Nanocomposites Market Worth $8.5 Billion by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, July 16, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets, 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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Packaging application to account for the largest share, in terms of value, of the overall nanocomposites market in 2019

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.

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Carbon Nanotube-based nanocomposite is the fastest-growing material segment in the overall market.

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.