Wellesley, Mass, Jan. 23, 2017 (GLOBE NEWSWIRE) -- Global consumption of nanocomposites should nearly treble in volume between 2015 and 2021, chiefly due to advances in material technologies. BCC Research reveals in its new report in value terms, the market should quadruple between 2015 and 2021, owing to five-year 26.7% compound annual growth rate (CAGR).
A composite is a bulk substance composed of two or more distinct, structurally complimentary substances. Nanocomposites comprise a special class of composites that have at least one component with nanoscale dimensions or structural features. Most nanocomposites incorporate low loadings (i.e., typically less than 5% by weight) of high-aspect ratio mineral or carbon-nanotube fillers that have a unique structure.
The global nanocomposite market, in value terms, should reach $5.3 billion by 2021 from $1.6 billion in 2016, demonstrating a five-year CAGR of 26.7%. The global market, in unit terms, should reach 733,220 metric tons by 2021 from 308,322 metric tons in 2016, with a five-year CAGR of 18.9%. Clay nanocomposites, the largest segment by value, should increase its market share from 56.2% in 2015 to 57.4% by 2021. Metal/metal oxide nanocomposite and carbon nanotube composite both should lose market share by 2021, dropping to 7.7% and 9.2%, respectively,
On a global basis, packaging, automotive parts, and electronics/ESD were the main nanocomposite applications in 2015, with 44.5%, 23.5%, and 15.8% of the market, respectively. By 2021, packaging should increase its market share to 47.7%, while the market shares of automotive and electronics/ESDs should drop to 13% and 7.9%, respectively.
The U.S. market for nanocomposites has the highest projected growth rate of any major market (30.1%), followed by Asia-Pacific (26.7%). Both the U.S. and Asia-Pacific markets are projected to grow faster than the European market. Thus, Europe is projected to remain the largest market for nanocomposites in 2021 with a market share of 35.6%, putting it slightly ahead of Asia, whose projected market share is 33.8%. The U.S., still in third place, should increase its market share from 22.7% to 26.5% by 2021.
"Advances in the ability to characterize, produce and manipulate nanometer-scale materials have led to their increased use as fillers in new types of nanocomposites,” says BCC Research analyst Andrew McWilliams. "These composites offer users significantly enhanced properties compared to conventional composite and non-composite materials, which should drive impressive growth in this global market."
Global Markets for Nanocomposites, Nanoparticles, Nanoclays, and Nanotubes (NAN021G) analyzes nanocomposites currently in commercial use or under development, associated technologies, and applications. The report also examines industry structure and market shares. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
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.
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