The Global Nanocomposites market is projected to grow at a CAGR of around 15.95% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. This attributes to the wide application of these materials on account of the benefits involved with their usage. The high mechanical strength, thermal stability, lightweight, and other properties of these composites are expanding their adoption in packaging, automotive, and other industries. In addition, efforts taken by authorities & governments from all over the world to build renewable energy capacity are affecting the market positively. This accredits to the high usage of these composites in the energy storage sector for manufacturing items like fuel cells, supercapacitors, lithium-ion batteries, and other products.
Further, continuous research & development to widen the application of these composites in different industries would improve the revenue sources of the industry. Besides, the emergence of eco-friendly nanocomposites in the form of bio-based or recycled material is raising the sustainability levels of the industry. Industries that are actively involved in reducing their carbon footprints & in the sustainable transition of their industry, including automotive, packaging, construction, and several others, are becoming the prominent users of these materials.
Moreover, the continuous industrial development across different regions of the world coupled with the gain in knowledge and gradual research & development in the industry would expand the market share in the coming years, further states the research report, “Global Nanocomposites Market Analysis, 2023.”jected time frame?
Packaging Industry to Flourish the Market
Based on the end user, the market is bifurcated into Packaging, Automotive, Aerospace, Electronics, Energy, Healthcare, Paints & Coatings, and Others. Among these, the Packaging Industry would become a prominent industry to create the demand for nanocomposites due to the wide usage of packaging in numerous industries, including electronics, food & beverage, pharmaceuticals, etc. The rise of the packaging industry is a result of the ongoing development in many parts of the world, particularly in Asia-Pacific and the Middle East & Africa, leading to the growth of these materials simultaneously.
Moreover, the need for packaging in the food & beverage industry is also rising as hygiene & sanitation become a concern. As a result, the demand for packaging in this industry would continue to grow in response to the growing popularity of ready-to-eat & ready-to-cook items driving up the share of this sector in the market over the forecast years.
Asia-Pacific to Become a Prominent Market for Nanocomposites Across the Globe
Geographically, Asia-Pacific is estimated to generate significant revenue for the nanocomposites industry in the forecast years. This attributes to the growth of the construction, automotive, and other industrial sectors due to widespread economic expansion in nations like India, China, South Korea, and others. The governments of these nations are consistently working to develop industrial hubs & implement beneficial business regulations to entice large investments & multinational firms in Asia-Pacific.
Further, to appeal to one of the largest portions of the global population present in the region, companies have been establishing their presence across APAC. Additionally, they are continually working to develop new technologies to meet the diverse needs of the enormous population. Thus, the requirement for nanocomposites in the Asia-Pacific region would be accelerated by a high rate of adoption of cutting-edge technology together with the ongoing expansion of the industries in the coming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Arkema Group, Evonik Industries, Zyvex Technologies Inc., Powdermet Inc., RTP Industries, Showa Denko K.K., Nanocyl SA, Toray International Group Ltd., Hyperion Catalysis International, NanoPhase Technologies Inframat Corporation, Sim Composites, Unitika Ltd., Nano Shine Group, and NEI Corporation are looking forward to strengthening their market position.
Key Questions Answered in the Research Report