Growing demand for lightweight materials, higher toughness, and durability of composites coupled with government funding to boost the global graphene-enhanced composite market through 2024. According to TechSci Research report, “Global Graphene-enhanced Composites Market By Composite Type, By Graphene Type, By Application, By Region, Competition, Forecast & Opportunities, 2024’’, the global graphene-enhanced composites market is anticipated to grow at a CAGR of around 25% during the forecast period.
The Important Factors of the Global Graphene-enhanced Composites Market
Factors fuelling the consumption of graphene in the enhanced composites market include the growing demand for lightweight materials, government regulations to limit carbon emissions, and growing R&D activities by the leading players operating in the market. These include electronics, semiconductors, energy, optoelectronics, composites, aerospace & defense, inks, coatings, and automotive. Furthermore, increasing demand from end users, including automotive, for lightweight materials, for use in batteries and other components of heavy electric vehicles, is further propelling the growth of the global graphene-enhanced composite market.
Notably, the European Commission launched a Graphene Flagship program in 2013, which was intended to address significant scientific and technological challenges through research. Comparable steps have been initiated by the governments of several countries including the US, China, Japan, and South Korea, among others. These initiatives are primarily meant to raise awareness about graphene and facilitate collaborations among numerous stakeholders within the industry.
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The global graphene enhanced composites market has been segmented into composite type, graphene type, application, and region. Based on application, graphene-enhanced composites market has been segmented into the automotive industry, aerospace & defense, consumer electronics, sports & leisure, building & construction, and others. Among these, the automotive segment led the global graphene-enhanced composites market, primarily due to the extensive use of graphene in enhanced composites in automotive. The use of these composites in automotive has led to improved aircraft efficiency and lower fuel consumption.
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The graphene composites market has been experiencing a steady rise in output, thanks to growing demand from various end-use industries. According to a report by the American Chemical Society, the graphene composites output increased by over 5 times from 2010 to 2017. Regionally, the usage of graphene in the enhanced composites market is segmented into North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Among these regions, North America led the global graphene-enhanced composite market, as the region is one of the largest graphene material manufacturers and suppliers. For instance, companies like Graphene 3D Lab Inc. have been developing high-performance Graphene Composites ahead of schedule for Marine Vessels Research Projects. The advanced graphene-enhanced material developed by the company exhibits outstanding performance. In addition to the improved strength of the resin, the graphene-enhanced epoxy shows a 14-fold improvement in fracture toughness, and 20% less water absorption, making the service life of the new material longer than previously used formulations. “A rising number of companies are also expanding their R&D investments to promote early commercialization of graphene-based products in North America,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Graphene-enhanced Composites Market By Composite Type, By Graphene Type, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the global graphene-enhanced composites market and provides statistics and information on market size, structure, and future market growth. The report offers decision-makers superior market intelligence, thereby enabling them to conduct thorough investment appraisals. Besides, the report also analyzes the evolving market trends along with drivers, challenges, and opportunities in global graphene-enhanced composites market.
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