Graphene Market worth $1,479 million by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 17, 2021 /PRNewswire/ -- According to the new market research report "Graphene Market by Type (Bulk, Monolayer), Application (Composites, Paints, Energy Storage, Electronics, Catalyst and Tire) , End-use Industry (Automotive, Aerospace, Electronics, Military and Construction) and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Graphene Market size is expected to grow from USD 620 million in 2020 to USD 1,479 million by 2025, at a CAGR of 19.0% during the forecast period. Graphene is extensively being used in the automotive & transportation, aerospace, electronics, military & defense and other end-use industries. The increasing use of graphene-based composites materials in the automotive & transportation end-use industry is expected to drive the demand.
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Bulk graphene type of graphene comprises a major share of the graphene market in terms of value and volume.
Bulk graphene type of includes graphene nanoplatelets (GNPs), graphene oxide, reduced graphene oxide, and other forms of graphene. Graphene oxide is an oxidized form of graphene available in powder and dispersion forms. So, when deposited on any substrate, it can easily be converted into a conductor, making it feasible for the production of transparent conductive films, chemical sensors, flexible electronics, and touch screens. The low cost and ease of production make graphene oxide a preferred graphene type in major applications such as rust-free coatings and flexible composite materials. Graphene nanoplatelets (GNP) are available in flakes and layers of graphite that are prepared depending on the requirements of end users. GNPs are widely used in ink formulation, conductive inks, printed electronics, coatings, energy storage, nanocomposite materials, and lithium-ion (Li-ion) batteries, and other applications, as they are lightweight and have a long life-span. They are also heat resistant and cost-effective.
The composites application accounts for the largest market share in the global graphene market during the forecasted period in terms of value and volume
The composite application segment held the largest share in the graphene market in 2019. This high share is owing to the established applications of graphene in composite components. Weight reduction is a major challenge in various end-use industries such as aerospace, automotive, and sporting goods. Graphene enhances the conductivity and strength of composite materials while maintaining their flexibility. Graphene-based composites are used in various end-use industries such as aerospace, automotive & transportation, medical implants, sports equipment, and among others. These industries are expected to drive the demand for graphene in the future.
The automotive & transportation end-use industry accounted for the largest market share in the global graphene market during the forecast period in terms of value and volume.
Graphene has various applications in the automotive industry. It is mostly used as additives. When mixed with rubber, it increases both durability and grip of tires. Graphene can be used as additive in composites for making body panels. It increases the structural properties of composites to make body part stronger and lighter, also can help in increasing mechanical as well as thermal performance of vehicles. As the automotive industry is moving towards e-mobility and looking to reduce vehicle weight and increase the performance of batteries, graphene plays an important role in achieving these goals. These factors are expected to drive the graphene market in automotive & transportation end-use industry.
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APAC is expected to account for the largest market share in the graphene market during the forecast period.
APAC accounted for the largest market share in the global graphene market in 2019. A number of graphene manufacturers in countries such as China, Japan, South Kora, India, and Australia are contributing to the growth of the regional market. These manufacturers are focusing on R&D activities in collaborations with various research institutes and universities for the development of graphene products. APAC has the highest number of manufacturers of automotive vehicles, electric batteries, and electronics components; these are the major applications where graphene is used. The presence of major end-use industries drives the graphene market in the APAC region.
However, the COVID-19 outbreak has affected the demand for graphene in the region. On the positive side, support packages offered by governments of various countries will help to maintain the liquidity in end-use industry. Such initiatives coupled with recovery in the application industries will increase the demand for graphene in APAC and European region.
The key players in graphene market the NanoXplore Inc. (US), Graphenea SA (Spain), Avanzare Innovacion Tecnologica S.L. (Spain), Global Graphene Group (US), Directa Plus S.p.A. (Italy), Haydale Graphene Industries Plc (Italy), Changzhou Sixth Element Materials Technology Co., Ltd. (China), and Ningbo Morsh Technology Co., Ltd. (China), Nanjing XFNANO Materials Co., Ltd., Xiamen Knano Graphene Technology Corporation Limited, (China), and JCNANO Tech Co., Ltd. (China) and among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the graphene market. These players have taken different organic and inorganic developmental strategies over the past five years.
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