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The global nanoclay reinforcement market size is expected to reach USD 4.38 Billion by 2022, expanding at a CAGR of 23.3%, according to a new report by Grand View Research, Inc. Nanoclay reinforcement market is expected to witness significant growth over the next seven years owing to a growing need for lightweight, portable, durable, high strength and low-cost materials in a wide range of applications including automotive, aerospace and marine applications.
Prevalence of favorable government support for 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 & processing cost coupled with abundant availability is expected to drive end use industry demand.
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Further key findings from the report suggest:
In terms of revenue, use of nanoclay reinforcements in automotive parts is expected to grow at the fastest CAGR of 23.6% from 2015 to 2022. Rising demand on account of material enhancing characteristics including toughness, stiffness, dimensional stability, thermal resistance, chemical resistance, enhanced barrier properties and flexibility at high temperatures is expected to boost growth over the next seven years.
Construction was the largest application segment and accounted for over 20% of global volume in 2014. Rising awareness towards incorporating nanoclay reinforced materials for improving efficiency and superior barrier properties is expected to fuel growth.
Europe held the second-largest share of the savory snacks market in 2014 accounting for 29.0% on account of the presence of numerous manufacturers in the region. Favorable regulatory scenario and support from the government is expected to drive demand over the forecast period.
Nanoclay is being utilized as a drug vehicle in the field of medicine. Its ability to control the release of drugs in a better way as compared to other polymer nanocomposites is turning out to be a very important application and is expected to boost growth over the forecast period.
Some of the key market players include Nanocor Incorporated, BYK Additives, Laviosa Chimica Mineraria Spa. Key market players have been integration operations in order to ensure a continuous raw material supply as well as low manufacturing cost.