Growing utilization of aerographite in various applications such as aviation & satellite, automotive parts, building & construction, water treatment, pollution absorbent, and others drive the global aerographite market. Based on region, the market in Asia-Pacific was the largest in 2021, accounting for nearly two-fifths of the global aerographite market.
PORTLAND, Ore., March 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Aerographite Market by Application (Aviation and Satellite, Automotive, Building and Construction, Water Treatment, Pollution Absorbent, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global aerographite industry generated $4.0 million in 2021 and is estimated to generate $7.1 million by 2031, witnessing a CAGR of 6.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Growing utilization of aerographite in various applications such as aviation & satellite, automotive, building & construction, water treatment, pollution absorbent, and others drive the global aerographite market. Moreover, the availability of substitute restricts the market growth to some extent. However, the surge in demand for water treatment will present new growth opportunities for the global aerographite market in the coming years.
COVID-19 Scenario:
- All the end users of aerographite experienced a slow growth during the pandemic period. For instance, automotive and aviation are the major end-users of aerographite. The COVID-19 pandemic impacted the aviation market in several ways. Moreover, there has been a substantial surge in demand for helicopters and business jets to transport cargo, medical supplies, VIPs, and charter operations post the pandemic.
- In the commercial sector, passenger traffic fell significantly in 2020 and 2021. However, the aviation sector started to improve in 2022 and is slowly returning to its pre-COVID-19 levels.
- However, the automotive industry is slowly returning to its pre-COVID-19 level. From the third quarter of 2020 through the first quarter of 2021, automakers across the globe witnessed rapid production.
- The above-mentioned factors are expected to propel the growth of the aerographite market in the coming years.
The aviation and satellite segment to grab the lion's share during the forecast period
On the basis of application, the aviation and satellite segment contributed to the largest share of around one-fourth of the global aerographite market in 2021 and is expected to maintain its dominance during the forecast period. The aerographite has a high tolerance for vibration, thus it can be used for aviation and satellites. It is also utilized in solar sails because it is an innovative material. Aerographite has been widely proposed for use in deep space probes capable of traveling further into space than current technologies. However, the building and construction segment is projected to witness the fastest CAGR of 7.01% from 2022 to 2031. Aerographite has become a popular building material due to its superior electrical conductivity and ability to withstand significant vibration. Furthermore, it is relatively light, and its ductility allows it to fit in a space that is 95% of its normal area. Aerographite is an atom-made material that can become stronger when compressed. It is the lightest building material across the world and seventy-five times lighter than Styrofoam.
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Asia-Pacific to garner the largest revenue by 2031
By region, the market in Asia-Pacific was the largest in 2021, accounting for nearly two-fifths of the global aerographite market and is likely to maintain its dominance during the forecast timeframe. Also, the same region is likely to show the fastest CAGR of 6.53% during the forecast period. Aerographite is becoming popular in the region due to its use in batteries of cars and bikes due to its lightweight property.
Leading Market Players
- Pingdingshan Kaiyuan Special Graphite Co., Ltd.
- Miami Advanced Material Technology Co., LTD
- Xinghe County Muzi Carbon Co., Ltd.
- Zhejiang Huarong Technology Co., Ltd.
- Aero Industries
The report analyzes these key players in the global aerographite market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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