Global Nanoclay Reinforcement Market on the Rise
The nanoclay reinforcement market is expected to witness significant growth over the next seven years due to a growing need for lightweight, portable, durable, high-strength and low-cost materials in applications ranging from automotive and aerospace to marine, according to a recent report available from Research and Markets. Construction was the largest application segment and accounted for over 20% of global volume in 2014. Rising awareness of the incorporation of nanoclay-reinforced materials for improving efficiency and superior barrier properties is expected to fuel growth.
Europe held the second-largest share of the market in 2014. accounting for 29% due to the presence of numerous manufacturers in the region. Favorable regulatory scenarios and support from government is expected to drive demand over the forecast period.
The prevalence of favorable government support for the use of nanotechnology and increasing production output of nanomaterials is expected to augment market growth in North America and Europe over the forecast period. Low manufacturing and processing costs, coupled with abundant availability, are expected to drive end use industry demand. In terms of revenue, the use of nanoclay reinforcements in automotive parts is expected to grow at the fastest compound annual growth rate (CAGR) of 23.6% from 2015 to 2022. Rising demand as a result of material-enhancing characteristics (e.g., toughness, stiffness, dimensional stability, thermal resistance, chemical resistance, enhanced barrier properties and flexibility at high temperatures) are expected to boost growth over the next seven years.
Nanoclay is also being utilized as a drug vehicle in the field of medicine. Its ability to control the release of drugs better than other polymer nanocomposites is turning out to be an important application and is expected to boost growth over the forecast period.
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