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The graphene market size is forecasts to increase by USD 1.84 billion at a CAGR of 47.85% between 2023 and 2028. Market growth hinges on several factors: increased graphene utilization in construction, expanding electronics and telecommunication sectors, and rising aerospace demand. Challenges include production-related issues, graphene's hazardous effects, and a lack of standardization in its production processes. Despite hurdles, industry stakeholders are investing in research and development to address these challenges. By enhancing production techniques, ensuring safety protocols, and advocating for standardization, they aim to foster sustainable growth. Moreover, collaborative efforts among researchers, manufacturers, and regulatory bodies are crucial to establishing guidelines and best practices. As the graphene market evolves, these concerted efforts will play a pivotal role in overcoming challenges, ensuring product safety, and maximizing graphene's potential across diverse industries.
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The global market, a wonder material in the industrial automotive and transportation sectors, is experiencing significant growth. This carbon allotrope is renowned for its exceptional mechanical properties, including flexibility and conductivity. Graphene is finding applications in various industries, such as composites for drones, helicopters, planes, and even spaceship manufacturing. The demand for bulk graphene and monolayer graphene is increasing due to their use in coatings, biomedical technologies, energy storage, and wastewater treatment. Graphene oxide and reduced graphene oxide are popular forms of graphene used in batteries and paints. Carbon nanotubes and silicon are often used in conjunction with graphene to enhance its properties. The market for graphene is expected to expand in the coming years due to its potential use in the medical industry, particularly in the development of new medical devices and treatments. The versatility of graphene makes it a valuable resource for various industries, and its use in composites, coatings, and energy storage is expected to drive market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The growing use of graphene in the construction industry is the key market driver boosting market growth. The global market for graphene, a versatile material derived from graphite, is experiencing significant growth due to its application in various industries. Graphene oxide (GO) and Reduced Graphene Oxide (rGO) are common forms of graphene used in manufacturing. In the medical industry, graphene is utilized for its exceptional conductivity and biocompatibility in sensors and diagnostic tools.
Moreover, for Paints and Coatings, graphene enhances durability and conductivity. In the Electronic Components sector, graphene's unique properties make it suitable for use in batteries, transistors, and touchscreens. Solar Panels benefit from graphene's ability to improve efficiency and conductivity. Defense applications include the use of graphene in bulletproof vests and armor due to its strength and lightweight properties. The wide-ranging benefits are driving its adoption in construction industries globally, leading to the growth of the global market. Hence, such factors are driving the market during the forecast period.
The growing use of graphene in the medical sector is a significant market trend. Graphene, a single layer of carbon atoms, has gained significant attention in various industries due to its unique properties. In the medical sector, graphene oxide (GO) and Reduced Graphene Oxide (rGO) have been extensively researched for cancer treatment. The World Health Organization reports that cancer caused approximately 10 million deaths in 2020, making it the second leading cause of death worldwide.
Moreover, in cancer therapy, GO and rGO are used to create particles that adhere to cancer cells, enhancing the effectiveness of radiological treatments. The medical industry's focus on cancer research has led to a substantial number of graphene-related patents. Besides medical applications, graphene is also used in paints and coatings, electronic components, solar panels, and defense industries. These advancements are expected to drive the growth of the global market during the forecast period.
Problems associated with graphene production are a major market challenge impeding the growth of the market. The production of high-quality graphene on a large scale at a low cost and in a repeatable manner is a significant challenge in the graphene market. Graphene oxide (GO) is a common starting material, but its imperfections, including flaws, impurities, grain boundaries, and structural problems, negatively impact its electronic and optical properties.
Moreover, reduced Graphene Oxide (rGO) is an alternative, but achieving large-sized, single-crystalline graphene thin films with excellent optical transparency and high electrical and thermal conductivities for electronic applications remains a barrier. The medical industry, paints and coatings, electronic components, solar panels, and defense sectors are potential markets for high-quality graphene. The CVD process is currently the primary method for producing such graphene, but alternative, more cost-effective methods are being explored. The high price of graphene remains a barrier to its commercial use. These production challenges pose a significant hurdle to the growth of the global market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market share growth by the graphene nanoplatelets segment will be significant during the forecast period. Graphene nanomaterials, specifically graphene nanoplatelets, are allotropes of carbon with desirable properties including high electrical conductivity, thermal conductivity, and specific surface area. These two-dimensional carbon structures are easily dispersed into other materials due to their better barrier properties, enhancing the properties of the resulting composite. In electronics applications, graphene nanoplatelets are utilized in transparent conductors such as indium-tin-oxide (ITO), touch screens, and OLEDs.
