Theglobal nanocompositesmarket size is projected to reach USD 14.34 billion by the end of2027. The increasing applications of the product across diverse industryverticals will emerge in favor of market growth. The presence of severallarge-scale companies will contribute to the growth of the market in the comingyears. According to a report published by Fortune Business Insights,titled “Nanocomposites Market Size, Share& COVID-19 Impact Analysis, By Type (Polymer, Metal, Ceramic, Others), ByProduct (Carbon Nanotubes, Nanoclay, Graphene, Nanofiber, Others), ByApplication (Packaging, Electrical & Electronics, Automotive, Aerospace& Defense, Others), and Regional Forecast, 2020-2027” the market wasworth USD 4.32 billion in 2019 and will exhibit a CAGR of 16.3% during theforecast period, 2020-2027.
Nanocompositesare substances that possess properties that cater to applications acrossdiverse industry verticals. The massive investments in the research anddevelopment of efficient products will emerge in favor of growth of the overallmarket in the coming years. The increasing applications of the product haveattracted huge investments from large scale companies across the world. Theproperties of nanocomposites such as good electric conductivity, high thermalstability, and excellent mechanical strength have fuelled the demand for theproduct across the world. The increasing uses in the biomedical industry willbode well for the growth of the overall nanocomposites market in theforeseeable future.
Covid-19 Pandemic to Create Several Growth Opportunities forNanocomposite Businesses
Therecent coronavirus outbreak has had a massive impact on several economiesacross the globe. Due to the rapid spread of the disease, several countries arelooking to implement strict measures with a view to controlling the spread ofthe disease. The efforts taken to curb the spread of the disease have limitedthe growth of the businesses across the world. Despite the barriers set by theCovid-19 pandemic, the nanocomposites market will derive significant growthfrom this due to the rise in demand for packaging material across the world.Due to the increase in deliveries across food supplies and other industrieswill emerge in favor of market growth. Besides the food industry, theelectronics industry will also witness significant growth due to the recent pandemic.
Increasing Number of Company Collaborations will Emerge in Favorof Market Growth
Thereport encompasses several factors that have contributed to the growth of theoverall market in recent years. Accounting to the increasing demand forthe product, there is a healthy market competition across the world. The strongmarket competition has encouraged companies to adopt newer strategies that havehelped them establish a stronghold in the market. In July 2020, PPK announcedthat it has partnered with Geelong’s Deakin University for the development of anew product integrated with nanocomposites. The companies will develop boronnitride nanotubes (BNNT) for new dental nanocomposites. Increasing numberof such company collaborations will have a huge impact on the growth of theoverall market in the forthcoming years.
Asia Pacific to Emerge Dominant; Presence of Several Large ScaleCompanies will Emerge in Favor of Market Growth
Thereport analyzes the ongoing market trends across North America, Asia Pacific,Europe, the Middle East & Africa, and Latin America. Among all regions, themarket in Asia Pacific is projected to emerge dominant in the coming years. Theincreasing use of nanocomposites by large scale companies in the Asia Pacificwill fuel the demand for the product across the world. The increasinginvestments in the research and development of efficient products will alsoemerge in favor of market growth. Additionally, the increasing use ofnanocomposites in the electronic industry will have a huge impact on the growthof the regional market. As of 2019, the market in Asia Pacific was worth USD1.65 billion and this value is projected to rise at considerable pace in thecoming years.
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https://www.fortunebusinessinsights.com/nanocomposites-market-104041
