Nanocomposites Market - Demand from the Construction Sector to Drive Growth | Technavio

Technavio market research analysts forecast the global nanocomposites market to grow at a CAGR of close to 24% during the forecast period, according to their latest report.

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The market study covers the present scenario and growth prospects of the global nanocomposites market for 2017-2021. The report also lists construction, electronics, automotive, aerospace, and packaging and plastics as the five major application segments.

According to Mohd Shakeel Iqbal, a lead analyst at Technavio for textile, fiber, and composites research, “The highest demand for nanocomposites comes from the construction segment, which accounted for close to 25% of the global nanocomposites market in 2016. Many nanoparticle and nanocomposite products are being incorporated into various construction materials as they improve the mechanical and chemical properties of materials.”

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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global nanocomposites market:

• Increasing investments in construction activities
• Growth in automotive industry
• Lucrative growth opportunities in APAC

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Increasing investments in construction activities

Developing countries have witnessed a rise in their per capita income levels and an increase in urbanization. These factors are contributing to the rise in the number of construction projects. Changing consumer lifestyles have led to the need for housing, which, in turn, is increasing the demand for nanocomposite materials. The global urban population is expected to increase by more than 70% by 2050.

“There is an increase in the demand for infrastructure development and residential and non-residential projects. The global construction market is expected to reach USD 12 trillion by 2020. Nanocomposite materials are used in various construction applications, including concrete, thermal insulation, coatings, adhesives, and sound insulation. The growth in population will drive the demand for construction activities, resulting in the growth of the nanocomposites market,” says Shakeel.

Growth in automotive industry

The growing automobile industry and increasing demand for high-performance and advanced automotive products among consumers are factors that are driving automotive makers to use nanomaterials in their products. Manufacturers are using nanocomposite materials to design and manufacture car interiors and exteriors because of their superior mechanical and chemical properties.

The Mass Rapid Transit System, intra-city train services, bus services, and monorails are gaining popularity because they are convenient and help in saving time. The use of nanocomposites in the body panels of automobiles helps in reducing the weight of automobiles and increases tensile strength. All these factors are driving the growth of the market.

Lucrative growth opportunities in APAC

The nanocomposites market in APAC has witnessed continuous growth in the recent years. The market is projecting good growth prospects and is expected to grow at the highest CAGR during the forecast period. APAC is expected to emerge as the fastest-growing region compared with other regions.

Some of the factors favoring the expansion of the market in the region include the rapidly growing population and increasing purchasing power of consumers. This is leading to an increase in the per capita spending on construction activities in developing countries such as India and China. The markets in India and China are exhibiting lucrative growth prospects because of the increased adoption of green buildings and environment-friendly products.

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