Graphene-enhanced Composites Market to Grow at CAGR of around 30% through 2024
Growing demand for lightweight materials,
government funding, to boost global graphene-enhanced composites market through
2024
According to TechSci Research report, “Global Graphene-enhanced
Composites Market By Composite Type, By Graphene Type, By Application,
By Region, Competition, Forecast & Opportunities, 2024’’, global
graphene-enhanced composites market is anticipated to grow at a CAGR of around
30% during 2019-2024. Graphene is an allotrope of carbon consisting of a single
layer of carbon atoms arranged in a hexagonal lattice. Few factors fuelling the
growth of global graphene-enhanced composites market include the growing demand
for lightweight materials, government regulations to limit the carbon
emissions, and growing R&D activities by the leading players operating in
the market. Furthermore, increasing demand from end users, including
automotive, for lightweight materials, for use in batteries and other
components of heavy electric vehicles, is further propelling the growth of
global graphene-enhanced composites market. Notably, the European Commission
launched a Graphene Flagship program in 2013, which was intended to address the
significant scientific and technological challenges through research.
Comparable steps have been initiated by the governments of several countries
including the US, China, Japan and South Korea, among others. These
initiatives are primarily meant to raise awareness about graphene and
facilitate the collaborations across numerous stakeholders within the industry.
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Global graphene enhanced composites market has
been segmented into composite type, graphene type, application and region.
Based on application, graphene-enhanced composites market has been segmented
into automotive industry, aerospace & defense, consumer electronics, sports
& leisure, building & construction and others. Among these, aerospace
& defense segment led global graphene-enhanced composites market, primarily
due to extensive use of graphene-enhanced composites in aircraft. The use of these
composites in aircraft has led to improved aircraft efficiency and lower fuel
consumption. Furthermore, graphene-enhanced composites are also used to
manufacture smart aero structures which absorb limited moisture and are damage
resistant.
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“Regionally, global graphene enhanced composites
market is segmented into North America, South America, Europe, Asia-Pacific and
Middle East & Africa. Among these regions, Europe led global
graphene-enhanced composites market, as the region is one of the largest
graphene material manufacturers and suppliers. Moreover, the governments of
various countries in Europe are supporting major players which are working
towards advancement of graphene-enhanced composites. Additionally, companies
are also expanding their R&D investments to promote early commercialization
of graphene-based products in the region.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Graphene-enhanced Composites
Market By Composite Type, By Graphene Type, By Application, By Region,
Competition, Forecast & Opportunities, 2024” has evaluated
the future growth potential of global graphene enhanced composites market and
provides statistics and information on market size, structure and future market
growth. The report offers decision makers superior market intelligence, thereby
enabling them conduct thorough investment appraisal. Besides, the report also analyzes the
evolving market trends along with drivers, challenges and opportunities in
global graphene enhanced composites market.
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