Graphene Composites Market Trends
Growth Drivers
- Higher Flexibility and Light Weight of Graphene Composites – Graphene Composites are highly flexible and are light in weight which drives the growth of this market globally. Graphene composites are used in aircraft and automobiles to make them light in weight but at the same time, they must not compromise the performance and safety of the vehicle. The lightweight property of graphene composites can reduce vehicle weight by 10-15%.
- Increasing Application of Graphene Composites for Electronics – Growing application of graphene-based composites in the electronic industry is anticipated to drive the growth of this market in the forecast period. One of the most significant applications of graphene composite in electronic devices is that it works as a very good semiconductor in electronic devices. Besides, it is also used as a coating for changing touch screens in smartphones and also changing screens in monitors and televisions. For instance, graphene composites are capable of sparking next-generation electronics globally.
- Growing Research & Development Expenditure to Aid Growth – Growing investment and funds by government and market players of various regions in the research and development of the graphene composites market are propelling the growth of the market. Sixth Element Material Technology repeatedly invested in research and development to develop a novel formulation to enhance polymer-based composites' mechanical, electrical, and thermal properties.
- Growing Demand in End-User Industries – Graphene Composites have high demand in end-user industries including automotive, aircraft, aerospace, medical implants, renewables, and others. A study written for said India Brand Equity Foundation in July 2022 states that India produced 22.93 million cars in FY22.
Challenges
- High Cost of Graphene Composites – Graphene composites have a high potential to get employed in various end-user industries but their high cost restricts the market to grow more. Graphene is not a material, it is available in different forms and applied for different purposes in different forms. These different forms of graphene composites are high in cost.
- Lack of Adequate Production of Raw Materials
- Non-Availability of Good Production Amenities
Graphene Composites Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
39.6% |
|
Base Year Market Size (2024) |
USD 28.76 million |
|
Forecast Year Market Size (2025-2037) |
USD 2.28 billion |
|
Regional Scope |
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