The growth of the polymer nanocomposites market is driven by the expanding packaging sector, growing food & beverage industry, prominent research & development activities in emerging nations, and the booming biomedical sphere, says this report.
SELBYVILLE , Del., March 23, 2022 /PRNewswire/ -- According to the research report by Global Market Insights Inc., the Polymer Nanocomposites Market was estimated at USD 8.66 billion in 2021 and is poised to surpass USD 26.5 billion valuation by 2028 , progressing at a CAGR of 19.1% through the forecast period. The report offers a detailed assessment of market size & estimations, wavering market trends, top winning strategies, competitive scenario, drivers & opportunities, and major investment pockets.
Polymer nanocomposites finds extensive applications in the biomedical sector, which has created massive growth potential for the industry. Notably, growing importance of polymer nanocomposites in the food & beverage and packaging sectors is likely to positively impact the product landscape. Additionally, increasing emphasis of major viz., China, the U.S., Japan, South Korea, India, France, Germany, and the UK, on R&D activities for nanotechnology is projected to drive market growth through the forecast period.
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Polyethylene nanocomposites are widely used for power cable and insulation applications in the electrical & electronics industry. For cable insulations, polyethylene nanocomposites are dispersed with nano-oxide nanomaterials. PE nanocomposites also possess significantly better electrical characteristics than standard polyethylene, such as particle discharge, electrical conductivity, relative permittivity, space charge, electrical breakdown, and so forth. In addition, they are gaining considerable traction in the research field. Owing to these factors, the polyethylene polymer segment attained the largest share in the global market and is slated to grow substantially at a CAGR of more than 19.5% to reach a valuation of about USD 10 billion by 2028.
Meanwhile, the polymer nanocomposites industry share from the packaging end-use segment is anticipated to witness robust growth to garner a sizable revenue by the end of the review timeline. Surging adoption of polymer nanocomposites in the packaging sector is foreseen to boost segmental development in the forthcoming years.
Key reasons forpolymer nanocomposites market growth:
1. Prominent adoption in biomedical sector.
2. Increasing utilization in packaging industry.
3. Growing uptake in food & beverage market.
4. High usage in electrical and electronics applications.
2028 forecasts show 'nanofibers' segment retaining its dominance:
From the nanomaterials perspective, the nanofibers segment is speculated to exceed USD 1.5 billion in revenue by 2028. Soaring demand for bio-based nanocomposites would enhance the uptake of nanofibers. Polymer nanocomposites are broadly utilized in various applications, including therapeutic devices, tissue engineering, drug delivery, and others. Latest technological advancements, coupled with ongoing research efforts pertaining to nanofiber, are projected to support segmental growth over the study timeframe.
Europe to maintain top status in terms of revenue:
On the regional spectrum, the Europe polymer nanocomposites market held a notable share in the overall industry revenue and is expected to see sturdy growth at approximately 18% CAGR through the forecast period. The presence of a well-established base of automotive manufacturers in the region is estimated to propel the adoption of polymer nanocomposites. Moreover, increasing focus of companies on implementing lucrative strategic initiatives is set to further foster regional market outlook in the future.
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Impact of COVID-19 pandemic onpolymer nanocomposites market:
Polymer nanocomposites offer several beneficial properties, such as high affordability, high mass, easy production, and high ability to sterilize and disinfect compared to other materials, which has highlighted potential applications of polymer nanocomposites in various areas, particularly in biomedical applications during the COVID-19 pandemic.
Leading market players:
Some key players in the global polymer nanocomposites market are 3M, RTP Company, Nanophase Technologies Corporation, Nanocyl SA, Hybrid Plastics, Arkema, Unitika, Nylon Corporation of America, Nanoshel, Ad-Nano Technologies, and Evonik, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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