The polymer nanocomposites market is speculated to grow at an exponential rate by 2028 on account of increasing R&D activities in the field of nanotechnology across the globe.
Polymer nanocomposites possess several advantages, such as corrosion resistance, superior strength and modulus, easy manufacturing, enhanced thermal stability, and better structural stability. Extensive application of polymer nanocomposites across numerous industry verticals owing to their superior functionality has augmented market uptake in recent years.
The polymer nanocomposites market has been segregated based on end-user, polymer, nanomaterials, and region. In terms of polymer, the market has further been categorized into polypropylene, epoxy resin, polyethylene, polyamide, and others.
The others sub-segment is slated to develop at a CAGR of around 16.1% over the study timeline. Other thermoplastic polymers include polyvinyl chloride (PVC), polycarbonate (PC), polyether ether ketone (PEEK), and polystyrene (PS), among others. These polymers are mixed with different nanoparticles to improve their characteristics significantly, and they can be used in a variety of end-user industry applications, which is likely to accelerate product adoption in the coming time period.
From the viewpoint of nanomaterials, the polymer nanocomposites market has been bifurcated into nano-oxides, nanoclays, nanofiber, carbon nanotubes, and others. In 2021, the nano-oxides sub-segment garnered about 10% share in the overall market in terms of revenue and is expected to lose around 9% market share by 2028. Metal oxide nanoparticles are used in architectural painting and exterior coating applications.
The others sub-segment is foreseen to grow significantly over the assessment timeframe to reach nearly USD 900 million valuation by the end of 2028. Other nanomaterials, including POSS (polyhedral oligomeric silsesquioxane), have gained popularity over the past few years owing to their nanometer size, which is likely to boost segmental expansion.
With respect to end-user, the polymer nanocomposites market has been divided into paints & coatings, automotive & aerospace, biomedical, electricals & electronics, packaging, and others. The electricals & electronics sub-segment is set to register a market share of more than 18% by 2028 due to increasing product application in microwave, EMI shielding, flexible electronics, electrostatic discharge coating, and more.
The paintings & coatings sub-segment is estimated to witness optimistic growth through the review timeline. Paints and coatings made of polymer nanocomposites find extensive usage across several industries, including industrial, electrical & electronics, building, and aerospace, among others. In addition, widespread product application in anti-static coating of airplane tires and machine arms is likely to bolster industry expansion.
The others sub-segment is anticipated to exhibit sturdy development over the analysis period. Other end-user industries include sports goods, oil & gas, marine, and so forth. Prevalent product application in the drilling shaft foundation in the oil & gas sector, wherein it acts as loss circulation materials for protection against fluid loss, is speculated to fuel segmental growth.
On the regional front, the LATAM polymer nanocomposites market held approximately 5% share in the global industry in 2021 and is poised to grow at a CAGR of almost 18.6% between 2022 and 2028. Meanwhile, the MEA polymer nanocomposites market is projected to gain significant traction through the forecast timeline due to growing product usage in the domestic automotive and packaging sectors.