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Multimetal Dielectric Nanocomposite Market - Forecast(2023 - 2028)
Multimetal Dielectric Nanocomposite Market Overview
Multimetal dielectric nanocomposite market size is forecast to reach $665.8 million by 2026, after growing at a CAGR of 2.7% during 2021-2026, owing to the increasing usage of multimetal dielectric nanocomposite in various end-use industries such as electrical & electronics, aerospace, solar energy, and more. Multimetal dielectric nanocomposites are a mixture or matrix in which new material properties are formed by combining different materials.
The nanocomposites have different phases as zero-dimensional (core-shell), one-dimensional (nanowires and nanotubes), two-dimensional (lamellar), and three-dimensional (metal matrix composites). The rapid growth of the solar energy industry has increased the demand for multimetal dielectric nanocomposites; thereby, fueling the market growth. Furthermore, the flourishing electrical and electronics industry is also expected to drive the multimetal dielectric nanocomposite industry substantially during the forecast period. The high cost of initial capital expenditure, on the other hand, is expected to stifle business growth.
Multimetal Dielectric Nanocomposite Market COVID-19 Impact
Due to the Covid-19 outbreak, the multimetal dielectric nanocomposites end-use industries are facing issues such as delays in receiving multimetal dielectric nanocomposites from the manufacturers due to the restriction on import and export of materials. Moreover, the Covid-19 pandemic is having a huge impact on the aviation industry. Aircraft production has been disruptively halted, leading to substantial losses in the overall aerospace market.
For instance, according to the International Air Transport Association (IATA), worldwide domestic flights have dropped by 70% and the loss of passenger revenue is reaching $314 billion. According to the services and information of the Welsh Government, demand for production of short-haul aircraft worldwide (overall manufacturers) is likely to decline by 15 percent (about 1,500 fewer aircraft out of 10,000) and by 30 to 65 percent for long-haul craft by the end of 2025, (around 600 - 1,300 fewer aircraft out of 2,000). With the decrease in aircraft production, the demand for multimetal dielectric nanocomposites for manufacturing various parts has significantly fallen, which is having a major impact on the multimetal dielectric nanocomposites market growth.
Report Coverage
Key Takeaways
- Asia Pacific dominates the multimetal dielectric nanocomposite market, owing to the increasing electrical & electronics industry in the region. According to the Electronic Industries Association of India (ELCINA), in 2017-18, India's total electronics output was Rs 387,525 crore, up from Rs 317,331 crore in 2016-17, a 22 percent increase.
- Multimetal dielectric nanocomposite based on nanowires, nanotubes, and metal matrix composites has a wide range of properties, including improved modulus, flexural strength, heat distortion temperature, barrier properties, and other advantages, and, unlike traditional mineral reinforced systems, they have no impact or clarity trade-offs. The demand for multimetal dielectric nanocomposite is expected to develop as a result of these properties.
Multimetal Dielectric Nanocomposite Market Segment Analysis – By Type
The high-K segment held a significant share in the multimetal dielectric nanocomposite market in 2020 and is growing at a CAGR of 3.6% during 2021-2026, owing to the increasing application of multimetal dielectric nanocomposite. The properties of multimetal dielectric were altered by incorporating additives such as nanowires, nanotubes, and metal matrix composites, which opened new specialized applications in electronics.
The multimetal dielectric nanocomposites with high dielectric constant (high-k) properties are widely applicable in the technological sectors including gate dielectrics, actuators, infrared detectors, tunable capacitors, electro-optic devices, organic field-effect transistors (OFETs), sensor, and more. All these extensive characteristics of high-K multimetal dielectric nanocomposite are the key factor anticipated to boost the demand for high-K multimetal dielectric nanocomposite in various regions during the forecast period.
Multimetal Dielectric Nanocomposite Market Segment Analysis – By End-Use Industry
The electrical & electronics segment held the largest share in the multimetal dielectric nanocomposite market in 2020 and is growing at a CAGR of 5.8% during 2021-2026, owing to the increasing demand for nanowires, nanotubes, and metal matrix composites based multimetal dielectric nanocomposite from the sector. In mobile electronic devices, stationary power systems, hybrid electric vehicles, and applications for pulse power, electrical energy storage plays a key role. In particular, capacitors that can absorb a large amount of energy and then deliver it almost instantaneously are increasingly required.
For a range of military and commercial applications, this kind of "pulse power" is required. Over time, these applications demand ever-higher energy and power densities as well as higher rate capability. And multimetal dielectric materials can be used to store electrical energy in the form of charge separation when the electron distributions around constituent atoms or molecules are polarized by an external electric field. Thus, the demand for multimetal dielectric nanocomposites is increasing in the electrical & electronics market during the forecast period.
Multimetal Dielectric Nanocomposite Market Segment Analysis – By Geography
Asia Pacific region held the largest share in the multimetal dielectric nanocomposite market in 2020 up to 39%, owing to the increasing demand for nanowires, nanotubes, and metal matrix composites based multimetal dielectric nanocomposite from the electrical and electronics industry in the region. According to China's National Integrated Circuit Development Promotion Outline, the Chinese government plans to spend heavily on the electronics industry, especially IC manufacturing and design.
By 2022, China's IC output will grow at a rate of more than 14% per year on average. Singapore has one of the most diverse semiconductor industries in the Asia Pacific, according to the Singapore Economic Development Board (EDB). The electronics industry attracted S$3.3 billion in fixed asset investments (FAI) in 2015, accounting for 28.6 percent of the total FAI allocated to Singapore.
According to Invest India, India’s share in global electronics manufacturing has grown from 1.3% in 2012 to 3% in 2018. Besides, by 2025, India's Consumer Electronics and Appliances Industry are forecast to be the fifth-largest in the world. By 2025, India's digital economy could be worth $800 billion to $1 trillion, and its digital economy could account for 18–23% of overall economic activity. Thus, with the expanding electronics industry, the demand for multimetal dielectric nanocomposite will also subsequently increase, which is anticipated to drive the multimetal dielectric nanocomposite market in the APAC region.