The global nanocomposites market sizeis projected to reach USD 14.34 billion by the end of 2027. The increasingapplications of the product across diverse industry verticals will emerge infavor of market growth. The presence of several large-scale companies willcontribute to the growth of the market in the coming years. According to areport published by Fortune Business Insights, titled “NanocompositesMarket Size, Share & COVID-19 Impact Analysis, By Type (Polymer, Metal,Ceramic, Others), By Product (Carbon Nanotubes, Nanoclay, Graphene, Nanofiber,Others), By Application (Packaging, Electrical & Electronics, Automotive,Aerospace & Defense, Others), and Regional Forecast, 2020-2027” themarket was worth USD 4.32 billion in 2019 and will exhibit a CAGR of 16.3%during the forecast period, 2020-2027.
Nanocomposites are substances that possess properties that caterto applications across diverse industry verticals. The massive investments inthe research and development of efficient products will emerge in favor ofgrowth of the overall market in the coming years. The increasing applicationsof the product have attracted huge investments from large scale companiesacross the world. The properties of nanocomposites such as good electricconductivity, high thermal stability, and excellent mechanical strength havefuelled the demand for the product across the world. The increasing uses in thebiomedical industry will bode well for the growth of the overall nanocompositesmarket in the foreseeable future.
Covid-19 Pandemic to Create Several Growth Opportunities forNanocomposite Businesses
The recent coronavirus outbreak has had a massive impact onseveral economies across the globe. Due to the rapid spread of the disease,several countries are looking to implement strict measures with a view tocontrolling the spread of the disease. The efforts taken to curb the spread ofthe disease have limited the growth of the businesses across the world. Despitethe barriers set by the Covid-19 pandemic, the nanocomposites market willderive significant growth from this due to the rise in demand for packagingmaterial across the world. Due to the increase in deliveries across foodsupplies and other industries will emerge in favor of market growth. Besidesthe food industry, the electronics industry will also witness significantgrowth due to the recent pandemic.
Increasing Number of Company Collaborations will Emerge in Favorof Market Growth
The report encompasses several factors that have contributed tothe growth of the overall market in recent years. Accounting to theincreasing demand for the product, there is a healthy market competition acrossthe world. The strong market competition has encouraged companies to adoptnewer strategies that have helped them establish a stronghold in the market. InJuly 2020, PPK announced that it has partnered with Geelong’s Deakin Universityfor the development of a new product integrated with nanocomposites. The companieswill develop boron nitride nanotubes (BNNT) for new dental nanocomposites. Increasing number of such company collaborations will have a huge impacton the growth of the overall market in the forthcoming years.
Asia Pacific to Emerge Dominant; Presence of Several Large ScaleCompanies will Emerge in Favor of Market Growth
The report analyzes the ongoing market trends across NorthAmerica, Asia Pacific, Europe, the Middle East & Africa, and Latin America.Among all regions, the market in Asia Pacific is projected to emerge dominantin the coming years. The increasing use of nanocomposites by large scalecompanies in the Asia Pacific will fuel the demand for the product across theworld. The increasing investments in the research and development of efficientproducts will also emerge in favor of market growth. Additionally, theincreasing use of nanocomposites in the electronic industry will have a hugeimpact on the growth of the regional market. As of 2019, the market in AsiaPacific was worth USD 1.65 billion and this value is projected to rise atconsiderable pace in the coming years.
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https://www.fortunebusinessinsights.com/nanocomposites-market-104041
