Global Industry Analysts has released a market research report titled ‘Nanocomposites: A Global Market Report.’
According to the report, the global nanocomposite market is expected to achieve 1.5 billion pounds in 2017. Dropping prices, technology developments in manufacturing processes, need for high-strength structural materials from a broad array of end-use markets, increased government funding in research and development especially in developing nations, and increased participation of private venture capitalists are the driving factors for the growth.
The plastic industry is expected to show high demand for nanocomposites as even a fewer addition of nanocomposites can more than double the dimensional stability, electrical conductivity and heat resistance of various polymers through melt compounding or in-situ polymerization. End-use application markets discussed in the report include automotive, electrical & electronics, building & construction, packaging and others. The major end-use application market for nanocomposites is and will be the automotive industry.
Use of nanotubes as fillers is increasing due to the ever-increasing demand for nanocomposites. With superior thermal, physical and electrical conductivity properties, carbon nanotubes will bring in new business prospects for the semiconductor and electronics end-use markets. Carbon nanotubes are also commonly utilized in thermoplastic and epoxy systems and in coatings. Carbon nanotube manufacturers are expected to augment their production capacities in the future in order to meet the growing demand for the nanomaterial.
The US is the largest nanocomposite market in the world and is expected to grow at 10% CAGR during the reporting period. Although the US and Europe will maintain their dominance in the global nanocomposite market, the Asian market is expected to show a strong growth in the future, thanks to relatively higher investments from the governments and public sectors.
Companies profiled in the report include Zyvex Technologies, Unitika, Rockwood Additives, Showa Denko, Nanophase Technologies, Nanoledge, Nanocor, InMat, Inframat, Industrial Nanotech, Hybrid Plastics, Foster, Evonik Degussa, eSpin Technologies, Elementis Specialties, Du Pont (E.I) De Nemours, DSM Somos, Cyclics, BASF, Arkema Group and 3M ESPE.