Polymer nanocomposites market is likely to witness substantial growth due to expanding automotive industry. The superior physical and thermal properties of the product make it perfect for utilization in automotive manufacturing. When this factor is grouped with growing vehicle sales worldwide, the industry is anticipated to witness remunerative gains over the analysis timeframe.
Moreover, the ongoing flourishment of the global electronics sector would also greatly aid towards market expansion. Polymer nanocomposites are best known for their chemical resistance, flame retardancy, optical clarity, and electrical conductivity, which gives them a strong footing in the industry landscape.
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Subsequently, the electronics industry’s growing focus towards miniaturization will also play a part in fostering the product demand. This is mainly owing to the dimensional stability of polymer nanocomposites in numerous sizes.
The COVID-19 pandemic severely affected the work practices of numerous industries, and the impact has also made its way into the polymer nanocomposite materials sector. This is expected to hamper the growth prospective over the short-term. However, with ongoing vaccination drives and government initiatives to control the virus spread, the situation is expected to improve in coming years.
As per a new Global Market Insights Inc., report, polymer nanocomposites market is forecast to surpass a $31 billion valuation by 2025.
Over the past couple of years, the industry has witnessed various new developments in the field. Citing an instance, in May 2021, Ireland-based researchers reportedly developed a novel low-cost strain sensor made entirely from graphene nanocomposite, which is known to combine high flexibility and sensitivity without lowering the performance. The team of researchers from Trinity College Dublin have created the next-gen sensing technology utilizing so-named G-Putty, a unique innovation from the college. Here, the putty is infused with graphene, which makes the electrical resistance of the material very sensitive to minor deformations.
Below are three key trends that are expected to shape the polymer nanocomposites market growth in coming years:
Strong demand from packaging industry
In terms of application, superior features of polymer nanocomposites have led to it to enjoy a strong demand from the global packaging industry. The segment is expected to depict remunerative gains in the analysis timeframe owing to a high product usage in the F&B packaging sector.
In 2018, the overall revenue generated by the F&B industry was around $108 billion, with future growth slated to reach the $160 billion mark by end of 2023. Polymer nanocomposites effectively protect the food products from several gases as well as volatile compounds. These also provide optical and thermal features which make them much more suitable for this application segment. Strong demand from the F&B packaging sector would drive the industry outlook in forthcoming times.
Increasing R&D activities in North America
On the regional front, polymer nanocomposites market in North America is earmarked to witness substantial gains over the coming time period. This growth would majorly be accredited to increasing investments in R&D activities in the region’s nanotechnology field. Subsequently, shifting trends towards smart packaging are also slated to give a helping hand towards the segment’s economic growth.
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Novel product launches
Startups operating in the market, are focusing on developing novel products, solutions, and technologies with innovative features to expand their market share. Citing an instance, April 2021, Mechnano, an up and coming startup in Arizona, announced that it has now come out of stealth mode to launch a novel technology that enables carbon nanotubes to be connected in materials of additive manufacturing.
This technology will substantially improve the product features such as impact strength as well as tear resistance. With over ten years of R&D, the firm has created a novel technique to process carbon nanotubes into a distinct form which could be spread through the additive manufacturing materials without any re-clumping.
Overall, with increasing investments, R&D activities and high product usage across numerous application avenues, the polymer nanocomposites market is likely to amass lucrative growth over the coming time period.
Nanophase Technologies Corporation, RTP Company, Evonik, Nanophase Technologies, Nylon Corporation of America, 3M and Arkema among others are some of the key players operating in the polymer nanocomposites market.
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