomposites Market Overview
The research documents by MRFR indicate that the “Polymer Nanocomposites Market Research Report Information by Application, Region, and Type – Forecast Till 2032”, the Polymer Nanocomposites market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 19.50%. The reports even share predictions regarding the market’s growing revenue share, which will likely reach USD 44.2 Billion by the end of 2032. As per the study documents, the market was worth around USD 8.9 Billion in 2022.
The primary main factors boosting market growth include increasing uses in electronics, particularly semiconductor applications, and expanding applications across a variety of end-user industries. The expanding product applications across various end use industries are the primary drivers of market expansion.
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The catalog of the top leaders across the global Market for Polymer Nanocomposites includes players such as:
- Nanophase Technologies Corporation
- Inframat Corporation
- The Arkema Group
- Powdermet, Inc.
- Du Pont De Nemours and Company
- Evonik Industries AG
- RTP Company
- Nanocor, Inc.
- Showa Denko Carbon, Inc.
- Nanocyl S.A.
- Among others.
|Market Size 2032||USD 44.2 Billion|
|Compound Annual Growth Rate (CAGR)||19.50% (2023-2032)|
|Market Forecast Period||2023-2032|
|Historical Data||2018- 2022|
|Forecast Units||Value (USD billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||The increasing adoption of engineering plastics across industries and adoption of Polymer Nanocomposites in the aerospace and automotive industries|
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Market USP Covered
The global Polymer Nanocomposites industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the increasing applications across various end-user industries across the globe. Furthermore, introducing strict regulatory restrictions addressing car emissions is also considered to be one of the vital aspects causing a surge in market performance around the world. Moreover, the factors such as PNC’s widespread use in the defense industry, the increasing use of carbon nanotubes (CNT) conductors & tiles, growing research & development efforts in the field of nanotechnology, the enormous need for lightweight cars, and increased demand for polymer nanocomposites in the semiconductor manufacturing industry are also projected to boost-up the growth of the market over the coming years.
However, some aspects may limit the market’s performance. The main aspect limiting the market’s development is the high costs linked.
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Polymer Nanocomposites industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
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Among all the types, the nano clay category secured the leading position across the global market for polymer nanocomposites in 2022, given mainly to their non-toxic nature; nano clays and their composites have been researched for biomedical applications such as tissue engineering, drug delivery, enzyme immobilization, wound healing, and bone cement among others.
Among all the application areas, the automotive category secured the leading position across the global market for polymer nanocomposites in 2022, given mainly to the reduced weight and enhanced fuel efficiency of the car or aircraft system. The automobile industry utilizes the product to produce pieces for cars, tires including doors and fuel lubricants, and other under-the-hood elements. The automobile sector will likely grow rapidly, from 700 million in 2019 to roughly 1.5 billion.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that North America held the top position across the global Polymer Nanocomposites industry in 2021, with a nearly 45.80% contribution. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Polymer Nanocomposites Market held the largest market share, and Canada was the fastest-growing North American Region. The region’s abundance of biomedical and packaging producers is the main aspect supporting regional market expansion. Furthermore, the development in the American automotive and aerospace industries is also projected to enhance the performance of the regional market. Moreover, factors such as lowering carbon footprint coupled with the region’s expanding government policies are also projected to boost the regional market’s growth over the coming years.
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The European Region anticipates substantial growth across the global Polymer Nanocomposites industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Polymer Nanocomposites Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The main aspect supporting regional market expansion is the rising demand from the automobile industry and other sectors in developing and developed nations.
The Asia-pacific Region will likely showcase the maximum growth rate across the global Polymer Nanocomposites industry over the coming years. India, China, and Indonesia are the leading development contributors in the region. Further, the China Polymer Nanocomposites Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the extensive usage in nations’ automotive and industrial sectors. The aviation sector in China is predicted to gain nearly 6,000 new aircraft. Compared to prior years, China’s domestic air passenger market experienced the maximum incremental increase in passenger journeys. In addition, the increase in travelers motivates the government to spend more on growing airline capacity, boosting the requirement for polymer nanocomposites.
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