FREMONT, California, October 9, 2018 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled 'Global Graphene-enhanced Composites Market - Analysis and Forecast, 2018-2023', the global graphene-enhanced composites market is expected to reach $348.0 million by 2023. The market is expected to grow at a CAGR of 28.3% and 30.6% between 2018 and 2023 in terms of value and volume, respectively.
The Europe region accounted for 37.5% market revenue share of the global graphene-enhanced composites market in 2017. Being one of the largest graphene material manufacturer and supplier, Europe is home to the state-of-the-art process of innovation in the field of graphene-enhanced composites. The governments of various economies in the Europe region are highly supportive of the potential steps taken by the key players toward advancement in the field of graphene-enhanced composites.
The government has been funding a lot of research initiatives for the commercialization of graphene. For instance, Graphene Flagship program, with a budget of €1 billion is concerned with bringing together academicians as well as industrial researchers to promote commercialization of graphene. Apart from the government funding, key players in the Europe region are also increasing their R&D investment to promote an early commercialization of graphene-based products. In 2017, the U.K., followed by Germany, generated the highest revenue in the region.
According to Arpit Benjwal, Lead Analyst at BIS Research, "The market for graphene-enhanced polymer composites accounted for a market revenue share of 89.6% of the total graphene-enhanced composites market in 2017."
The main factor that differentiates the graphene-enhanced polymer composites from the other types is that they can be produced using a small volume of graphene and are versatile in their applications, i.e. they can be used across a wide range of applications. They are the most recommended set of composites for end use applications such as automotive and aerospace & defense.
According to Tamanna Maheshwari, Analyst at BIS Research, "Aerospace & defense application accounted for a market revenue share of 27.4% of the total graphene-enhanced composites market in 2017"
The aerospace & defense segment is effectively exploiting graphene-enhanced composites for both the civilian and military aircrafts. The use of graphene-enhanced composites in aircrafts has led to an improved aircraft efficiency, lower consumption of fuel, and low carbon emissions. Along with this, graphene-enhanced composites are used to manufacture smart aero structures which absorb less moisture and offer damage resistance.
There have been many collaborations to test the graphene-enhanced composites for aerospace structures. For instance, the University of Manchester and several small and medium-sized enterprises (SMEs), such as Haydale, have collaborated to manufacture the first model aircraft, Prospero, which has a graphene-skinned wing. This aircraft has been tested for the effect of graphene in thermal management and its ability to provide lightning strike protection.
Some of the key players in the global graphene-enhanced composites market include Haydale Graphene Industries Plc, XG Sciences, Vorbeck Materials, Versarien Plc, Graphene Nanochem, Advanced Graphene Materials plc, Graphenest, Graphene Composites Ltd, Graphene 3D Lab Inc., NanoXplore Inc., and The Sixth Element (Changzhou) Materials Technology Co., Ltd.
The key strategy adopted by the players operating in the global graphene-enhanced composites market is partnerships, collaborations, and joint ventures to grow and sustain the competition by retaining present customers along with attracting new ones. Out of the total developments that took place in the market from 2015-2018, 34% of them were partnerships, collaborations, and joint ventures.
This report is a meticulous compilation of research on more than 100 players in the graphene-enhanced composites market and draws upon the insights from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles approximately 16 companies.
The companies profiled in the report are Applied Graphene Materials plc, Global Graphene Group, Graphene 3D Lab Inc., Graphene Composites Ltd., Graphene NanoChem Plc, Graphenano, Haydale Graphene Industries Plc, Merck KGaA, NanoXplore Inc., SHD Composite Materials Ltd, The Sixth Element (Changzhou) Materials Technology Co., Ltd., Thomas Swan & Co. Ltd., Versarien Plc, Vorbeck Materials Corporation, and XG Sciences, Inc.
Key questions answered in the report:
What was the size in terms of value ($million) and volume (tons) of the graphene-enhanced composites market in 2017, and what will be the growth rate during the forecast period 2018-2023?
What will be the market size of different types of composites (by value and volume) and their growth rate during the forecast period 2018-2023?
What will be the market size of different graphene types in the graphene-enhanced composites market (by value and volume) and their growth rate during the forecast period 2018-2023?
What will be the market size of different applications of graphene-enhanced composites market (by value and volume) and their growth rate during the forecast period 2018-2023?
What will be the market size for different regions and countries in terms of value and volume in the graphene-enhanced composites market and their growth rate in the forecast period 2018-2023?
What are the major driving forces that tend to increase the demand for graphene-enhanced composites in various end user industries during the forecast period?
What are the major challenges inhibiting the growth of the global graphene-enhanced composites market?
What are the competitive strengths of key players in the global graphene-enhanced composites by analyzing through market share analysis?
Who are the key players (along with their detailed analysis and profiles including their financials, company snapshots, key products & services, and SWOT analysis) in the market?
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.