Global polymer nanocomposites market to reach $5.1 bn by 2020

Growing demand from packaging, automotive and aerospace industries is expected to increase the global demand of polymer nanocomposites to reach $5.1 billion by 2020, according to MarketsandMarkets – one of the leading market research firms.
 
“The market for polymer nanocomposites in terms of value is expected to reach above $5,100 million by 2020, growing at a significant CAGR from 2014 to 2019. The Asia-Pacific region dominated the polymer nanocomposites market in terms of values in 2013 and it is expected to grow at a higher CAGR, from 2014 to 2020. Large packaging industry and increasing automotive and aerospace industry in Asia-Pacific region helped it to dominate the global market. The electrical & electronics market in Eastern Asian market, driving the polymer nanocomposites application market,” said MarketsandMarkets in a press release.
 
Asia-Pacific is the prime consumer of polymer nanocomposites globally followed by Europe. Europe and Asia-Pacific together accounted for more than 60 percent of the polymer nanocomposites in terms of value in 2013. Asia-Pacific is expected to grow at a highest CAGR and secure its leading market position by 2020, with developing new application areas in electrical & electronics and automotive market. In Europe, the use of polymer nanocomposites continues to increase in automotive industries to replace the other conventional composites that reduces the weight of vehicles and increases the mileage.
 
Demand for polymer nanocomposites is expected to increase from automotive industry as car manufacturers aims to reduce weight of vehicles to make them energy-efficient. “The demand of light weight automotive parts has given an edge to polymer nanocomposites due to its high strength and light weight properties. The use of polymer nanocomposites enabled automotive parts reduction in light weight vehicles, improved engine efficiency, reduction in CO2 emissions and superior performance,” added the report.
 
The automotive industry can benefit from polymer nanocomposites in several applications such as powertrain, suspension and breaking systems, exhaust systems and catalytic converters, lubrication, tyres and body parts. The advantage of nanocomposites over conventional composites is that their mechanical, electrical, thermal, barrier and chemical properties such as increased tensile strength, improved heat deflection temperature, flame retardancy etc.