Graphene is a two-dimensional sheet of carbon atoms organized in a crystal lattice resembling a honeycomb. This configuration provides graphene with a flat structure. Even though graphene is only a single atom thick in its purest form, it is possible to produce graphene in sheets with ten or more carbon layers. Component materials combine two or more components with various properties to produce a final product with unique properties. These materials do not combine or decompose within the final composite structure but retain their own identities. As a result of the properties resulting from the combination of its many components, composite materials can be stronger, lighter, or more durable than conventional materials. Graphene-based composites have numerous advantages, including small weight, corrosion resistance, and high conductivity. A graphene composite-based aircraft wing offers numerous advantages, such as a significant reduction in the wing's drop weight, a reduction in the destructive effects of lightning strike damage, and improved fuel efficiency and range, among others. Among the potential applications for graphene, composites are therapeutic implants, aeronautical engineering materials, and renewables.
Graphene composites have exceptional mechanical, electrical, optical, dimensional, temperature, and impact resistance. They are also resistant to fire. Additionally, graphene can be mixed with polymers, metals, and other substances to produce temperature-resistant, conductive, and other composites. For instance, adding graphene to rubber boosts its conductivity, impermeability, and strength. The need for graphene composites may expand dramatically in the future years. This is a result of the expanding use of graphene composites in applications including energy storage, automotive, and airplane components.
Moreover, expanding client bases in developing nations, such as the aerospace industry, are predicted to enhance demand for graphene composites over the forecast period. However, the presence of substitutes on the market is anticipated to impede the growth of the global graphene composites market over the forecast period. In contrast, nations like the United States and China have focused research and development on graphene composites. In later years, this will promote the graphene composites market.
Due to the increasing demand for lightweight materials in the aerospace and automotive industries, graphene composites are in high demand due to their thermal resistance, electrical conductivity, superior stiffness, and low weight, among other characteristics. Graphene and its composites are vital for decreasing the fuel consumption of modern automobiles without losing performance or safety. Accelerating lightweight materials like magnesium (Mg) alloys, high-strength steel, and graphene composites requires less energy than accelerating conventional steel and cast iron. As they can reduce vehicle weight by 10% to 15%, innovations such as graphene composites have the potential to improve fuel economy significantly. This decrease in vehicle mass boosts fuel economy by 6% to 10%.
In addition, graphene research and development is booming in the United States, China, and other nations. Several factors, including favorable government policies and funding, have led to increased research and development. Numerous nations strive to boost their research and innovation efforts to improve graphene and its derivatives production technique. In addition, suppliers of graphene composites in developing nations are technologically lagging. China is currently among the leading patenting and publishing nations for graphene and graphene-related products. Significant investments have been made in graphene and composite materials. China plans to increase the importance of novel materials in the manufacturing sector.
Asia-Pacific is expected to command the regional market with a share of USD 121 million and a CAGR of 38.5% during the forecast period. China is an important market because there are already established client bases, and those customer bases are growing in various industries, including construction, electronics, and others. In addition, it is home to a considerable proportion of metal and polymer producers, a significant aspect of the regional producers of graphene composites. Due to several factors, including increased healthcare expenditures, predicted to boost demand for medical implants, Asia-Pacific is one of the most critical market regions. As a direct result, there is an increased demand for graphene composites. In addition, it is projected that a rise in demand for graphene composites will occur in the coming years due to the growth of the aircraft industry in countries such as China and India. In addition, developments in India's construction and automotive industries are predicted to generate lucrative business opportunities for the global graphene composites market during the forecast period.
North America is most likely to grow at a CAGR of 37.8% in terms of revenue and reach USD 105 million during the forecast period. This is a direct consequence of the developed and thriving industrial sector. The substantial expenditures in research and development are primarily responsible for introducing novel graphene composites for end-use industries such as packaging and automotive. This drives the growth of the market for graphene composites in North America. Other end-use industries that have benefited from introducing these graphene composites include aerospace and electronics. Established consumer bases, such as those in the aerospace and automotive industries, are major contributing factors to the graphene composites market in North America. The market for graphene composites is also driven by various applications, including those in the energy, sensor, coating, and medicinal sectors.
The U.S and Canada are witnessed as the primary driving forces behind the expansion of the regional market. It is anticipated that the market value will increase due to the number of research institutes and universities and the number of product manufacturers working together to produce next-generation graphene for the aerospace, military, and electronic industries. The United States of America is the homeland of the major companies' headquarters currently dominating the market for all varieties of graphene products.