Market Trends of Graphene Nanocomposites Industry
This section covers the major market trends shaping the Graphene Nanocomposites Market according to our research experts:
Rising Demand from Electrical and Electronics End-user Industries
The electrical and electronics segment accounted for a significant revenue share in the graphene nanocomposites market in 2021.
Graphene offers thermal and conductivity abilities, making it suitable for interconnections in electronic circuits and parts of the circuits. Graphene nanocomposites are lightweight materials capable of conducting thermal, electrical, and robust traits, which are widely used in manufacturing various electronics and semiconductor components.
Graphene nanocomposites find applications in flexible radio frequency identification tags, thin film transistors, various types of sensors, supercapacitors, photovoltaic and transparent conductors, touch screen points, optical limiters, optical frequency converters, and terahertz devices. The product is also used for smartphones, ultra-thin flexible displays, conductive coatings, and printable electronics applications.
Augmenting electronics and semiconductor industries and the rising adoption of graphene nanocomposites in respective applications are among the key factors driving the growth of the target industry. For instance,
o According to the stats released by the National Bureau of Statistics of China, the annual growth rate of value added in the electronics manufacturing industry in China accounted for 15.7% in 2021, compared to 7.7% in 2020.
o As per the Consumer Technology Association, the growth rate of the consumer electronics industry in the United States was registered at 4.3% in 2021, 2.2% more than in 2020, thereby enhancing the demand for graphene nanocomposites and augmenting the growth of the market studied.
o Moreover, according to the Semiconductor Industry Association, the global semiconductor market size accounted for USD 555.89 billion in 2021, compared to the USD 440.39 billion in 2020, and it is expected to register a market size of USD 613.52 billion by 2022, which will propel the growth of the target industry over the forecast period.
o Thus, the demand for graphene nanocomposites will also significantly increase with the growing electronics and semiconductor industries.
Therefore, considering the aforementioned factors, the demand for graphene nanocomposites is expected to rise significantly in the electrical and electronics end-user industry segment in the near future.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region dominated the worldwide market in 2021, with a significant market share in terms of revenue, and is projected to maintain its dominance during the forecast period of 2022-2027.
Growing demand for graphene nanocomposites in packaging, building and construction, automotive, and electronics applications across the Asian countries is the primary factor driving the growth of the target industry in Asia-Pacific.
Besides electronics and semiconductors, graphene nanocomposites also find applications in the food and beverage packaging and electronics packaging sectors due to their good thermal response, gas permeability, mechanical strength, electrical conductivity, etc.
Graphene nanomaterials are also used in the development of graphene-reinforced cement composites. Further, the product is also used in various automotive and aerospace applications, such as the light-weighting of automotive structures, automotive panels, aircraft fuel systems, sensors, and graphene conductors.
Rapidly growing packaging, construction, automotive, and electronics sectors in India, China, and Japan are propelling demand for graphene nanocomposites which will further enhance the growth of the market studied.
o As per the Japan Packaging Institute (JPI), the Japanese packaging industry was valued at JPY 6,147.7 billion in 2021, and over JPY 6,010.9 billion in 2020, which is likely to enhance the demand for graphene nanocomposites in respective applications.
o According to India Brand Equity Foundation, the Indian e-commerce industry is likely to increase by 21.5%, reaching USD 74.8 billion, in 2022. Furthermore, the country's e-commerce industry is expected to reach USD 350 billion by 2030. A rising trend in the e-commerce sector is likely to enhance the demand for packaging, which will augment the demand for the studied market in the country.
o As per the National Bureau of Statistics of China, the output value of the construction works in China accounted for CNY 25.92 trillion in 2021 compared to CNY 23.27 trillion in 2020; this enhanced the demand for graphene nanocomposites in respective construction applications.
o As per the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT), the value of orders received for construction works in Japan was valued at JPY 15.1trillion in 2021 compared to JPY 14.88 trillion in 2020, thereby fuelling demand for graphene nanocomposites market.
o According to OICA, China produced 26.08 million unit's vehicles in 2021, registering an increase of 3% compared to 25.23 million units produced in 2020. As per India Energy Storage Alliance (IESA), the Indian EV industry is expected to expand at a CAGR of 36%, stimulating the demand for graphene nanocomposites.
o Moreover, as per the India Brand Equity Foundation, the domestic production of electronics in India has grown from USD 29 billion in 2014-15 to USD 67 billion in 2020-21, which has propelled the demand for graphene nanocomposites in respective applications in the electronics segment.
All aforementioned factors are likely to fuel the growth of the Asia-Pacific graphene nanocomposites market over the forecast time frame.
