PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555707
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555707
Graphene Composites Market size was valued at USD 29.56 million in 2023, expanding at a CAGR of 32.5% from 2024 to 2032.
The increasing use of graphene composites in advanced batteries, supercapacitors, and flexible electronics drives market growth due to the material's superior conductivity and energy storage capabilities. The automotive and aerospace sectors are adopting graphene composites to reduce weight while maintaining or improving strength and durability, contributing to fuel efficiency and performance. The lack of standardized testing and regulation for graphene-based materials creates uncertainty, especially for manufacturers and end-users in regulated industries like aerospace and healthcare. Continued research and development in graphene composite formulations can lead to the creation of new, high-performance materials with tailored properties for specific applications, opening up new markets.
Graphene Composites Market- Market Dynamics
Increasing use of graphene composites in automotive and aerospace sectors
Graphene composites are used in parts like body panels, bumpers, and chassis, where high strength and impact resistance are required. They also contribute to improved durability and crashworthiness. The aerospace industry values the high tensile strength, flexibility, and resilience of graphene composites, making them ideal for components that must withstand extreme conditions such as high stress and temperature variations. Aerospace manufacturers are also seeking to reduce the environmental impact of their operations. The use of graphene composites aligns with the industry's goals for sustainability by enhancing fuel efficiency and reducing the carbon footprint. The aerospace sector in the United Kingdom is primarily driven by exports and ranks second globally in terms of industrial size, after the United States. The UK's civil aerospace industry generated about $34.5 billion in revenue in 2022. Despite not producing big civil aircraft, the UK's aerospace industry is the pride of its exports; seventy percent of UK aerospace production is exported.
Graphene Composites Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 32.5% over the forecast period (2024-2032)
Based on material type segmentation, Polymer-based Graphene Composites were predicted to show maximum market share in the year 2023
Based on end user segmentation, Aerospace & Defense was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Graphene Composites Market is segmented based on Material Type, Application, End User, and Region.
The market is divided into seven categories based on end user: Automotive & Transportation, Aerospace & Defense, Electronics, Energy, Building & Construction, Healthcare, and Others (e.g., Sporting Goods, Textiles). The segment with the highest growth is Aerospace & Defence. Graphene composite products are lightweight, have great mechanical strength, and have remarkable heat resistance for use in aerospace and defense applications. Because graphene composites are lightweight, they help reduce the weight of aeronautical components, which is expected to increase aircraft efficiency and save fuel.
The market is divided into four categories based on material type: Polymer-based Graphene Composites, Metal-based Graphene Composites, Metal-based Graphene Composites, and Others (e.g., Rubber, Cement, etc.). The graphene composites based on polymers are predicted to have the biggest market share. When graphene is added to polymers, a material with enhanced mechanical, thermal, and electrical properties is created that can be used in a variety of applications, such as wind turbines, sports equipment, medical implants, plastic containers, and gas tanks. The automotive and aerospace sectors are the main users of polymer-based graphene composites because of their lightweight nature and excellent processability.
Graphene Composites Market- Geographical Insights
The U.S. is the dominant player in the North American graphene composites market. Significant investments in research and development, strong industrial infrastructure, and the presence of leading companies in the nanotechnology sector drive this. Canada also plays a crucial role, with a growing number of startups and research institutions focusing on graphene and its applications. The Canadian government's support for innovation in nanomaterials further bolsters market growth. The automotive sector in North America is one of the primary users of graphene composites. Companies are exploring using graphene to enhance automotive components' strength, flexibility, and conductivity. The U.S. and Canadian governments support graphene research through various grants and funding programs, encouraging innovation and commercialization of graphene-based technologies.
Major players in the graphene composites market include Graphenea, Applied Graphene Materials, Thomas Swan & Co. Ltd, Directa Plus, NanoXplore, etc. Many companies collaborate with universities and research institutes to accelerate graphene innovation. For example, Haydale collaborates with the University of Manchester's Graphene Engineering Innovation Centre. Companies often form partnerships to leverage complementary technologies. For instance, Directa Plus has partnered with various textile manufacturers to integrate graphene into fabrics. Leading companies invest heavily in R&D to develop new graphene composites with enhanced properties. This includes optimizing production processes and creating new applications for graphene in industries like aerospace, automotive, and electronics.
In September 2023, A Khalifa University of Science and Technology's Research and Innovation Center for Graphene and 2D Materials (RIC2D) and Graphene Flagship Associated Member Graphmatech, Sweden, a leading company in the development of graphene-enhanced materials, announced they have signed a memorandum of understanding (MoU), establishing a strategic framework for cooperation in advanced graphene-engineered materials and manufacturing processes.