Published Date : Jul 11, 2016
Nanoclays are layered mineral silicates and are used for the reinforcement of polymer films, liquid silicone rubbers, hybrid phenolic friction composites, fibers, and non-woven materials. The rising demand for reinforced polymers in the automotive, coatings, and pharmaceuticals industries is increasing the demand for nanoclays. According to a report published by Transparency Market Research (TMR), the global nanoclay market will rise from US$1.22 bn in 2014 to US$3.37 bn by 2023, expanding at a 12.0% CAGR from 2015 to 2023.
Nanoclays give polymers outstanding optical, mechanical, electrical, chemical, and magnetic properties. They are used to reinforce liquid silicone rubbers, hybrid phenolic friction composites, liquid silicone rubbers, and non-woven materials. Thus, there is a heightened demand for nanoclays.
However, the volatility of raw material prices is expected to act as a challenge. Lack of skilled personnel and advanced technology is restricting the market’s growth. Additionally, the mass production of nanoclay can be very challenging.
Trend of Miniaturization to Open New Growth Opportunities in Nanoclay Market
The aerospace and defense sectors are potential areas that will make use of nanoclays extensively. This is because, the trend of miniaturization is catching up in the aerospace sector. Light-weight and powerful sensors can be developed using nanoclays, which can be used to make spacecraft. Additionally, the defense sectors will also find potential uses of nanoclay for various purposes, increasing the application areas of nanoclays.
Automotive Segment Led Nanoclay Market in 2014
In terms of end user industries, the automotive segment led the market in 2014. The packaging segment is expected to grow at the fastest rate. In terms of product, the smectite accounted for 60% of the global nanoclay market in 2014. North America led the market in 2014, with 40% shares in the global nanoclay market.