Graphene Enhanced Composites Market to Witness 25% CAGR through 2024
Growing demand for lightweight
materials, higher toughness and durability of composites coupled with government
funding to boost global graphene-enhanced composites 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. Factors fuelling the consumption of graphene in enhanced
composites market include the growing demand for lightweight materials,
government regulations to limit the 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 global graphene-enhanced composites market. Notably, the European
Commission launched a Graphene Flagship program in 2013, which was intended to address
the 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 the
collaborations across numerous stakeholders within the industry.
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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 automotive
industry, aerospace & defense, consumer electronics, sports & leisure,
building & construction and others. Among these, automotive segment led global
graphene-enhanced composites market, primarily due to 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 American Chemical
Society, the graphene composites output increased by over 5 times from 2010 to 2017. Regionally, usage of graphene in enhanced
composites market is segmented into North America, South America, Europe,
Asia-Pacific and Middle East & Africa. Among these regions, North America led
global graphene-enhanced composites 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 a high-performance Graphene
Composites ahead of schedule for Marine Vessels Research Project. 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 of the 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 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 conduct thorough investment appraisal. 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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