WELLESLEY, Mass., May 07, 2018 (GLOBE NEWSWIRE) -- Technological advances are driving huge growth in the global market for nanocomposites. In a new report, Nanocomposites, Nanoparticles, Nanoclays and Nanotubes: Global Markets to 2022, BCC Research estimates this market to reach $2 billion and $7.3 billion in 2017 and 2022, respectively, indicating a compound annual growth rate (CAGR) of 29.5%.
The current analysis serves as an update to an earlier BCC Research report published in early 2017, and it discusses recent industry advances that allow manufacturers to characterize, produce and manipulate nanometer-scale materials. This development has increased the use of fillers in new types of nanocomposites. Manufacturers can now mix nanoparticulate metal and oxides, along with other polymer and matrix materials to optimize the composite’s properties. These composites offer significantly enhanced properties compared to its conventional counterparts.
The global consumption of nanocomposites has increased significantly since early 2017, reaching 309,351 metric tons (MT), with an estimated value of nearly $1.5 billion in 2016. The rapid growth of nanocomposite consumption should lead the market to total almost 1.1 million MT by 2022, indicating a CAGR of 23.1% in terms of volume between 2017 and 2022.
Research Highlights
- European consumption of nanocomposites should reach $2.7 billion in 2022, indicating a CAGR of 24% in terms of volume and 28.8% in terms of value during the forecast period.
- In comparison to other applications, packaging is expected to continue dominating the global market during the forecast period by increasing its market share to 60.4% by 2022.
- Clay nanocomposites accounted for 55.2% of total nanocomposite consumption in terms of value during 2016.
“The market’s rapid growth has raised expectations regarding the commercial potential of nanocomposites,” says BCC Research analyst Andrew McWilliams. “This updated report provides suppliers of advanced materials, entrepreneurs, investors and others with information concerning emerging nanocomposite technologies and applications, along with a realistic assessment of their commercial potential. Specific objectives include identifying segments of the nanocomposite market with the greatest commercial potential in the near to mid-term (i.e., 2017 to 2022), projecting future demand in these segments and evaluating the challenges that must be overcome for each segment to realize its potential in order to estimate the probability of successful commercialization.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.