Nanocomposites Market worth $8.5 billion, by 2024 | Key players Nanocor Inc., Arkema Inc., Evonik Industries AG, Zyvex Technologies Inc., Showa Denko.

According to recent market research the "Nanocomposites Market by Type (Carbon Nanotubes, Nanoclay Metal Oxide, Nanofiber, Graphene), Resin Type, Application (Packaging, Automotive, Electrical & Semiconductors, Coatings, Aerospace & Defense, Energy), Region - Global Forecast to 2024" The nanocomposites market size is expected to grow from USD 4.1 billion in 2019 to USD 8.5 billion by 2024, at a CAGR of 16.0%, during the forecast period. The market is witnessing significant growth because of the growing demand from various application industries, such as packaging, aerospace & defense, automotive, and biomedical. Nanocomposites have properties, such as high strength, corrosion resistance, durability, mechanical strength, and high-temperature stability.

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The demand for smart packaging, where nanomaterials have applications, continues to rise across the globe due to the need for better safety and quality. As consumers continue to demand much more from packaging in terms of protecting the quality, freshness, and safety of foods, the application of nanomaterials in food & beverage packaging is expected to grow at a significant pace.

Nanocomposites are divided into six segments based on materials, namely, carbon nanotubes, metal oxide, nanofiber, nanoclay, graphene, and others. Carbon nanotubes are widely used in electronics & semiconductor application due to their desirable electrical properties. They are considered a viable replacement for IoT (Internet of things) transparent conductors in electronics applications. Fabricated as transparent conductive films (TCF), carbon nanotubes can be used as a highly conductive, transparent, and cost-efficient alternative in flexible displays and touch screens.

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Asia Pacific is one of the leading nanocomposites markets. The growing demand from applications, such as packaging, automotive, and electronics & semiconductor is driving the nanocomposites market in the region. The region has a presence of major nanocomposite manufacturers who focus on the adoption of various business strategies to increase the production of nanocomposites and meet the growing demand from end users. For instance, in 2018, Airbus Beijing Engineering Center and the National Center for Nanoscience and Technology of China launched a new lab focusing on the nanocomposite material.

Some of the prominent players in the nanocomposites market are Nanocor Inc. (US), Arkema Inc. (France, Evonik Industries AG (Germany), Showa Denko, K.K. (Japan), and Zyvex Technologies Inc. (US). The strategies undertaken by these players include new product developments and research on new applications.

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Nanocor Inc. (US) is a well-established company in the global nanocomposites market. The company has a wide product portfolio of nanocomposites. It is constantly engaged in providing high-grade nanocomposites. As a part of its growth strategy, it is highly focused on developing new technologies for new applications. Nanocor currently has holds more than 40 patents on the nanocomposite technology. The company is also focusing on creating a smooth distribution network for its products by entering into a distribution agreement with Sigma-Aldrich.

E. I. Du Pont De Nemours (US) is a major manufacturer and producer of nanocomposites. The company is mainly focused on developing new technologies for commercial applications of nanocomposites in various industries. It is focusing on developing new polymers and new nanocomposites for new and existing applications; it has also entered into an agreement with the University of South Carolina for the same. E. I. Du Pont De Nemours is conducting research into nanomaterials that can offer unique properties and is also developing better ways to disperse such nanomaterials in polymers. Through these strategies, DuPont would be able to increase its market share and maintain a huge customer base in the nanocomposites market.

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