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The graphene nanoplatelets segment was valued at USD 48.30 million in 2018 and continued to grow by 2022. They also find use in energy storage devices like batteries and capacitors, as well as in lithium technology and solar cells. Graphene foam and films are employed in various industries, including medical devices, conductive inks, and wastewater treatment. Research in nanotechnology continues to explore the potential of graphene nanomaterials in semiconductors, silicon, biomedical technologies, and rubber. Government research institutes also invest in this field to advance graphene's use in energy and power, electronics, and other sectors. Graphene nanoplatelets offer advantages over plain graphene due to their improved barrier properties and lightweight nature, making them suitable for various applications in the fields of energy, electronics, and beyond. Therefore, such applications of graphene nanoplatelets are expected to drive the growth of this segment during the forecast period.
Based on end-user, the sub-segment electronics holds the largest market share. Graphene, a single layer of carbon atoms, offers significant potential for various industries. In the medical sector, Graphene Oxide (GO) and Reduced Graphene Oxide (rGO) are being explored for their use in biomedical applications, such as biosensors and drug delivery systems. In the field of Paints and Coatings, graphene's electrical conductivity and thermal properties make it an attractive additive for creating advanced, functional coatings. The Electronic Components industry stands to benefit from graphene's unique properties. It can be used to produce more efficient microchips and transistors, leading to faster and more powerful electronic devices. Graphene's potential extends to the Solar Panels industry, where it can enhance solar cell efficiency and durability. Additionally, the Defense sector is exploring graphene's use in advanced materials for military applications. Businesses are also focusing on creating conductive inks from graphene for use in printing circuits in various industries, including electronics and renewable energy. These applications drive the demand and contribute to the growth of the global market during the forecast period.
APAC is estimated to contribute 46% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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The market expansion is driven by the heightened requirement for graphene in various sectors, including construction, automotive, electronics, aerospace, electrical, steel, and others. The escalating demand for electric and hybrid vehicles in nations like China, India, and Japan is propelling the utilization of graphene for the manufacture of lithium-ion batteries. This trend is projected to accelerate the growth of the regional graphene market. China is a significant producer of graphene in the region, with the highest usage of graphene powder (employed in battery conductive additives, lithium battery materials, and special coatings) and graphene film (utilized in thermally conductive films, flexible displays, and sensors). Graphene, an allotrope of carbon, is renowned for its exceptional electrical conductivity and thermal conductivity, making it a preferred material in electronics applications. Its lightweight nature, high mobility, and ability to withstand electric fields render it suitable for semiconductors and transistors. Hence, such factors are driving the market in APAC during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Grolltex Inc. - The company offers graphene which can be combined with other elements (including gases and metals) to produce different materials with various superior properties.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
2D Carbon Graphene Material Co. Ltd., ACS Material, Advanced Graphene Products SA, Applied Graphene Materials PLC, CVD Equipment Corp., Directa Plus PLC, First Graphene Ltd, G6 MATERIALS Corp, Global Graphene Group Inc., Grafoid Inc., Graphene Platform Corp., Haydale Graphene Industries plc, Nanograf Corp., NanoXplore Inc., Thomas Swan and Co. Ltd., Vorbeck Materials Corp., and XG Sciences Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The global market, a wonder material in the industrial automotive and transportation sectors, is experiencing significant growth. This carbon allotrope is renowned for its exceptional mechanical properties, including flexibility and conductivity. Graphene is finding applications in various industries, such as composites for drones, helicopters, planes, and even spaceship manufacturing. The demand for bulk graphene and monolayer graphene is increasing due to their use in coatings, biomedical technologies, energy storage, and wastewater treatment. Graphene oxide and reduced graphene oxide are popular forms of graphene used in batteries and paints. Carbon nanotubes and silicon are often used in conjunction with graphene to enhance its properties. The market for graphene is expected to expand in the coming years due to its potential use in the medical industry, particularly in the development of new medical devices and treatments. The versatility of graphene makes it a valuable resource for various industries, and its use in composites, coatings, and energy storage is expected to drive market growth.
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Market Scope |
|
Report Coverage |
Details |
Page number |
182 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 47.85% |
Market growth 2024-2028 |
USD 1.84 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
34.83 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, Germany, Japan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
2D Carbon Graphene Material Co. Ltd., ACS Material, Advanced Graphene Products SA, Applied Graphene Materials PLC, CVD Equipment Corp., Directa Plus PLC, First Graphene Ltd, G6 MATERIALS Corp, Global Graphene Group Inc., Grafoid Inc., Graphene Platform Corp., Grolltex Inc., Haydale Graphene Industries plc, Nanograf Corp., NanoXplore Inc., Thomas Swan and Co. Ltd., Vorbeck Materials Corp., and XG Sciences Inc. |
Market dynamics |
Parent market analysis, market growth analysis, market research and growth, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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