ALBANY, New York, June 12, 2018 /PRNewswire/ --
According to a new report published by Transparency Market Research (TMR) titled "Graphene Composites Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2026", the global graphene composites market was valued around US$ 6.3 Mn in 2017 and is anticipated to expand at a CAGR of approximately 40% during forecast period. Expansion of the global graphene composites market is driven by rise in government-backed funding in R&D projects. Graphene composites possess various properties such as excellent thermal and electrical conductivity, lightweight, and resistance to fire. Therefore, these are extensively utilized in electronics and other end-use industries such as building & construction, aerospace, automotive, energy storage & generation, and others. The graphene composites market in Asia Pacific is expanding at a considerable CAGR during the forecast period. This can be attributed to increase in adoption of graphene-based energy storage & generation devices due to depletion of conventional energy sources and increase in focus on graphene composites research & development activities.
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Advanced Mechanical, Thermal and Electrical Properties to Drive Market Growth
Graphene composites possess advanced properties such as lightweight, high chemical resistance, high mechanical stability, and ease of fabrication, which makes it ideal for the use in aerospace and automotive, wind turbine, and building & construction industries. This, in turn, drives the graphene composites market. Challenges faced by manufacturers of graphene composites include the lack of adequate production processes of material. This makes it difficult to produce a substantial quantity of graphene in less time. This acts as a restraint to the grapheme composites market.
Chemical vapor deposition (CVD) is an extensively used technique for the production of graphene composites. It produces a monolayer of graphene directly onto a copper or nickel substrate. The other method used to manufacture these composites is exfoliation of graphene, which breaks all the stacked layers of graphite to produce graphene mono-layers. Hence, availably of only two methods for the commercial production of graphene composites restrains the graphene composites market.
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Graphene composites improve crack resistance. These composites can also withstand temperature variations, provide electrical conductivity for lightning strike protection, and EMI shielding for electronic components. Hence, these properties drive the graphene composites market.
Rising advent of Internet of Things to Boost the Polymer-based Graphene Composites Segment
The product type segment is segmented into polymer-based graphene composites, ceramic-based graphene composites, metal-based graphene composites, and others. The polymer-based graphene composite segment is anticipated to account for a large share of the market due to the rise in demand for lightweight components in end-use industries such as aerospace and automotive. Increase in adoption of Internet of Things (IoT) is increasing demand for smart electronics, which is anticipated to boost the polymer-based graphene composites segment during the forecast period.
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Electronics End-use Industry to Dominate the Global Graphene Composites Market
The end-use industry segment of the global graphene composites market is divided into electronics, building & construction, aerospace, automotive, energy storage & generation, and others (textiles, paints & coatings, health care devices, etc.). The electronics segment is anticipated to dominate the market owing to the rise in adoption of IoT and increase in demand for smart electronics around the globe. The electronics segment is anticipated to expand at a significant pace from 2017 to 2026 due to the current boom in the electronics industry, rise in demand for smart electronics, and technological advancements in the market.
Increase in use of Energy Storage & Generation in Developing Countries such as the U.S., China, India, and Brazil, to Create Opportunities in the Market
The global graphene composites market is divided into major five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to hold a major share of the market due to technological advancements and presence of major players. The graphene composites market in Asia Pacific is projected expand at a rapid pace during the forecast period. The electronics industry in Asia Pacific is anticipated to boost the graphene composites market in the region.
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Consolidated Market with Small Number of Players Dominating in the Graphene Composites Market
Key players covered in this report include Haydale Graphene Industries PLC, Graphene Nanochem plc, NanoXplore Inc., Applied Graphene Materials plc, XG Sciences Inc., Directa Plus PLC Company, Graphene Composites Limited (GC), Graphene 3D Lab Inc., Graphmatech AB, Nano Graphene Inc., and PMG 3D Technologies Company Limited. India and China are two of the fastest growing economies in the world. Successful penetration in these countries can create more opportunity to these companies.
The Global Graphene Composites Market is segmented as Follows:
Global Graphene Composites Market, by Product Type
- Polymer-based Graphene Composites
- Ceramic-based Graphene Composites
- Metal-based Graphene Composites
Global Graphene Composites Market, by End-use Industry
- Building & Construction
- Energy Storage & Generation
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