Graphene is a single layer of atoms, tightly bound in a hexagonal honeycomb lattice. It is the lightest material, thinner than paper, and stronger than steel. It finds applications in composites and coatings, electronics, biomedical, membranes, sensors, and energy. In addition to this, graphene is considered an efficient catalyst in the chemical industry, owing to its properties such as high surface area and adsorption capacities. Increasing demand for chemicals globally is expected to increase demand for graphene and thereby drive the global graphene market growth.
The graphene market is estimated to surpass US$ 2,152.9 million by the end of 2028 in terms of revenue, exhibiting a CAGR of 44.7% during the forecast period (2021 to 2028).
Drivers
Graphene conductive films are also used as a raw material in automotive/cars to make them lighter and safer. Growth of the automotive industry worldwide is expected to drive growth of the global graphene market. Increasing use of graphene in the development of various instruments and equipment such as sport equipment’s, smartphones, wearable batteries, super-capacitors, supercars is expected to boost the market growth. For instance, in August 2019, researchers from Chalmers University of Technology, Sweden, developed a quantum-limited detector (a device that responds to stimulus) using graphene. Quantum detectors are devices that convert incoming photons directly into an electrical signal, as opposed to thermal detectors that rely on the conversion of incoming radiation into heat.
The use of graphene in the healthcare sector is also expected to aid in growth of the market. For instance, in August 2019, researchers from King Faisal University, Saudi Arabia, reported the development of a hybrid nanoparticle that consisted of a Doxorubicin (a type of chemotherapy drug called an anthracycline)-loaded reduced graphene oxide that is stabilized with chitosan, a sugar that comes from the outer skeleton of shellfish, including crab, lobster, and shrimp. For feasible and viable delivery of Doxorubicin photo-thermally in the treatment of prostate cancer.
Research and development related to graphene is expected to drive the market growth. For instance, in May 2019, researchers from Pandit Deendayal Petroleum University, India, developed a new method to fabricate graphene sheets from camphor using atmospheric chemical vapor deposition.
Among regions, North America accounted for a major share of 41.3% in the global graphene market in 2020 and is projected to maintain its dominance over the forecast period. Furthermore, Asia Pacific is expected to record the fastest growth during the forecast period. Graphene majorly finds its application in electronic and automotive industry, owing to its excellent electrical and thermal conductivities. In the Asia Pacific, both electronic as well as automotive industries are growing rapidly and are major end-users of graphene. Therefore, high growth of these end-use industries is expected to boost the graphene demand in the region.
Figure 1. Global Graphene Market Revenue Share (%), By Region, 2020
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Market Restraints
Researchers at the Bourns of Engineering the University of California found that Graphene oxide (GO) nanoparticles are very mobile in lakes and streams and can cause a negative impact on the environment if released. The utilization of graphene Oxide (GO) is increasing, but at the same time, it is considered to be toxic to humans as well. As the production of graphene increases, it is vital for the regulatory bodies, such as the Environmental Protection Agency, to understand the probable environmental impact of the product.
Graphene Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2020 | Market Size in 2021: | US$ 162.1 Mn |
Historical Data for: | 2017, 2018, and 2019 | Forecast Period: | 2021 to 2028 |
Forecast Period 2021 to 2028 CAGR: | 44.70% | 2028 Value Projection: | US$ 2,152.9 Mn |
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Companies covered: |
Graphensic AB, BGT Materials Limited, Graphenea SA, Graphene Square Inc., ACS Material, LLC, Chongqing Moxi Technology Co., Ltd, Grolltex Inc., CealTech AS, Thomas Swan & Co. Ltd, and XG Sciences Inc. |
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Market Trends
The majority of R&D firms are developing technology based product that can increase environmental sustainability and lead to effective wastewater management with little environmental impact and low water use. The graphene is particularly suited to the renewable energy sector, specifically solar panels, renewable energy storage, and batteries, due to its highly conductive nature.
Figure 2. Global Graphene Market Revenue Share (%), By Application, 2020
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Based on application, conductive films & inks segment held the largest share and contributed for 39.9% in global graphene market in 2020, in terms of revenue. Graphene conductive inks and transistors are widely used in electronic and automotive applications. Furthermore, graphene is widely used in semiconductors and electronic devices. Growing semiconductor industry is expected to drive growth of global graphene market.
Global Graphene Market - Impact of Coronavirus (COVID-19) Pandemic
The graphene market is expected to witness a decline in development in 2020 due to the COVID-19 pandemic. This deadly virus has adversely affected the entire globe especially European, and North American region. To prevent the further spread of this virus, companies have shut down their operations and manufacturing facilities globally. This has led to a reduction in the consumption of graphene across industrial, transportation, automotive, electronics, aerospace, and other industries.
Competitive Section
Major players operating in the global graphene market are Graphensic AB, BGT Materials Limited, Graphenea SA, Graphene Square Inc., ACS Material, LLC, Chongqing Moxi Technology Co., Ltd, Grolltex Inc., CealTech AS, Thomas Swan & Co. Ltd, and XG Sciences Inc.
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