According to the graphene composites market report published by the Allied Market Research, the study presents impending revenue forecast of the industry for the next few years coupled with imminent market trends and opportunities. As per the report, the global graphene composites industry was pegged at $13.1 million in 2019, and is projected to reach $109.4 million by 2027, growing at a CAGR of 37.5% from 2020 to 2027.
By region, the global graphene composites market across Asia-Pacific, followed by North America, held the largest share in 2019, accounting for nearly two-fifths of the market. The region is expected to showcase the highest CAGR of 38.1% during the forecast period, owing to rise in consumer bases such as automotive, aerospace, and construction industry.
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On the basis of product type, the polymer-based segment garnered 47.3% in terms of revenue in 2019. This was attributed to high consumer base for polymer-based composites such as automotive, aerospace, and others. In addition, polymer-based is highly adopted for various applications owing to its high bond strength, superior levels of durability, and others.
- Sport & Wearable Goods
- Aerospace & Defense
- Building & Construction
- Energy Storage & Generation
By application, the automotive segment dominated in 2019, contributing to nearly one-third of the global graphene composites market, due to high demand for lightweight vehicles, which consequently, surges the demand for graphene composites. However, the aerospace & defense segment is anticipated to register the highest CAGR of 38.3% during the forecast period, owing to increased contribution of developing regions such as APAC and LAMEA in the aerospace and defense sector.
Rise in demand for lightweight materials and increase in R&D expenditure by developed and developing countries have boosted the growth of the global graphene composites market. however, high cost of graphene-enhanced composites hinders the market growth. On the contrary, surge in graphene producers is expected to open lucrative opportunities for the market players in the future.
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- The COVID-19 pandemic negatively affected the automobile and construction industries, which in turn, hindered the demand for graphene composites.
- The pandemic impacted the chemical industry and hampered the supply chain to a greater extent, which affected the raw material procurement.
- As majority of the event cancelled due to Covid-19 pandemic, the demand for graphene composites has decreased.
Major Market Players
- Ad-Nano Technologies Pvt. Ltd. (Ad-Nano Technologies)
- G6 Materials Corp (G6 materials)
- Haydale Graphene Industries plc. (Haydale Graphene)
- Graphene Composites (GC)
- Graphene One LLC.
- Graphenano Group (Graphenano)
- XG Sciences
- NanoXplore Inc.
- Graphmatech AB (Graphmatech)
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