NEW YORK, June 17, 2020
- Increasing demand from packaging, automotive, construction sector as well as supportive government regulations is driving the demand for the market
- Market Size – USD 4.16 Billion in 2019, Market Growth - CAGR of 15.9%, Market Trends –High demand in packaging, automotive sectors
NEW YORK, June 17, 2020 /PRNewswire/ -- The Global Nanocomposites Market is projected to reach market revenue of USD 13.64 billion in 2027. The increasing demand for such materials from the modern packaging industry, automotive industry, and government regulations favoring the usage of such products is expected to drive the market during the forecast period.
Nanocomposites are solid materials that have multiple phases of nanoscale dimensions and are mainly of three types – ceramic, metal, or polymer matrix. They possess properties like flexibility, transparency, high thermal, and electrical conductivity. There is a huge demand for nanocomposites in the food packaging industry mainly because they provide resistance from gases, water, and other hydrocarbons. They are also easily recyclable, making it an appropriate material for usage in the packaging industry. They also provide high tensile strength and thus finds widespread usage in the manufacturing of automobile components. Rapid industrialization around the world has led to an increase in construction activities. The construction sector being one of the main consumers of nanocomposites, is largely contributing to the market's growth. Apart from these, they also find applicability in the electronics and semiconductor industry due to their high thermal and electrical conductivity. Government regulations supporting the usage of nanocomposites in food packaging are a major driver for the market, especially in Europe.
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The production cost of nanocomposites is quite high, and there is a need for an optimized production process. But there is a lack of technological advancements, which is crucial for the optimization of these processes. These factors are hindering the market's growth to a certain extent. Large manufacturers around the world are focusing on developing cost-effective solutions and are aiming to supply products at a lower price.
The COVID-19 impact:
The COVID-19 pandemic is likely to disrupt the industry's growth to a certain extent. Major industry players are skeptical about the future of the market and are trying to redesign their strategies for sustaining in this challenging situation. They are trying to assist governments around the world by providing solutions for making PPE. The pandemic had affected the construction as well as the automobile industry badly and most of the large manufacturers have been forced to stop production as well as other operations. Thus the demand from those sectors has completely dipped. There is a shortage of manpower due to repeated lockdowns in several parts of the world. COVID-19 has affected the international trade, exports, and imports, and consequently, the demand in the industry has also largely reduced. The major companies operating in the market are trying to clear their stocks, and they are focusing on maintaining their cash balances. They are concentrating on the health and welfare of their workforce and are trying to provide them all sorts of assistance. The average disposable income of people is likely to decrease, and manufacturers are trying to come up with innovative solutions that can cater to the needs of customers at a much lesser cost.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/nanocomposites-market
Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented into the global Nanocomposites Market on the basis of Product, Type, Application and region:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
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