Graphene Composites Market Analysis by Product (Polymer-Based, Ceramic-Based, Metal-Based); End User (Electronics, Building, Construction, Aerospace, Automotive, Paints, Energy Storage) – Global Supply & Demand Analysis & Opportunity Outlook 2023 – 2035
Buy Now Report ID: 3917 | Published Date: Apr 24, 2023
Graphene Composites Market is estimated to garner a revenue of ~USD 120 million by the end of 2035 by growing at a CAGR of ~40% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 15 million in the year 2022. 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.
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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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Growth Drivers
Challenges
Global Graphene Composites Market Segmentation
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.
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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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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Increasing demand for graphene composites in the electronics industry is the major factor anticipated to drive the growth of the graphene composites market.
Ans: The market is anticipated to attain a CAGR of ~40% over the forecast period, i.e., 2023 – 2035.
Ans: Shortages of semiconductors as well as fluctuating prices & availability of raw materials are some of the factors estimated to hamper the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Graphene NanoChem Plc, NanoXplore Inc., Applied Graphene Materials plc., XG Sciences Inc., Directa Plus PLC, Graphene Composites Limited, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, end-user, and by region.
Ans: The electronic segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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