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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