Market size for graphene composites is being driven by an increase in demand for environmentally friendly and lightweight materials.
Wilmington, Delaware, United States, Feb. 22, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global graphene composites market was projected to attain US$ 17.7 million in 2022. It is anticipated to garner a 32.7% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 178.3 million by 2031. Graphene refers to a two-dimensional matrix of carbon atoms organized in a honeycomb lattice. Graphene composites are materials created by mixing two or more different graphene components to create final products with unique qualities.
These substances don’t combine or dissolve. Because of this characteristic, graphene composites are a better option for the electronics, automotive, and aerospace industries. Composite materials based on graphene are useful for energy storage because they provide effective charge transfer, enhanced electrochemical performance, and exceptional thermal conductivity.
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Recent developments in the graphene composites sector indicate that graphene-based composites in the form of nanomaterials are becoming more popular in a range of biomedical applications, such as drug delivery and bio imaging.
Global Graphene Composites Market: Key Players
To improve their market position, major companies are choosing to create new products and work together with other players. The following companies are well-known participants in the global graphene composites market:
- Haydale Graphene Industries Plc
- Graphene Nanochem Plc
- NanoXplore, Inc.
- Applied Graphene Materials Plc
- XG Sciences Inc.
- Directa Plus Plc
- Graphene Composites Ltd. (GC)
- Graphene 3D Lab Inc.
- Graphmatech AB
- Nano Graphene Inc.
- PMG 3D Technologies Company Ltd.
Key Findings of the Market Report
- The automotive and aerospace industries are experiencing a surge in demand for lightweight materials since lower fuel consumption results in lower overhead costs.
- Composites made on graphene have remarkable rigidity and electrical and thermal conductivity.
- Since these materials are lightweight, they accelerate with less energy.
- Graphene composites have the potential to lower vehicle weight by 10-15%, which will result in a 6–10% boost in fuel economy.
- Tires that are beyond their prime may be recycled sustainably and turn them into a valuable resource by producing graphene.
Market Trends for Graphene Composites
- The United States, China, and other developed nations are seeing an increase in graphene related research and development efforts. This is attributed to the implementation of several positive policies by governments for the financing of these graphene-related initiatives. These regulations support the development of carbon nanotube composites and blends of graphene polymers.
- The tendency of combining graphene with other metals and non-metals to get the desired results is highlighted by the market study of graphene composites for the future. Composite graphene airplane wings are making their way into the aerospace market. These wings may reduce weight significantly, which boosts fuel economy.
- Governments in affluent nations are funding research and development aimed at creating the safest, lightest, greenest, and strongest aircraft possible.
Global Market for Graphene Composites: Regional Outlook
- North America acquired a significant market share in 2022, and it is anticipated that things will stay the same for the forecast period. The market share of graphene composites in the region is being driven by growth in the electronics, automotive, and aerospace industries. In terms of research and development of graphene-reinforced composites, the United States has led the way.
- The European graphene composites market is expected to increase steadily in the near future, according to the most recent market study. The regional market statistics are being driven by an increase in demand for graphene-coated materials in the automotive industry.
- The graphene composites market research emphasizes how Asia Pacific is growing at a very quick pace because of the regional significant need for sophisticated, lightweight materials from the automobile industry.
Key developments by the players in this market are:
- In 2022, G6 Materials signed a strategic partnership deal with MADE Advanced Materials, which will help with the different uses of graphene composites. MADE is recognized for offering cutting-edge materials and composites in a number of sectors.
- Graphene Composites unveiled GC Haloa in 2022, a special coating for air fillers that aids in the instantaneous destruction of germs and viruses.
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Global Graphene Composites Market Segmentation
Product Type
- Polymer-based Graphene Composites
- Ceramic-based Graphene Composites
- Metal-based graphene Composites
- Others (Cement-based, Carbon Filler, etc.)
End-use Industry
- Electronics
- Building & Construction
- Aerospace
- Automotive
- Energy Storage & Generation
- Others (Textiles, Paints & Coatings, Healthcare Devices, etc.)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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