Polymer nanocomposites market worth $5,100 million by 2020Staff writer ▼ | February 13, 2015
The market for polymer nanocomposites in terms of value is expected to reach above $5,100 million by 2020, growing at a significant CAGR from 2014 to 2019.
Study Increasing automotive and aerospace industry
The Asia-Pacific region dominated the Polymer Nanocomposites Market in terms of values in 2013 and it is expected to grow at a higher CAGR, from 2014 to 2020. Large packaging industry and increasing automotive and aerospace industry in Asia-Pacific region helped it to dominate the global market. The electrical & electronics market in Eastern Asian market, driving the polymer nanocomposites application market.
Europe & Asia-Pacific accounted for more than 60% share in the Polymer Nanocomposites Market in terms of value in 2013
Asia-Pacific is the prime consumer of polymer nanocomposites globally followed by Europe. Europe and Asia-Pacific together accounted for more than 60% of the polymer nanocomposites in terms of value in 2013. Asia-Pacific is expected to grow at a highest CAGR and secure its leading market position by 2020, with developing new application areas in electrical & electronics and automotive market.
In Europe the use of polymer nanocomposites continues to increase in automotive industries to replace the other conventional composites that reduces the weight of vehicles and increases the mileage. ■