LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global polymer nanocomposites market to post a CAGR of more than 24% by 2019, according to their latest report.
The research study covers the present scenario and growth prospects of the global polymer nanocomposites market for 2015-2019. To calculate the market size, the report considers revenue generated from sales of polymer nanocomposites worldwide.
Technavio’s chemicals and materials industry research analysts highlight the following four factors influencing the growth of the global polymer nanocomposites market:
- High demand from the automobile industry
- Stringent regulations on automotive emissions
- Growing demand from various sectors
- High consumption of polymer-based clay nanocomposites
High demand for polymer nanocomposites from the automobile industry
Technavio analysts have characterized the automobile industry as the largest consumer of polymer nanocomposites, accounting for almost 70% of the consumption of the material. The high demand from this industry drives the global polymer nanocomposites market. Automobile production increased from 84.24 million units in 2010 to almost 90 million units in 2014. This material is used primarily to make car parts such as handles, rear view mirrors, gas tank components, suspension systems, braking systems, and car bumpers.
“The introduction of polymer nanocomposites have facilitated the production of lightweight vehicles to improve fuel efficiency. As a result, the demand for polymer nanocomposites will continue to grow over the next five years because of applications in new areas of automobile production such as body panels, door inners, windows, and engine covers,” says Asif Gani, a lead specialty chemicals analyst from Technavio.
The report also states that the use of elastomeric nanocomposites in automobile tires is expected to contribute to market growth. The automobile industry will continue to be the largest consumer of this material and demand from this industry is likely to be substantial throughout the forecast period.
Stringent regulations on automotive emissions
The rise in automobile emissions is contributing to the increase in atmospheric temperature and pollution. It is not possible to completely eliminate automotive emissions, however, they can be minimized. Governments all over the world are implementing stringent rules and policies in favor of the reduction of automotive emissions, while also trying to educate their citizens about the harmful effects of these emissions.
“Automobile manufacturers and other industries are gradually shifting toward the adoption of electrical energy instead of energy derived from fossil fuels. The use of lightweight materials such as polymer nanocomposites in the bodies of vehicles will lead to weight reduction, improved fuel efficiency and lower emissions of CO2,” says Asif.
Growing demand for polymer nanocomposites from various sectors
The growing demand for polymer nanocomposites from numerous industries such as electronics and semiconductor, aerospace engineering, military, biomedical, construction, food packaging, and renewable power generation industries will propel the growth of the market.
“The food packaging industry has started using polymer nanocomposites in packaging material to enhance the properties of thermoplastic resins. Clay nanocomposites and nanocarbon fillers are used in the manufacturing of plastic bottles to a longer shelf life for beverages and other consumables. In the electronics and semiconductor industry, polymer nanocomposites are in high demand for the production of printed electronic components and super-capacitors,” added Asif.
High consumption of polymer-based clay nanocomposites
Nanoclays are largely used as filler materials and demand for this material is expected to increase during the forecast period. The dispersion of clay in the polymer matrix maximizes the surface area. The presence of 2%-8% clay in polymer nanocomposites improves the polymer's physical and mechanical properties as well as reduces gas and liquid permeability. Nanoclays provide benefits such as improvement in product lifecycle, reduced transportation costs due to lightweight components, and reduced requirement for fire retardants, which is making a robust contribution to the growth of the global polymer nanocomposites market.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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