The unique properties of nanoclay such as chemical resistance, thermal stability, mechanical strength, and improved clarity have made it a preferred material in industries such as automotive, pharmaceuticals, and coatings amongst others, reports Transparency Market Research.
The global nanoclay market is expected to have an opportunity worth US$3,369.3 mn by 2023 as compared to US$1,222.0 mn in 2014 due to commercialization of nanoclay-reinforced polymers and their growing demand in nanocomposites, which is likely to reduce the price of the final products in the overall market. The market is expected to expand at a CAGR of 12.0% between 2015 and 2023.
The booming manufacturing activities in Europe and Asia Pacific are likely to offer lucrative growth opportunities to the global nanoclay market. The low cost of labor and affordable production costs are encouraging manufacturers to set up bases in Asia Pacific, thus boosting the demand for nanoclay in this region. Rapid urbanization, which has skyrocketed the construction activities in Asia Pacific has also triggered a demand for nanoclay in the past few years. End users are generously using nanoclay as they are known to improve the quality of polymers, which is an important raw material in manufacturing activities.
The types of nanoclays available in the market are kaolinite, smectite, and others such as illite and vermiculite. Out of these, the smectite product segment is expected to grow at the fastest CAGR of 12.4% between 2015 and 2023. These are primarily used as clay barriers in chemical and nuclear wastes for their abilities such as long-term structural ability, low permeability, and cation-exchange capabilities. Montmorillonite is the most widely used nanoclay in polymer nanocomposites.
Amongst the end user industries, the food packaging industry uses nanoclays to a great degree due to their incredible strength, barrier properties, durability, and moisture stability. Nanoclays that contain montmorillonite are gaining immense popularity in the plastic packaging area due to their peculiar properties. Citing these reasons, the packing segment of the overall market will expand at a CAGR of 12.7% during the forecast period.
North America was the leading regional segment in the global nanoclay market. During the forecast period, it is expected to expand at a CAGR of 12.9%. The demand of nanoclays in North America is dominated by the automotive segment, while the packaging industry also makes a significant mark by being the leading consumer.
Analysts predict that the growth of the nanoclay market in Asia Pacific is also expected to be the fastest in the coming years due to burgeoning automotive and packaging industries in China. This region will also progress due to rampant urbanization and demand for nanoclays in the easing the pressure of migration to urban areas through construction and related activities.
The leading players in the global nanoclay market are Kunimine Industries Co. Ltd, UBE Industries, Mineral Technologies Inc., Elementis Specialties Inc, RTP Co., and Techmer PM. Extensive research and development activities and focus on product innovation are expected to be key strategies for companies to acquire larger market shares in the coming years.
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