The global graphene composites market size was valued at USD 16.12 million, which is expected to reach USD 206 million, projecting a CAGR of 37.5% during the forecast period. Graphene is a two-dimensional sheet of linked carbon atoms arranged in a honeycomb-shaped crystal lattice. This arrangement gives graphene its planar structure. Even though graphene in its most refined form is only one atom thick, it is also possible to manufacture graphene in sheets that contain up to ten or more layers of carbon. Composite materials are made by mixing two or more components with distinct qualities to create an end product with unique attributes.
These materials do not merge or disintegrate within the final composite construction but instead retain their identities. Composite materials can be stronger, lighter, or more durable than conventional materials due to the qualities of the combination of their various components. Numerous benefits are associated with graphene-based composites, including their light weight, corrosion resistance, and good conductivity. A graphene composite-based aircraft wing offers various benefits, including a substantial reduction in the wing's drop weight, a reduction in the destructive effects of lightning strike damage, and enhanced fuel efficiency and range, among others. The prospect of graphene composites involves clinical implants, aeronautical engineering materials, and renewables, among other applications.
Graphene composites provide outstanding mechanical, electrical, optical, dimensional, temperature stability, impact, and fire resistance. In addition, graphene can be mixed with polymers, metals, and other compounds to create temperature-resistant, conductive, and other composites. Adding graphene to rubber, for instance, increases its conduction, impermeability, and strength. In the coming years, the need for graphene composites may increase significantly. This is due to the increasing use of graphene composites in energy storage, automotive, and aircraft components. In addition, rising customer bases in developing nations, such as the aerospace industry, are anticipated to increase demand for graphene composites during the forecast period. However, alternatives on the market are also predicted to hinder the global graphene composites market's growth over the forecast period. In contrast, countries like the United States and China have intensified research and development of graphene composites. This will stimulate the graphene composites market in subsequent years.
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Increase for Lightweight Materials to Foster Market Growth
Due to its thermal durability, electrical conductivity, good stiffness, and lightweight qualities, graphene composites are in great demand due to the growing demand for lightweight materials in the aerospace and automotive industries. Advanced materials, such as graphene and its composites, are essential for reducing the fuel consumption of current automobiles without sacrificing performance and safety. Accelerating lightweight materials such as magnesium (Mg) alloys, high-strength steel, and graphene composites requires less energy than typical steel and cast iron. As they can cut the vehicle's weight by 10% to 15%, new advances such as graphene composites provide significant potential for enhancing vehicle economy. This reduction in vehicle weight increases fuel efficiency by 6% to 10%.
Increased Research & Development Expenditure to Aid Growth
There is a tremendous surge in graphene research and development in the United States, China, and other nations. Several factors, including favorable government policies and financing, have contributed to the rise in R&D. numerous nations are attempting to expand their research and innovation attempts to enhance the production technology of graphene and its derivatives. In addition, graphene composite suppliers in underdeveloped nations are technologically behind. China has become a leading patenting and publishing nation for graphene and graphene-related items. It has made significant investments in graphene and composite materials. China intends to enhance the significance of innovative materials in manufacturing industries.
High Cost of Graphene Enhanced Composites
Due to its multifunctional qualities, graphene composites have the potential to be employed in a wide variety of applications across several industries; however, the high cost of these composites inhibits the global graphene composites market's growth. The pricing of graphene composites depends on quality, production costs, and graphene prices. However, graphene is not a commodity material; each application requires a unique grade and variety of graphene, and the pricing for these grades varies.
Increase in Producers of Graphene
Graphene's unique properties, such as its lightweight, compressive strength, high thermal resistance, and conductivity, expand its industrial applications. It is used to produce various parts and components in the automotive, aerospace, and medical industries. Leading graphene manufacturers, such as Vorbeck, Angstron Materials, XG Sciences, AGM, and Graphenea, focus on enhancing graphene production efficiency and facilitating product marketing. AGM, Dyson, and Procter & Gamble collaborated to discover graphene's practical applications. In addition, AGM has devised an alternative method for producing graphene from ethanol, which would lessen the manufacture of graphene's reliance on natural resources. Graphenea, one of the largest graphene producers in Europe, has concentrated on expanding its production capacity with the assistance of Repsol. In addition, businesses in Asia-Pacific have taken significant steps to commercialize graphene by increasing production capacity. Consequently, increasing the number of graphene manufacturers and the combined efforts of enterprises to increase their production capacity may propel the global graphene composites market's expansion.
