Global Graphene Market to Reach $198.39 Million in 2023, Driven by a Remarkable CAGR of 25.56%

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Nov 02, 2023, 13:30 ET

DUBLIN, Nov. 2, 2023 /PRNewswire/ -- The "Global Graphene Market (by Material, Application, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.

The global graphene market is set to exhibit remarkable growth, projected to be worth US$198.39 million by 2023, with a Compound Annual Growth Rate (CAGR) of 25.56% over the forecasted period.

Understanding Graphene

Graphene is an extraordinary material, known for its exceptional strength, thermal and electrical conductivity. It consists of a single sheet of carbon atoms arranged in a hexagonal honeycomb lattice, making it the thinnest and strongest substance on Earth. Graphene's outstanding properties, including its heat and electrical conductivity, mechanical strength, and large surface area, have led to its widespread recognition as a material with limitless potential. It has the capacity to transform the properties of various materials, including composites, concrete, elastomers, and plastics.

Segmentation

By Material: The graphene market is segmented into four categories: Graphene Oxide, Reduced Graphene Oxide, Graphene Nanoplatelets, and Others. The reduced graphene oxide segment is anticipated to be the fastest-growing category in the forecasted period. Its applications span across various sectors, including research, batteries, biomedicine, supercapacitors, and printable graphene electronics. The product also finds use in chemical and biological sensors, particularly in field-effect transistors (FETs).

By Application: The global graphene market encompasses four key application segments: Composites, Electronics, Energy, and Others. Graphene composites take the lead in market dominance due to their diverse applications in aerospace, automotive, coatings, metals, and plastics. These composites contribute to enhancing the quality and performance of sporting equipment for various sports, owing to properties like UV resistance, lightweight, and flexibility.

Geographic Coverage

The global graphene market is divided into four regions: North America, Asia Pacific, Europe, and the Rest of the World (ROW). North America accounts for the largest share of the global market, driven by the increasing use of graphene in various industries and applications. The presence of numerous companies engaged in graphene production and research in North America, particularly in the US and Canada, further fuels market growth. In contrast, the Asia Pacific market is expected to witness significant expansion due to favorable government policies, research funding, and manufacturing advancements. The region's market growth is further propelled by the presence of major manufacturers and increased production across sectors such as automotive, defense, marine, and aerospace.

Top Impacting Factors

Growth Drivers

Growing Electronics Industry
Surging Demand From Construction Activities
Use of Graphene in Sports Equipment and Clothes
Growing Applications of Graphene in Medical Sector

Challenges

Lack of standardization
Limited Availability of High-quality Graphene

Trends

Increasing Demand for Electric Vehicles
Growing Graphene Applications in the Aerospace Industry
New Production Methods and Increasing Number of Filed Patents
Increasing Role of Graphene in the Decarbonisation

Key Drivers

Surging Demand From Construction Activities: Graphene's potential applications in the construction industry are substantial. One potential application is the addition of graphene to concrete mixes, which could enhance concrete strength and durability, potentially reducing the need for steel rebar and cement. This innovation could lead to cost savings and reduced carbon emissions from cement production.

Challenges

Limited Availability of High-quality Graphene: Despite advancements in graphene production techniques, the availability of consistent and reliable high-quality graphene remains a challenge. Inconsistent graphene quality can hinder manufacturers' ability to obtain a stable supply and researchers' ability to conduct reliable experiments.

Trends

Increasing Demand for Electric Vehicles: Graphene's incorporation into composite load-bearing structures to enhance strength and reduce weight is a promising application in the automotive industry. It extends the life of lithium-ion batteries and reduces their overall weight, contributing to the growing demand for graphene in electric vehicle production.

Impact of COVID-19

The COVID-19 pandemic initially disrupted graphene market operations due to business shutdowns and supply chain disruptions. However, post-pandemic, the market is expected to rebound, driven by increasing demand for high-tech products, sustainable energy solutions, and government investments in graphene-based technologies.

Analysis of Key Players

The global graphene market features moderate concentration, with numerous companies and research institutions dedicated to developing graphene-based products and technologies. Key players in the market include:

Haydale Graphene Industries Plc.
Directa Plus SpA
Applied Graphene Materials
NanoXplore Inc
Global Graphene Group
Thomas Swan & Co. Ltd.
G6 Materials Corp
ACS Material, LLC
Grolltex, Inc.
BGT Materials
Graphenea Inc.

For more information about this report visit https://www.researchandmarkets.com/r/n3ghby

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