Graphene Market to Reach USD 2,172.2 Million by 2029 | Exhibiting a CAGR of 30.5%
Fortune Business Insights
Updated 5 min read
Fortune Business Insights
Key companies covered in graphene market are Haydale Graphene Industries plc, Graphenea, ACS Material, XG Sciences, Global Graphene Group, Applied Graphene Materials, Grolltex Inc, Directa Plus S.p.A, NanoXplore Inc., Thomas Swan & Co. Ltd., First Graphene, Talga Group, Graphite Central and more players profiled.
Pune, India, June 14, 2023 (GLOBE NEWSWIRE) -- The global graphene market size was valued at USD 269.6 million in 2021 and is projected to grow from USD 337.0 million in 2022 to USD 2,172.2 million by 2029, exhibiting a CAGR of 30.5% during the forecast period.
The list of Vendors in the Graphene Market is the following:
GO Segment to Gain Momentum Due to Increasing Applications from Various End-use Industries
Based on product, the market is segmented into graphene oxide (GO), graphene nanoplatelets (GNP), and others. GNP accounted for the largest market share in 2021 and is expected to continue its dominance until 2029.
Aerospace & Defense Segment to Hold a Significant Share Owing to Extensive Adoption of Material
In terms of end-use industry, the market is classified into electronics, aerospace & defense, automotive, energy, and others.
Graphene is revolutionizing the aerospace industry as it improves the functionality of the coatings and composites used in planes, drones, helicopters, and spaceships manufacturing.
Geographically, the market is segregated into North America Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights, which guide business owners with their investment perspective.
COVID-19 Impacts:
Increasing Demand from the Biomedical Industry to Boost Market Growth
The development of graphene technology and its applications accelerated radically during COVID-19 due to its exceptional properties, including flexibility, conductivity, antibacterial, and antivirus efficacy. Graphene-based protective equipment, drug delivery, bio-sensors, and treatment systems were developed and utilized to fight against COVID-19.
However, contrary to the healthcare and biomedical sectors, the electronics and energy sectors experienced a negative impact from COVID-19 owing to the logistics lowdown, decline in demand, and restricted access to raw materials for production.
Drivers and Restraints:
Growing Product Penetration in the Electronics Industry to Aid Growth
Owing to it exceptionally high thermal and electrical conductivity and its lightweight nature, it is preferably suitable for electronics applications. The electrons in this allotrope of carbon have higher mobility, and therefore speed up more when applied on an electric field, as compared to semiconductors that are extensively employed in electronic devices, including silicon. Owing to these properties, it produces more proficient devices that function faster than traditional substitutes while using less power.
Asia Pacific to Dominate Backed by Favorable Government Policies
Asia Pacific held the largest graphene market share and is anticipated to dominate the market during the forecast period, owing to favorable policies by the government, academic research, and funding in the region.
The market in the North American region is estimated to witness significant growth, owing to growing demand from the aerospace and energy industries, as well as high demand for eco-friendly, strong, efficient, and lightweight goods, driving the graphene market growth in the region.
The market in Europe is anticipated to witness a significant growth rate and may continue its dominance during the forecast period owing to increasing investments in R&D activities. Competitive Landscape:
Partnerships among Companies to Secure their Brand Values in Global Market
Prominent players in the market are constantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
July 2022: Graphenea and Grapheal joined forces to quicken study on biosensors with GraphLAB, a graphene-based product. GraphLAB is a next-gen assessment method for protein disease and screening detection.
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