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Nanocomposites Market Size, Share, Development, Growth and Demand Forecast to 2024

  • Publishing: May 2021
  • Report Code: CM11513
  • Available Format: PDF

Market Overview

Nanocomposites are the composites in which, one or more than one phases show dimensions in the nanometer range. In recent years, these types of materials have emerged as an alternative for monolithics and microcomposites. These nano materials incorporate nanosized particles into a standard material matrix. As a result of this physical action, drastic improvement in properties can be observed in nanometer range composites such as electrical or thermal conductivity, toughness, and mechanical strength.

On the basis of structure, the nanocomposites market has been segmented into ceramic-matrix, metal-matrix, and polymer-matrix. In ceramic-matrix structure, both components, the ceramic one and the metallic one is finely dispersed into each other. Such level of dispersion results in incorporation of nanoscopic properties in the material. Carbon nanotube is the example of metal-matrix structure. Owing to the high tensile strength and electrical conductivity caused by metal-matrix composition, carbon nanotubes are used in commercial electric motors, as antennas in radios, and developing hydrogen fuel cells. Multi-walled carbon nanotubes are the example of polymer-matrix structure.

On the basis of type, the nanocomposites market has been divided into polymer metal fiber, carbon nanotube, graphene, nanofiber, nanoplatelet and others. Graphene and carbon nanotube are two of the fastest growing nanocomposites owing to their rapid acceptance in industries including semiconductor and electronics, power generation, and automotive. Graphene has potential applications in manufacturing of electric/photonics circuits, solar cells, consumer electronics components, and others. In coming years, massive commercialization of graphene-based applications is expected and this in turn will drive the growth of the nanocomposites market significantly.

On the basis of application, the global nanocomposites market has been divided into semiconductor and electronics, aerospace & defense, telecommunication, automotive, consumer goods, power generation, medical, and others. Semiconductor and electronics is expected to remain on the fastest growing application of the market during the forecast period. Growing usage of carbon nanotubes, graphene, and nanofiber in developing components of semiconductor and electronics devices will be the key factor behind the exponential growth of semiconductor and electronics application segment of the market during the forecast period.

Market Dynamics

Growth drivers

The major growth driver identified in the nanocomposites market is growing demand for these materials in industries including semiconductor and electronics, power generation, and manufacturing. In semiconductor foundries, these materials are used for developing components, substrates, and structures. While used in semiconductor component manufacturing, these materials offer many advantages such as durability, miniaturization, improvement of processing speed, and others. Owing to these benefits, application of these materials is growing across semiconductor and electronics applications including production of solid polymer electrolyes, circuit structure design, development of thin-film capacitors, and others. This in turn is driving the growth of the market.t.

Restraints

Growth of the nanocomposites market is hindered by factors such as its complex manufacturing process, high cost, and high level technical of skill requirement for handling applications of nano level composites.

Opportunities

Growing penetration on these materials in semiconductor foundry sector in the Asia-Pacific is identified as major growth opportunity for the nanocomposites market. In China and Taiwan, semiconductor foundry sector experienced significant amount of growth in recent years. Owing to superior electrical or thermal conductivity, and mechanical property, it is expected that Chinese and Taiwanese foundries will deploy nano scale level composites in semiconductor manufacturing in coming years. This has identified as growth opportunity for the market.

Insights by geography

On the basis of both value and volume, North America held the largest share of the market in 2017. Most of the producers of nanocomposites are located in North America and many of the applications of these materials have already been commercialized in this region. In the countries from Asia-Pacific commercialization of nanoscale composites are still its initial phase. However, the Asia-Pacific nanocomposites market is expected to attain fastest growth during the forecast period owing to rapid development of semiconductor and electronics and automotive sector.

Competitive Landscape

Some of the major players operating in the global nanocomposites market are NanoMaterials Technology Pte Ltd, Advanced Graphene Products Sp. z o. o,, Applied Graphene Materials plc, BYK Additives & Instruments, Foster Corporation, Hybrid Plastics Inc., Inframat Corporation, InMat Inc., and Nanocor Inc.

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