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The global graphene nanocomposites market is estimated to have been pegged at US$ 50.4Mn in terms of value at the end of 2018 and is expected to potentially reach $800.4 million by the end of 2028, registering over 15X growth during the forecast period. The graphene nanocomposites market report divulges that the adoption of graphene nanocomposites for the electronics & energy storage application is estimated to account for almost 50% of the consumption during the forecast period.
In today's world, research & development (R&D) plays a substantial role in improving national competitiveness and sustainability. In recent years, many developing and underdeveloped countries are looking to catch up to the global R&D landscape, owing to which there have been significant changes in the field of science and technology.
Material science plays a crucial role in laying the foundation for various key industries. Graphene was discovered in 2004 and since then, its exceptionally advanced properties and huge potential applications in various fields have set the pace for its research & development. Escalating research and development activities will be the prime factor responsible for the Graphene nanocomposites market growth in the coming years.
Over the years, graphene nanocomposites have gained tremendous attention from research institutes, universities, science & technological organizations among with various governments. Increasing popularity of graphene nanocomposites has boosted the number of investments and initiatives taken for the enhancement and commercialization of graphene nanocomposites at a large scale. Important initiatives, such as EU Graphene Flagship, are aiming to commercialize graphene nanocomposites at a significant scale. Graphene nanocomposites are finding applications in important fields such as electronics, energy storage, medical & bio-medical technology, among others. It is anticipated that the commercialization of graphene nanocomposites at a larger scale will initiate a new era for technological advancements and modern material science.
The global funding for commercialization of graphene nanocomposites and R&D activities has reached over US$ 3.0 Bn over the years. Collective efforts from academia, manufacturers and end-use industries for the rapid growth of graphene nanocomposites across the world are expected to drive the growth of the graphene nanocomposites market. Also, the considerable expansion of production capacities will be responsible for the growth of the graphene nanocomposites market.
Graphene nanocomposites have been categorized on the basis of product type as graphene oxide (GO) and graphene nanoplatelets (GnP). Both graphene oxide and graphene nanoplatelets find significant applications in numerous industries such electronics, medical & bio-medical, and polymer composites. However, due its low price range, graphene oxide is expected to witness demand growth in price-sensitive regions such as developing and underdeveloped countries.
The prominent presence of potential end-use industries such as electronics & optoelectronics, energy generation & storage is anticipated to drive the growth of the East Asia graphene nanocomposites market. Countries such as China & South Korea are highly emphasizing on the commercialization of graphene nanocomposites at a significant level.
Intensifying research & development activities and increased efforts towards the commercialization of graphene composites in regions such as North America and Europe are anticipated to make these regions prominent markets for graphene nanocomposites. The increasing focus on technological advancements and research & development in countries such India, Singapore and Australia is expected to boost the growth of the graphene nanocomposites market during the forecast period.