Graphene Composites Market
Graphene Composites Market Analysis By Product (Polymer-based Graphene Composites, Metal-based Graphene Composites, Ceramic-based Graphene Composites), By Application (Sports & Wearable Goods, Aerospace & Defense, Automotive) By Region - Global Insights 2033
Analysis of Graphene Composites Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Graphene Composites Market Growth Outlook (2023 to 2033)
Fact.MR forecasts the global graphene composites market to grow from US$ 32.9 million in 2023 to US$ 952.5 million in 2033, with a CAGR of 40.3% from 2023 to 2033.
Graphene composites are materials that combine graphene, a two-dimensional carbon allotrope with exceptional mechanical, electrical, and thermal properties, with other materials to enhance their performance.
Graphene composites are used as coatings to enhance the durability, corrosion resistance, and friction properties of a wide range of materials, from metals and ceramics to plastics and textiles. Graphene composite coatings have potential applications in the aerospace, automotive, and medical industries.
Graphene Composites Market Size (2022A)
US$ 23.5 Million
Estimated Market Value (2023E)
US$ 32.9 Million
Forecasted Market Value (2033F)
US$ 925.5 Million
Global Market Growth Rate (2023–2033)
North America Market Share (2023)
Key Companies Profiled
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Market Dynamics Analysis in Projected Timeframe
There are numerous possible uses for graphene composites, and there is active research going on to develop novel and cutting-edge materials. With one graphene polymer proving to be light, flexible, and a great electrical conductor, another graphene-dioxide composite was found to have interesting photocatalytic efficiencies, and there are countless more materials that could be coupled to create a variety of composites in the future.
Graphene composites are also added to polymers to improve their strength, stiffness, and toughness. Graphene-reinforced polymers have potential applications in structural materials, such as aircraft components, wind turbine blades, and sports equipment.
- Growth Factors for Short Term (2023–2026): Demand for graphene composites is projected to be driven by the widespread application of graphene across a variety of industries due to its advantageous properties.
- Factors for Medium-Term Growth (2026–2029): Favorable government policies to encourage the use of graphene composites in numerous applications are likely to spur market growth in the years to come.
- Long-Term Growth Opportunities (2029–2033): Efforts led by the market players to curb the demand pool and gain high-profit margins by leveraging the power of research and development and advancing technology to support product development by automation are set to drive the market in a long run.
According to Fact.MR, the market for graphene composites has grown at a CAGR of 21.5% from 2018 to 2022 and is expected to grow at a CAGR of 40.3% from 2023 to 2033.
Factors Promoting the Growth of the Market for Graphene Composites
“Increased Demand for Lightweight Materials to Promote Market Growth”
Graphene composites are quite popular due to the rising demand for lightweight materials in the aerospace and automotive industries. This is attributed to the excellent thermal and electrical conductivity, good stiffness, and weight properties they exhibit. In order to increase fuel efficiency without compromising performance or safety, advanced materials like graphene and its composites are gaining traction.
As compared to conventional materials such as steel and cast iron, lightweight materials like magnesium (Mg) alloys, high-strength steel, and graphene composites require less energy to accelerate. New developments like graphene composites provide tremendous potential for improving vehicle economy by reducing the car's weight by 10% to 15%. The use of graphene composites in automotive structures increases fuel efficiency by 6% to 10% and also complies with environmental regulations.
“Investment in Research and Development to Support Market Growth”
Research and development on graphene are exploding in China, the United States, and other countries. The increase in R&D has been attributed to a number of factors, including favorable government policies and funding. Many countries are seeking to increase their innovation strategy to enhance the production technology for graphene composites.
Graphene composites manufacturers or suppliers from developing economies lag behind in terms of technology. China has emerged as a major graphene and graphene-related product-introducing and patenting country. It has made large expenditures in composite materials and graphene. China wants to increase the value of cutting-edge materials in the industrial sector.
“High Production Cost to Create a Roadblock”
Graphene composites have the potential to be used in a wide range of applications across many industries owing to their multifunctional properties, but their high cost restrains the growth of the global graphene composites market. The cost of manufacturing, graphene prices, and product quality affect graphene composites price. As graphene is not a common material, it has different prices depending on the grade and variation needed for a certain application.
