The polymer nanocomposites market size in terms of value is projected to grow at a CAGR of 21-23% between 2015 and 2020 to reach $5,100 million by 2020. Asia-Pacific held the largest share in nanocomposites market in 2014. Major growth in the Asia-Pacific region is expected from the growing packaging, automotive and electronics & semiconductor application.
The polymer nanocomposites market in Asia-Pacific region is growing fast as the application industries such as packaging, automotive, electronics & semiconductor, aerospace & defense and coatings are expected to register a significant growth rate in next five years. Presence of emerging economies such as India and China are helping the nanocomposites market to grow in the region. The growing packaging, automotive, and electronics and semiconductor in these emerging countries helped the nanocomposites market to grow at a higher rate.
Agreement for technology use and new product launch were the key strategies adopted by industry players in order to maintain growth in the nanocomposites market. The nanocomposites has wide industrial applications and new product launches are paving the way for fulfilling the ever changing demand for new applications with better physical and mechanical properties. As a result of this, a diverse application base is developing for nanocomposites. Market players are focusing on signing new agreements with researchers, institutes & universities and launching new and innovative materials in both existing and emerging markets that can meet the growing demand from application industries.
The major players in the nanocomposites market are BYK Additives (Germany), 3D System (U.S.), Foster Corporation (U.S.), Industrial Nanotech (U.S.), Hybrid Plastics Inc. (U.S.), Inframat Corporation (U.K.), InMat Inc. (U.S.), Nanocor Incorporated (U.S.) and others.