The global Graphene Nanocomposites Market size is projected to reach a CAGR of 30.2% from 2023-2030.
Graphene nanocomposites are an amalgamation of graphene in the polymer matrix. Graphene is one of the allotropes of carbon, which also include diamond and carbon nanotube. Graphene has peculiar electrical, mechanical, and thermal properties such as the quantum Hall Effect and high electron mobility, and is also one of the stiffest and strongest materials. This in turn has led to the significant importance of graphene in industrial applications such as electronics, medical, and military.
Attributes of graphene such as high electron mobility, stiffness, and exceptional thermal conductivity have led to an increase in the number of research & development activities across the globe. Also, graphene can be used in the nanocomposite field in the research of various sectors. The rise in its applications is encouraging companies and governments of various nations across the globe to invest in graphene nanocomposites. Research is being carried out to synthesize graphene on a large scale in order to cater to the needs of various industries including the composite industry. The usage of graphene in the composite industry has been significantly transforming the global market for the production of graphene nanocomposite materials and because of these reasons, the market will have lucrative opportunities and growth.
On the other hand, the high cost of material manufacturing and lack of availability of production techniques are expected to hamper the market in the near future. Additionally, the high cost of technology and the presence of patent protection is anticipated to adversely affect the global graphene nanocomposite market.
Due to the COVID-19 outbreak in the first half of 2020, the electronics and semiconductor industry was significantly affected. This, in turn, has unfavourably impacted the consumption of graphene nanocomposites. The market is projected to grow steadily, owing to increased demand for electronics and semiconductors in 2021.
The market for graphene nanocomposites is a quickly expanding sector, driven by the rising need for high-performance materials across several sectors. The remarkable mechanical, electrical, and thermal qualities of graphene nanocomposites make them desirable for usage in the electronics, energy, aerospace, medical, and other sectors. The market is now fragmented, with several players—from start-ups and research institutions to big businesses—operating there. To create novel and inventive graphene nanocomposites, these players are making significant research and development investments. The market is anticipated to expand quickly over the next few years as a result of the rising demand for high-performance, lightweight materials across a variety of sectors. The market is still developing, and there are obstacles like the expensive cost of producing graphene, which could prevent its widespread use in some applications. Overall, the market for graphene nanocomposites offers huge opportunities for businesses that can create scalable, affordable processes for manufacturing high-quality graphene nanocomposites with the appropriate attributes to satisfy the rising demand for high-performance materials.
Asia Pacific to Dominate the Market