The CVD technique is used to create high-quality monolayer and few-layer graphene, although it is challenging to implement in scale production. Manufacturers of graphene composites struggle to create a significant amount of graphene in a short amount of time due to inadequate production procedures for the materials.
Expensive machinery and equipment are required for the production of graphene composites. Another limitation is the associated risk to human health and the environment associated with the creation of the two-dimensional material graphene. These factors impose limitations on the production of graphene composites on a large scale.
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What is the Demand Outlook for Graphene Composites in the U.S.?
The U.S. graphene composites market was valued at US$ 4.3 million in 2022. The U.S. is the primary growth driver for the market due to its high defense spending, significant investment in research & development, and abundance of suppliers of graphene composites.
The U.S. government's strict restrictions and increased military spending on security maintenance are contributing to the country's quick market expansion. These regulations prioritize the safety of the country's defense forces.
The high demand is a result of substantial capital expenditures made to construct the necessary infrastructure to conduct graphene composites research. Another significant driver for the market is the growing desire for customized automobiles, which use composites to give desirable features and performance.
What are the Growth Prospects for Graphene Composites Manufacturers in China?
China is anticipated to have a market value of about US$ 32.9 million by 2033. The country's market is heavily influenced by the building & construction sector. China holds the prominent market share due to rising demand for athletic goods and aerospace & defense products.
The Chinese automobile industry has experienced exponential growth and is expected to continue growing in the future, which is positive news for graphene composites manufacturers.
Why are Polymer Based Composites Gaining Traction?
When graphene is coupled with polymers, the mechanical properties of the composites can be improved due to the advantages of graphene in mechanical reinforcement over common carbon fillers including carbon black (CB), single-walled carbon nanotubes (SWNT), and extended graphite (EG).
The demand for lightweight vehicles and other applications of polymer based graphene composites in end-use industries like energy storage & generation, automotive, building & construction, aerospace, electronics, and others are expected to increase quickly. This rise in demand is due to its properties such as exceptional strength and specific modulus which is driving the demand for graphene composites based on polymer.
Epoxies, polystyrene, polypropylene, and polyethylene, among others, are only a few of the polymers that have integrated graphene and its derivatives for a variety of functional applications. They are witnessing an increase in demand for applications in lightweight vehicles and end users.
How is the Demand for Graphene Composites Stimulated by the Automotive Industry?
The automotive sector uses graphene to produce a range of composites with improved mechanical qualities, hence boosting the material's tensile strength. Additionally, because of their lightweight, graphene composites help in vehicle weight reduction, which is expected to increase overall efficiency and result in fuel savings. This has led to a rapid rise in the demand for graphene-related components in the automobile sector.
Graphene composites are lighter than steel while being significantly sturdier than steel. This satisfies the increasing demand in the automotive industry for lightweight, energy-efficient, and safe vehicles (EESVs), which are needed to lower CO2 emissions and increase fuel efficiency.
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Key Strategies by Manufacturers
Leading graphene composites manufacturers are Haydale Graphene Industries PLC, Graphene Nanochem plc., NanoXplore Inc., Applied Graphene Materials plc., G6 Materials Corp., XG Sciences Inc., Directa Plus PLC Company, and Graphene Composites Limited GC.
Manufacturers positioned in US and Europe are focusing on improving production efficiency and facilitating product marketing. Additionally, manufacturers are investing to develop an alternate source of graphene production that would help to reduce the reliance on natural resources. Also, increasing awareness of graphene composites benefits has gained the interest of new manufacturers to enter the market making it more competitive.
Fact.MR has provided detailed information about the price points of key manufacturers of graphene composites positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Graphene Composites Industry Research
By Product :
- Polymer Based
- Metal Based
- Ceramic Based
By Application :
- Sports & Wearable Goods
- Aerospace & Defence
- Building & Construction
- Energy Storage & Generation
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
In 2022, the global market for graphene composites was worth US$ 23.5 million.
The market is expected to reach a valuation of US$ 32.9 million by 2023.
The market is expected to grow at a CAGR of 40.3% by during the forecast period.
The top five countries driving the demand for graphene composites are the U.S., China, Japan, Canada, and Germany.
East Asia accounts for about 40.0% share of the global graphene composites market.