The Global Graphene Market is projected to grow at a CAGR of around 20.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market is expanding due to increasing demand from the automotive and aerospace sectors, a rising need for energy storage, and expanding research and development initiatives. Growing awareness of environmental issues, particularly air pollution and climate change, has spurred interest in reducing the carbon footprint of transportation. Consequently, governments worldwide are implementing policies aimed at curbing emissions from the transportation sector.
Governments such as the US, the UK, China, and others are providing financial incentives, subsidies, and tax breaks to consumers and manufacturers to encourage the adoption of electric vehicles (EVs). These policy measures have created a more favorable environment for the production and purchase of EVs in recent years. This surge in demand for electric vehicles has driven the widespread adoption of graphene, leveraging its unique properties such as conductivity and lightweight characteristics. Graphene is now acknowledged as a promising material for enhancing battery performance, contributing significantly to its increasing utilization and, consequently, the overall expansion of the market.
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Moreover, the significant surface area and outstanding electrical conductivity of graphene position it as a viable material for energy storage devices such as batteries and supercapacitors. The increasing focus on sustainable energy solutions has sparked interest in materials that could contribute to the development of environmentally friendly energy storage devices. Graphene's ability to enhance the effectiveness and efficiency of batteries and supercapacitors aligns with the overarching goal of advancing sustainable and clean energy storage technologies, thereby driving the increased adoption of graphene in this sector.
Additionally, governments like the US, China, the UK, etc. acknowledge the potential of graphene and are investing in research and development initiatives. For instance, in 2023, the European Union planned to invest around USD 44.8 million in eight projects for graphene and other 2-dimensional (2D) materials. Therefore, increased funding and support from governmental bodies could significantly enhance the graphene market's growth in the forecast period, further states the research report, “Global Graphene Market Analysis, 2024.”
Graphene Market Segmentation Analysis
By Product
- Graphene Nanoplatelets (GNP)
- Mono-layer & Bi-Layer Graphene
- Graphene Oxide
- Others (Bulk Graphene, Graphene Nanoribbons, etc.)
Graphene Oxide Leading the Graphene Market
Based on the product segment, the market is further bifurcated into, Graphene Nanoplatelets (GNP), Mono-Layer & Bi-Layer Graphene, Graphene Oxide, and Others (Bulk Graphene, Graphene Nanoribbons, etc.). Graphene oxide holds a prominent share owing to its increasing usage in transparent conductive films, such as those employed in flexible electronics, solar cells, chemical sensors, and more. Moreover, graphene oxide is generally more cost-effective to produce than graphene, making it an attractive option for various applications where specific graphene properties are not crucial. The simplified and more economical production process compared to other types contributes to its feasibility for mass production, making it a practical choice across diverse industries.
By Application
- Composites
- Catalysts
- Coatings
- Sensors
- Radio Frequency Identification (RFID)
- Energy Storage
- Others (Water Filtration, Food Packaging, etc.)
By End User
- Biomedical & Healthcare
- Electronics
- Telecommunication
- Automotive
- Aerospace & Defense
- Energy
- Others (Water Treatment, etc.)
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific
Asia-Pacific to Dominate the Graphene Industry
The Asia-Pacific region is estimated to dominate the market during the forecast period. The anticipated growth in production volumes across various sectors, including automobile, marine, defense, and aerospace, is projected to be a crucial factor driving the graphene industry in the region over the forecast period. Furthermore, the region serves as a center for manufacturing consumer electronics, creating a demand for materials with high performance and lightweight characteristics in devices like smartphones and wearables. This inclination is estimated to augment the adoption of graphene in the foreseeable future.
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Competitive Landscape
With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Graphenea S.A., Carbon Rivers, Haydale Limited, ACS Materials LLC, Applied Graphene Materials plc, Advanced Graphene Products, Versarien Plc, Applied Nanotech, Inc., NanoXplore Inc., Directa Plus S.p.A, Grafoid Inc., Global Graphene Group, The Sixth Element (Changzhou) Materials Technology Co. Ltd., First Graphene, Thomas Swan & Co., Graphmatec, and others, are looking forward to strengthening their market positions.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the regions?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping up across various regions?
- How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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