International. According to the Transparency Market Research study, the global clay nanoparticle market was valued at US$1.22 billion in 2014 and is projected to reach US$3.37 billion by 2023, growing at a CAGR of 12.0% between 2015 and 2023.
Nanoclays are mineral silicate nanoparticles that are produced at the nanometer scale in thickness. The most commonly used nanoclays that are available on the market include montmorillonite, bentonite, kaolinite, haloisite and hectorite. These are widely used in industries such as automotive, packaging, paints and coatings, flame retardants, aerospace and marine.
In terms of volume, smectite was the largest product segment of the nanoclay market and accounted for more than 60% of the base share in demand in 2014. Montmorillonite from the smectite group is widely used in automotive and packaging applications, due to its high purity content.
In terms of volume, North America dominated the global nanoclay market with over 40% share in 2014. It was followed by Asia-Pacific and Europe. The significant industrial growth in the coatings and packaging industries in the U.S. is one of the major factors driving the clay nanoparticle market in the region.
