The global market of nanocomposites is anticipated to expand during the forecast period owing to high demand from aerospace & defense, packaging, electronics & semiconductor, and automotive. Increasing applications of nanocomposites in the packaging industry is expected to foster market growth. Surging demand from the food & beverage sector for packaging is anticipated to create a positive impact on the market growth. It provides improved mechanical, thermal, and biodegradable properties. The product is known for its versatility, high quality, flexibility, high tensile strength, and low cost. Increasing women population globally has gradually increased the demand for ready-to-cook products, convenience food products, and pre-cooked food products. Manufacturing of electrodes and transparent films has become one of the significant trends in the market. The product is designed for biomedical purposes for wound dressings, tissue engineering, cancer therapy, cardiac prosthetics, and stem cell therapy.
According to Fortune Business Insights, the global nanocomposites market size was valued at USD 4.32 billion in 2019 and is expected to reach a valuation of USD 14.34 billion by 2027 with a CAGR of 16.3% during the forecast period. The market has leading players such as Arkema S.A., Evonik Industries, Cabot Corporation, Showa Denko K.K., Zyvex Technologies, RTP Company, Nanocyl SA, Nanophase Technologies, DuPont, and Nanocor Inc.
Surge in Demand from Electronics and Packaging Industries to Propel Market Growth During COVID-19
The COVID-19 pandemic led to the shutdown of various global markets. The pandemic halted the production activities which affected the demand for nanocomposites significantly. However, increase in demand for electronics and food packaging supported the growth of the market. Moreover, there was an increase in demand for packaged food products and takeaways.
Business Research Insights Presents Top 5 Manufacturers of Nanocomposites
- Arkema S.A. (France)
Arkema S.A. or simply known as Arkema is a French-based chemicals and advanced materials company. It is headquartered in Colombes, France. The company conducts its business in three segments such as performance products, coatings solutions, and industrial chemicals. It manufacturers industrial performance products such as hydrogen peroxide, Polymethyl Methacrylate (PMMA), technical polymers, functional additives, specialty chemicals, and chemicals. The company has a total of seven subsidiaries, operates in 40 countries, and has 144 production facilities globally.
- Evonik Industries AG (Germany)
Evonik Industries AG is a German specialty chemicals company, which is one of the largest chemicals companies globally. It was founded in 2007 with its head office located in Essen, Germany. It has production plants in 27 countries worldwide. The company operates in business areas such as real estate, chemicals, and energy. Majority of revenue generated by the company is from specialty chemicals.
- Nanocyl SA (Belgium)
Nanocyl SA is a Belgian company that has expertise in industrial multiwall carbon nanotubes. The company was founded in 2002 and is one of the leading organizations in manufacturing of industrial Multiwall Carbon Nanotubes (MWCNTs). It primarily operates in industrial chemicals and multi-line chemicals. The company provides high-quality carbon nanotube technologies that can improve the properties of plastic and composite applications. The company focuses on improving the performance of metals, polymers, composites, and biomaterials.
- Cabot Corporation (U.S.)
Cabot Corporation is an American company that manufactures specialty chemicals and performance materials. The company operates in 20 countries globally and has 36 manufacturing plants worldwide. The company also has overall eight research and development facilities. It serves in various industries such as environment, transportation, infrastructure, and consumer. The company employs around 4,100 employees globally.
- Nanophase Technologies Corporation (U.S.)
Nanophase Technologies Corporation is an American company that provides nano-engineered solutions. The company develops and provides engineered advanced materials. The products are used in structural ceramics, electronics, cosmetics, and industrial catalysts industries. The company’s product portfolio includes engineered nanomaterials such as bismuth oxide, aluminum oxide, iron oxide, zinc oxide, and cerium oxide.
Transparent Films and Electrodes to Become Significant Trend
One of the distinguished applications of nanocomposites is the use of Carbon Nanotubes (CNT) to develop Transparent Conductive Films (TCF). New technological advancements in CNT for manufacturing TCF are expected to replace traditional TCF that is of high quality and low cost. Laser vaporization, arc discharge, and chemical vapor deposition are some of the enhanced commercial manufacturing methods that are favored over traditional synthesis methods.
About the author
Mayuri Patidar holds an MBA in Marketing. She is a thorough research blogger. Her inclination is toward researching and writing precise blogs for several niche markets and offering the finest information.