Global nanocomposites market is expected to grow due to growth in end use industries including aviation, energy, military, electronics and food. Automotive industry is a major application of nanocomposites on account of reduction in overall vehicle weight resulting in reduced carbon emissions. Further, stringent government regulations concerning enhanced fuel efficiency and reduced vehicle emissions are expected to augment nanocomposites market over the forecast period. Growing consumer awareness regarding automotive safety and improved vehicle efficiency is expected to fuel the market growth. In addition, wide acceptance in electronic & semiconductor industry owing to superior characteristics including compact nature and lightweight are expected to positively impact the nanocomposites market over the forecast period. However, high processing cost required for nanocomposites production is expected to pose a major challenge for market growth.
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Asia Pacific is expected to be a key regional market owing to rapid industrialization and infrastructure development. Western Europe and North America are anticipated to witness growth over the forecast period on account of growing construction and automobile manufacturing industries. DuPont, a chemical company, is engaged in thermoplastic nanocomposite production for use in industrial, electrical, electronic and automotive applications with increased molding, lighter weight and higher performance characteristics.
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Arkema, a specialty chemicals and performance materials manufacturer collaborated with Fulcrum SP Materials for the development of high performance composites with superior damage resistance properties for use in aeronautics and industrial applications in 2009. Zyvex Technologies, established in 2005, has developed second generation nanocomposites which improve durability of carbon fiber products to over 200%.
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