Albany, NY -- (SBWIRE) -- 11/09/2017 -- The global nanoclay market is the focus of study of a recent market research report published by Transparency Market Research. The report projects healthy growth prospects for the market and states that the market will expand at a 12.0% CAGR between 2015 and 2023. At this pace, the market, which had a valuation of US$1.22 bn in 2014, will rise to US$3.37 bn by 2023.The report is titled "Nanoclay Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023" and is available on the company's website for sale.
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Nanoclays, which are mineral silicate nanoparticles, find application in a number of industries such as packaging, automotive, flame retardants, marine, and aerospace across a large number of application areas.The report states that the rising demand for nanoclay-based reinforced polymers, which lead to reduction in the weight of vehicles, in the automotive industry is the key factor that will drive the global nanoclay market over the report's forecast period. Rising demand for nanoclay in a variety of industries in emerging markets in Asia Pacific and Eastern Europe is also expected to propel the global nanoclay market over the report's forecast period.
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However, the capital-intensive nature of the market is restricting the entry of new market players and is thus hindering the overall growth of the market to a certain extent. Nonetheless, the market features a rise in investment for research and development activities owing to the vast potential for the use of nanoclays in medical, agricultural, and other novel industrial applications. This is expected to lead to numerous growth avenues for the market over the report's forecast period.The report segments the global nanoclay market on the basis of three criteria: product type, end use, and geography.
On the basis of product type, the market is segmented into kaolinite, smectite, and other types such as illite, vermiculite, etc. On the basis of end use, the market is segmented into packaging, paints and coatings, flame retardants, automotive, and other fields such as personal care, marine, and aerospace. On the basis of geography, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
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Of the key product types analyzed in the report, the segment of smectite held the largest share in the global market in terms of volume, an estimated 60%, in 2014, followed by kaolinite.Of the key end user segments analyzed in the report, the segment of packaging led the global nanoclay market and accounted for a 25% share in 2014. The segment is also expected to be the fastest growing segment over the report's forecast period.
Of the key regional markets examined in the report, North America dominated the global nanoclay market in terms of volume in 2014. Over the report's forecast horizon, the market for nanoclays in Asia Pacific is expected to expand at the fastest pace, led by the flourishing automotive and packaging industries in India, China, and the ASEAN region.
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The report gives an overview of the competitive landscape of the global nanoclay market with the help of detailed business profiles, a SWOT analysis, and details regarding the financial and business strategies of some of the key companies in the market, and recent developments observed in the market in the past few years. Some of the key companies in the market are Kunimine Industries Co. Ltd, Elementis Specialties Inc, UBE Industries, Mineral Technologies Inc., Techmer PM, and RTP Co.