Home > Industry News > Global graphene nanocomposites market expected to cross US$782 mln by 2026
Global graphene nanocomposites market expected to cross US$782 mln by 2026
The global graphene nanocomposites market is expected to grow from US$50.24 miln in 2018 to US$782.11 mln by 2026 at a CAGR of 24.67% from 2019 to 2026, as per Fior Markets. Factors propelling the growth of the market include increasing demand for graphene nanocomposites, remarkable characteristic properties, and helpful in simplifying the next generation of technologies in various industries. Poor compatibility and dispersibility in polymers may limit the growth of market. However, increasing R&D activities is expected to boost the graphene nanocomposites market over the forecast period.
Graphene is a two-dimensional material in which carbon atoms are arranged in a honeycomb-like lattice. Graphene was founded in 2004 and is anticipated to bring in a new age of materials and material science in the upcoming years. Graphene nanocomposites reveals exceptional electronic, mechanical and thermal properties that are expected to increase its use in various composite applications. The graphene oxide segment registered highest market share of 34.34% in 2018 and is anticipated to dominate market in forecast period due to their low price range and increasing demand from the electronics, medical, and polymer composites industries. The fabricated graphene oxide offers high efficiency in the removal of tiny concentrations of chromium ions from water and industrial waste water. Graphene oxide can be deposited on essentially any substrate, and later converted into a conductor.
The biosensors segment accounted highest market share of 29.27% in 2018 owing to the robust formation of graphene nanocomposites. Biosensors are devices used to detect the presence or concentration of a biological analyte, such as a biomolecule, a biological structure or a microorganism. The electro catalyst segment is anticipated to grow at a rapid growth rate during the forecast period. An electrocatalyst is a catalyst that increases the rate of the oxidation and reduction reactions in an electrochemical cell. The medical & bio-medical segment is expected to hold the largest share of 28.37% during the forecast period. The demand from the biomedical applications and increasing use in drug & gene delivery, bio-imaging and nanomedicine has increased the market for the medical & bio-medical segment. Electronic industry is expected to grow at a consistent market share over the forecast period. The graphene nanocomposites properties such as high carrier mobility, electrical conductivity, and moderate optical transmittance are widely used in electrode applications. These composited enables the de-sensitizing solar cells, field emission devices, liquid crystal devices, and organic light emitting diodes (OLEDs).
Asia Pacific region dominated the global graphene nanocomposites market with US$19.43 mln in 2018 where as the North America region held the second dominant position in the market Asia Pacific region dominates the market with highest market size due to the increasing research initiatives & exploration of new application, commercialization of graphene production, and growth of electrical & electronics industry in emerging economies. Increased efforts towards the commercialization of graphene composites, Intensifying research & development activities, and rapid technological advancements are some of the factors that led to the growth of graphene nanocomposites market in North America region.
In order to their enhance market position, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. For instance, in 2018, Versarien Plc entered into an agreement with Luxus Ltd. for the development of graphene-enhanced polymers and recycled polymers. This new collaboration of Versarien with Luxus was aimed to ensure that the developed plastics can be produced at commercial scale for supply to injection molding companies enabling products to be produced for a variety of industries. For instance, in 2017, Haydale Graphene Industries Plc entered into a partnership with Briggs Automotive Company for the supply of graphene-enhanced carbon fiber for automotive body panels. Graphene-enhanced tooling materials offers the potential for significant improvements in the coefficient of thermal expansion (CTE), a key issue with the use of metal tooling, the need for superior quality and higher dimensional stability, and the potential to increase the life of the tools.