Graphene Composites Market size is estimated to reach USD 120 million by the end of 2035, growing at a CAGR of 40% during the forecast period, i.e., 2023-2035. The growth of this market is attributed to the lightweight graphene composites which help in the automotive and aircraft industry. Thermal durability, good stiffness, electrical conductivity, and lightweight quality are properties of graphene composites driving the growth of this market. Lightweight materials such as magnesium, and graphite composites require less energy as compared to normal steel or iron. Graphene composites can help reduce the vehicle weight by 10%-15% and this improves fuel efficiency to 6% – 10%. Graphene composite reduces the weight of automobiles at the same time it maintains the performance and safety of the vehicle as usual. As per our research, using lightweight components in vehicles can save more than 5 million of gallon fuel annually by 2030.
Also, there has been a tremendous rise in the research and development of graphene composition which is also driving the growth of this market. Factors such as supportive government guidelines and funds for research and development for incorporating new development and innovation in the production of graphene compositions and investment by key market players for development in graphene compositions are expected to drive growth in the forecast period. The United States and Canada are the epicenters of graphene composites research and development activities.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2035 |
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CAGR |
~40% |
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Base Year Market Size (2022) |
~USD 15 million |
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Forecast Year Market Size (2035) |
~USD 120 million |
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Regional Scope |
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End-user (Electronics, Building, Construction, Aerospace, Automotive, Paints, Energy Storage)
The graphene composites market is segmented and analyzed for demand and supply by end users into Electronics, Building and Construction, Aerospace, Automotive, Paints, Energy Storage, and others. Out of this, the automotive segment is anticipated to hold the largest market share in the forecast period. Graphene composite helps in reducing the weight of the vehicle without compromising on the performance and safety of the vehicle at the same time the fuel inside the vehicle is used efficiently with the help of graphene composites. With one material users can get so many benefits at the same time. Graphene composite can help in reducing the weight by 10-15% without compromising the performance and safety of the vehicle. This also enhances fuel efficiency to 6% – 10%. Therefore, the automotive segment is expected to grow more in the future time. As per the International Energy Agency, sales of electric cars rose to 2 million worldwide in 2019.
Product (Polymer-Based, Ceramic-Based, Metal-Based)
The graphene composites market is segmented and analyzed for demand and supply by-products into polymer-based, ceramic-based, metal-based, and others. Out of this, the polymer-based segment is anticipated to hold the highest market share in the forecast period. When polymer enters the graphene it develops superior properties such as mechanical, electrical, and thermal qualities which come in use in various end-user industries. Also owing to good processibility, lightweight and polymer-based graphene composites are used in the automotive and aerospace industries. The demand for polymer-based graphene is estimated to rise with the need for lightweight vehicles in the market and so many benefits of polymer-based graphene in the end-use industries.
Our in-depth analysis of the global market includes the following segments:
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By Product |
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By End User |
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North American Market Forecast
Graphene composites market in the North America is anticipated to gain the largest revenue share throughout the forecast period. This is attributed to the growing industrial sector in the region. Graphene composites application could be highly seen in various end-user industries such as automotive, aerospace, packaging, construction, textile industry, and so on. These are generally beneficial for substantial expenditure on research and development which fuels the growth of the graphene composites market in the North American region. The graphene composites market in the North American region is driven by mostly two areas that are the United States and Canada. These two places have the best research centers and universities where the research and development regarding new-generation graphene composites take place for the military, aerospace, and electronics industries. The United Nations is the homeland of market leaders of all types of graphene products. To provide lightweight aircraft with fuel efficiency without compromising on the performance and safety of aircraft graphene composites are needed to be used. For instance, in Boeing 787, 10-12% of fuel was saved with the help of lightweight aircraft material application. These are significant factors driving the growth of this market in the North American region.
APAC Market Statistics
Graphene composites market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period. This is attributed to the back of growing chemical manufacturing industry in developing countries, such as China, India, and Japan. Moreover, the growing import and export of chemicals are further estimated to boost regional market growth. However, the market in this region is expected to grow with the rising demand for electric vehicles in the Asia Pacific region. India and China are the most important areas driving the growth of graphene composites in the Asia-Pacific region. Owing to the growing demand for lightweight vehicles and fuel efficiency, the demand for graphene composites has seen to be increasing in this region. Additionally, a rise in the production of electric cars can be seen in this region which is also expected to fuel the growth of this market in the forecast period.
Author Credits: Smruti Ranjan, Rajrani Baghel
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