Nanocomposites Market Analysis

Global Nanocomposites Market Overview

Nanocomposites Market size was valued at USD 7.94 Billion in 2023. The nanocomposites industry is projected to grow from USD 9.15 Billion in 2024 to USD 24.655 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.20% during the forecast period (2024 - 2032). Due to market drivers such as rising demand from the packaging industries due to its excellent mechanical and physical qualities, the worldwide nanocomposites market is expanding rapidly. Additionally, the need for nanocomposites is projected to rise in the upcoming years due to the semiconductor qualities that drive an increase in demand from the electronic and electrical industries.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Nanocomposites Market Trends

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  Growing applications in the packaging industry is driving the market growth

  
  

One of the industries that has seen a number of modern-era modifications in the past 20 years is packaging. Films, cartons, boxes, and other packaging materials are frequently made using nanocomposite. Due to its high quality, adaptability, flexibility, high tensile strength, and reduced cost compared to other packaging products, the product is widely used in the packaging industry. Market CAGR has been significantly impacted by rising packaging demand from the food and beverage industry. These goods exhibit superior thermal, mechanical, biodegradable, microbiological, and other contaminating agent resistance. The use of active and intelligent food packaging technologies will drive the market. For instance, food packaging must have a lower gas transmission rate to prevent oxidation-related food product spoilage and to preserve the product's shelf life. Because of their superior barrier qualities, polymer composites prevent transmitting moisture, oxygen, carbon dioxide, and even food fragrance. The use of nanocomposite packaging by the food and beverage industry as a result of these appealing qualities has increased demand for the product. The demand for ready-to-cook, pre-cooked, and other convenience food items has significantly expanded due to the rising number of working women around the world. According to the International Labour Organisation, the current rate of female workforce participation is close to 49%, and it is anticipated that this number will rise as a result of the ILO's expanding programs.

Furthermore, in the early months of the COVID-19 outbreak, the auto industry applied the brakes firmly. Furthermore, India is anticipated to keep exporting cars for a while despite its current rapid growth. India became the largest two-wheeler and four-wheeler markets in the world in 2020 as a result of several initiatives implemented by the Indian government and significant auto manufacturers. The total number of passenger cars, three-wheelers, two-wheelers, and quadricycles produced in June 2021 was around 1,693,639 units. Along with the almost $6 billion already promised, Ford and General Motors declared that they would spend an additional $17 billion on facilities and equipment in the United States between 2020 and 2024.

Additionally, Investments from both the public and private sectors have steadily increased in a number of R&D projects targeted at creating novel nanocomposites with improved characteristics and lower production costs. In addition, regulatory bodies worldwide continue to offer encouraging assistance through laws and programs that promote a healthier environment for business players active in the worldwide nanoparticles market. These and other elements are also anticipated to favorably affect the nanocomposites market revenue during the anticipated time frame.

Nanocomposites Market Segment Insights

Nanocomposites End-Use Industry Insights

The global nanocomposites market segmentation, based on end-use industry includes packaging, automotive, aerospace & defense, medical, electrical & electronics and energy. The packaging segment dominated the market due to the high demand from industries including electronic devices, food and beverage, and pharmaceuticals. This rise in demand is mostly attributable to nanocomposites' enhanced mechanical and physical characteristics. Graphene nanoparticles and carbon nanotubes are desirable materials for packaging applications because they enhance biodegradable polymers' functional, mechanical, and barrier qualities.

Nanocomposites Type of Matrix Material Insights

The nanocomposites market segmentation, based on type of matrix material, includes Polymer Matrix, Metal Matrix and Ceramic Matrix. The polymer matrix category generated the most income. Polymer matrix nanocomposites are well-liked in the industry because of their simple manufacture, lightweight, and ductility. The growth of the food packaging market helps the Polymer Matrix-type market. Polymer nanocomposites, also known as PNCs, are a type of packaging material that can be used to replace complex multi-layered polymers and provide a variety of functionality. By adding nanofillers in small amounts, it is possible to considerably improve the performance of polymers.

