Graphene Composites Market Witnessing Rapid Growth Opportunities, Trends, and Forecast to 2035
Global Graphene Composites Market Key Insights
During the forecast period of 2023-2035, the global graphene composites market is expected to reach an estimated value of ~USD 170 million by 2035, by expanding at a CAGR of ~40%. The market further generated a revenue of ~USD 15 million in the year 2022. Major key factors propelling the growth of graphene composites market worldwide are the growing aerospace sector and rising demand for sports goods along with increasing demand for the lightest, strongest, safest, and greenest graphene.
Market Definition of Graphene Composites
The name graphene is derived from “graphite” which is a carbon allotrope.
One of the simplest and most effective ways of harnessing the potential of graphene is to combine it with existing products i.e., composite materials. Its composites are high in strength, flexibility, lightweight, and conductivity. The growing application of graphene composites in end-use industries, backed by its various advantages, such as electrical and thermal conductivity, durability, flexibility, stiffness, UV resistance, weight reduction, and fire resistance is soaring its demand by various industries.
Global Graphene Composites Market: Growth Drivers
The growth of the global graphene composites market can majorly be attributed to the growing demand for electronics, such as laptops, smartphones, televisions, and others. For instance, more than 1.3 billion smartphones were sold across the world in 2020. On the other hand, the market growth can also be attributed to the growing automotive parts industry along with the surge in the demand for lightweight automobiles is also projected to drive the market growth. For instance, the auto components industry in India accounted for ~7% of the GDP and contributed ~49% to the manufacturing GDP in FY21.
The global graphene composites market is also estimated to grow majorly on account of the following:
- Increasing use of advanced materials to enhance the qualities of the end-use products
- Rising trade of chemical substances
- Growing spending in nanotechnology to invent novel nanostructured material
- Surge in research & development for lightweight two-dimensional material
Global Graphene Composites Market: Restraining Factor
Lack of raw materials and non-availability of good production amenities is expected to be the major hindrance to the growth of the global graphene composites market during the forecast period.
Global Graphene Composites Market Segmentation
- By Product (Polymer-Based, Ceramic-Based, Metal-Based, and Others)
The polymer-based segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the prospering packaging industry worldwide, which can be perceived with the example of the flexible packaging industry of the United States that generated over 30 billion in sales in 2019, along with the growing need for replacing conventional petroleum-based synthetic polymers presently used for food packaging.
- By End-Use Industry (Electronics, Building and Construction, Aerospace, Automotive, Paints, Energy Storage, and Others)
- By Region
The Asia Pacific graphene composites market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the growing chemical manufacturing industry in developing countries, such as China, India, and Japan as well as the growing import and export of chemicals. For instance, the Indian chemicals industry accounted for ~USD 180 billion in 2020 and is estimated to reach ~USD 300 billion by 2025.
The market research report on global graphene composites also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Graphene Composites Market
Some of the key players of the global graphene composites market are Graphene NanoChem Plc, NanoXplore Inc., Applied Graphene Materials plc., XG Sciences Inc., Directa Plus PLC, Haydale Graphene Industries PLC, Graphene Composites Limited, Graphmatech AB, Nano Graphene Inc., G6 Materials Corp., and others.
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