The global graphene composites market is bifurcated based on product type, application, and region.
The composite market is segmented into polymer-based, metal-based, ceramic-based, and others based on product type.
Polymer-based graphene composites are estimated to hold the largest market share of USD 134 million, with a CAGR of 37.5% during the forecast period. The addition of graphene to polymers produces a material with superior mechanical, thermal, and electrical properties that can be employed in various applications, including plastic containers, gasoline tanks, wind turbines, sports equipment, and medical implants. Due to their lightweight and good processability, polymer-based graphene composites are predominantly used in the automotive and aerospace industries. Sixth Element (Changzhou) Materials Technology continually invests in research and development to generate novel formulations that improve various plastic polymer composites' mechanical, thermal, and electrical properties.
Ceramic-based graphene composites are expected to project with the fastest growing CAGR of 40% and reach USD 21 million by 2030. Ceramic-based composite is composed of linked graphene cells encased in ceramic layers and utilized in aerospace, sensors, and other applications. Graphene is chemically combined with ceramic sheets using the atomic layer deposition technique. The excellent heat resistance of graphene-ceramic composite would benefit aircraft as a heat shield. Inadequate performance of ceramic-based composites was among the problems that inhibited the ceramic-based graphene composites market expansion. It is anticipated to experience expansion in the coming years as numerous industry participants and research institutions have strengthened innovation activities in the United States and China. The objective of the R&D operations is to expand the market for graphene-ceramic composites by advancing production processes.
Based on application, the graphene composites market is segmented into sports & wearable goods, aerospace & defense, automotive, building & construction, energy storage & generation, and others.
The automotive sector is estimated to have the largest market share of USD 86 million, with a CAGR of 37.5% during the forecast period. Numerous studies indicate that incorporating a small quantity of graphene into polymers can significantly improve the composites' elastic modulus, tensile strength, thermal and electrical conductivity, and thermal stability. Based on these various properties, graphene polymer composites are viable as both structural and functional composites, making them a potential option for usage in the automotive industry. The push toward lightweight vehicles increases the use of lightweight materials, increasing the demand for graphene composites. However, the absence of novel technologies for the large-scale manufacture of graphene-based goods is one of the problems that hamper the implementation of graphene-based composites in the automotive sector.
Aerospace & Defense is another segment expected to project with the highest CAGR of 38.7% and reach USD 50 million by 2030. Aerospace and defense goods made from graphene composites are lightweight and offer exceptional thermal resistance and high mechanical strength. The lightweight property of graphene composites aids in reducing the weight of aeronautical components, which is anticipated to save fuel by increasing the aircraft's efficiency.
The regional segments of the global graphene composites market include North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific And North America Are Expected To Dominate The Regional Market
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North America is expected to grow at a CAGR of 37.8% in terms of revenue and reach USD 105 million during the forecast period. This is a result of the well-established industrial sector. The introduction of novel graphene composites for end-use industries such as packaging and automotive is attributable primarily to the substantial expenditure on research and development, which drives the growth of the North American graphene composites market. Market growth factors for graphene composites in North America include established consumer bases such as aerospace and automotive. In addition, considerable energy, sensor, coating, and biomedical applications drive the graphene composites market.
North America is the most promising market region. The expansion of the regional market is driven mainly by the United States and Canada. It is anticipated that the market value will grow the number of research institutes and universities and the number of product manufacturers collaborating to make next-generation graphene for the aerospace & military, and electronic industries. The U.S. is the homeland to the headquarters of the market leaders for all types of graphene products.
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 a crucial country due to its established and increasing customer bases in industries such as construction, electronics, and others. In addition, it has a substantial number of metal and polymer manufacturers, which is a significant factor for local graphene composite makers. Asia-Pacific is one of the most critical market areas due to several variables, such as rising healthcare expenditures, which are anticipated to drive the need for medical implants. Consequently, the need for graphene composites increases. Furthermore, the growth of the aerospace sector in countries like China and India is anticipated to increase demand for graphene composites in the future. Moreover, advances in India's construction and automotive industries are anticipated to create profitable prospects for the global graphene composites market over the forecast period.