Figure 1:  Nanocomposites Market, by Type of Matrix Material, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Nanocomposites Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American nanocomposites market area will dominate this market. The flourishing building and construction industry is responsible for the region's growth. As a result, increasing residential development activities, particularly those involving multi-family housing, are projected to support market expansion in the area. The other key sectors driving market expansion in North America are automotive, aviation, electronics, and energy.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  NANOCOMPOSITES MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe nanocomposites market accounts for the second-largest market share due to the expanding use of these composites in the medical and automotive industries. Continuous research and development aimed at creating durable, lightweight, and non-corrosive materials for automotive components has the potential to make vehicles lighter overall and use less fuel. It's anticipated to increase demand from different European automakers. Further, the German nanocomposites market held the largest market share, and the UK nanocomposites market was the fastest growing market in the European region

The Asia-Pacific Nanocomposites Market is expected to grow at the fastest CAGR from 2023 to 2032. Demand is projected to increase over the projection period as a result of the region's increasing industrialization and expanding construction activity. Due to the growing usage of composite materials in the production of automobiles, the product is in higher demand in the automotive industry. Additionally, over the anticipated period, Asia Pacific's growing consumer lifestyle and disposable income are likely to fuel demand in the region. Moreover, China’s nanocomposites market held the largest market share, and the Indian nanocomposites market was the fastest growing market in the Asia-Pacific region.

Nanocomposites Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the nanocomposites market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, nanocomposites industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the nanocomposites industry to benefit clients and increase the market sector. In recent years, the nanocomposites industry has offered some of the most significant advantages to market. Major players in the nanocomposites market attempting to increase market demand by investing in research and development operations include Nanocyl SA (BELGIUM), Evonik Industries AG (Germany), ZYVEX TECHNOLOGIES (US), Arkema (France), NanoSonic Inc. (US), UNITIKA LTD (Japan), Pixelligent (US), Industrial Nanotech Inc. (US), Integran Technologies (Canada) and SHOWA DENKO K.K. (Japan).

In the healthcare sector, Nanosonics is an ASX-listed company that produces and sells ultrasound probe disinfectors and other related technology. More than 300 people are employed by it, which has offices in Australia, the United States and Canada, the United Kingdom, and Europe. The company NanoSonic Inc. is engaged in biotechnology. The Company focuses on the creation and production of innovative materials and tools.

Specialty chemical firm Evonik Industries AG is a division of RAG-Stiftung. Surfactants, polymers, resins, additives, and other products are among its range of offerings. The company's goods are used in many different industries, including agriculture, alternative energy, paints and coatings, paper and printing, metal and oil products, electrical and electronics, food and animal feed, personal care and cosmetics, pharmaceuticals, plastics and rubber, automotive, and construction. Additionally, it provides engineering, logistics, utilities, and technical services as well as process technologies.

Key Companies in the nanocomposites market include

• Nanocyl SA (BELGIUM)


• Evonik Industries AG (Germany)


• ZYVEX TECHNOLOGIES (US)


• Arkema (France)


• NanoSonic Inc. (US)


• UNITIKA LTD (Japan)


• Pixelligent (US)


• Industrial Nanotech Inc. (US)


• Integran Technologies (Canada)


• SHOWA DENKO K.K. (Japan)

Nanocomposites Industry Developments

June 2021: Researchers at Rice University in Houston, Texas, have created a brand-new form of nanocomposite material that is comprised of graphene oxide and carbon nanotubes that is both incredibly strong and light.

May 2021: A nanocomposite material was created by researchers at the University of California that is effective in converting heat waste into energy.

October 2020: "Graphene-Manganese Oxide nanocomposite" and "Graphene-Zinc Oxide nanocomposite," both of which were released by Gnanomat, are graphene-based nanocomposites. Electrodes for energy storage devices, catalyst, and other items all use these materials. Pseudo capacitors also do.

Nanocomposites Market Segmentation

Nanocomposites End-Use Industry Outlook (USD Billion, 2018-2032)

• Automotive


• Aerospace & Defense


• Packaging


• Medical


• Electrical & Electronics


• Energy

Nanocomposites Type of Matrix Material Outlook (USD Billion, 2018-2032)

• Polymer Matrix 


• Metal Matrix


• Ceramic Matrix

Nanocomposites Regional Outlook (USD Billion, 2018-2032)

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America