ID: MRFR/CnM/2201-HCR | 140 Pages | Published By Anshula Mandaokar on April 2023
Graphene Market Size was valued at USD 0.1 billion in 2021. The graphene market industry is projected to grow from USD 0.14 billion in 2022 to USD 1.43 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 39.45% during the forecast period (2022 - 2030). Increasing at a constant rate and automotive and transportation industries for volume purposes are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The creation of products, which addresses the shortcomings of earlier materials, is causing technological advancement in the market. For instance, in 2022, a technology to create batteries using electrodes with thermally stable separators and non-flammable electrolytes was developed by the American company Nanotech Energy. According to the manufacturer, the technology outperforms lithium-ion batteries in terms of cell performance and removes the safety barrier. Therefore, market growth is anticipated to be fueled by this technology's success.
In addition, graphite may update the smartphone sector by displacing the current touchscreen technology. It is significantly more agile and cheaper than the materials in most contemporary cell phones. Commercial applications include liquid crystal displays (LCDs), organic light-emitting diodes, and touchscreens for smartphones, tablets, desktop computers, and televisions (OLEDs). For instance, Germany's electrical and digital industry saw revenues of USD 231.89 billion in 2021, an increase of 9.7% from the previous year. The electro and digital industry saw a 3.4% increase in production from December 2020 to December 2021. Compared to the production value in 2020, industrial production increased by 8.8%.
In electrolyte-gated arrangements, it works as an active chemical sensor. Top-gate insulators, which may be made with thicknesses ranging from 1 to 5 nm in an electrolyte with a concentration of a few millimolar, can compete with the best top-gate Field-effect Transistors (FETs) with Atomic Layer Deposition (ALD). The market for indium-tin-oxide (ITO) alternatives in transparent conductors and photoelectric sensors are similar. It is a desirable alternative for creating transparent electrodes in photoconductive sensors and photovoltaic cells due to its high electrical conductivity and transparency, which enhanced the graphene market CAGR across the globe in recent years.
It is ideally suited for electronics applications due to its extraordinarily high thermal and electrical conductivity and lightweight composition. When exposed to an electric field, the electrons in this allotrope of carbon accelerate more quickly than those in semiconductors, such as silicon, which are widely used in electronic devices. These characteristics allow it to develop more effective devices that run more quickly and efficiently than conventional alternatives. Graphite films are one of the strong alternatives for indium tin oxide. As a transparent conductor and electrode in solar cells and OLEDs, indium tin oxide is a commercial commodity frequently utilized in touch displays of smartphones and laptops. Growing consumer demand for touchscreen products and technology is projected to drive market expansion, another factor driving the growth of the graphene market revenue.
The graphene market segmentation, based on type, includes graphene oxide (GO), graphene nanoplatelets (GNP), few-layer, mono-layer & bi-layer graphene, and others. The nanoplatelets (GNP) segment held the majority share in 2021 of the graphene market revenue. These are cutting-edge nanoparticles frequently employed in products, including composites, coatings, conductive inks, and medical devices. Market expansion will be driven by rising demand for lightweight composite materials in the aerospace and automotive sectors due to their strength, surface hardness, and stiffness qualities. Several R&D initiatives are carried out to commercialize GNP production. GO is anticipated to grow considerably throughout the forecast period due to the expanding demand for nanotechnology in the semiconductor and electronics industries. The expanding use of GO in various end-use industries, such as electronics, automotive, aerospace & military, construction, textile, and healthcare, is another important factor predicted to fuel market expansion over the forecast period.
The graphene market segmentation, based on the end-use industry, includes automotive, aerospace, pharmaceutical, energy, coatings, electronics, chemical, and others. The aerospace industry segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2022-2030. The product is transforming the aerospace sector as it enhances the functionality of the coatings and composites used in producing aircraft, drones, helicopters, and spaceships. It makes it thinner and lighter while improving its mechanical qualities. Due to the product's strong electrical conductivity and application in building lighter and more damage-tolerant helicopter and airplane structures, de-icing systems are integrated into the wings, increasing fuel efficiency and decreasing emissions throughout an aircraft's lifetime, impacting the market growth.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Graphene market accounted for USD 0.0428 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The aerospace and energy industries' increasing demand and consumers' high demand for robust, efficient, and lightweight products are expected to contribute to the market's significant expansion in the North American area. The market revenue would increase even more with the growing use of GO in batteries and solar cells for improved performance.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's graphene market accounts for the second-largest market share. The European Research Council (ERC) invested in a Flagship initiative and provided one billion euros to fund the product's potential and develop technologies. In the history of the European Union, this investment is the largest research project ever launched. Businesses in the area are rapidly providing affordable solutions to enable the material to be produced extensively on a huge scale. Further, the German graphene market held the largest market share, and the UK graphene market was the fastest-growing market in the European region.
The Asia-Pacific Graphene Market is expected to grow at the fastest CAGR from 2022 to 2030. Favorable government policies, funding, and research will all contribute to the expansion of the local market during this time. Additionally, the region's market is anticipated to be driven by significant manufacturers and customers and the increase in output across several sectors, including the automotive, defense, marine, and aerospace industries. Moreover, China's graphene market held the largest market share, and the Indian graphene market was the fastest-growing market in the Asia-Pacific region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the graphene industry grow even more. Market participants are also taking various strategic initiatives to grow their footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the graphene industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the graphene industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the graphene industry has provided some of the most significant benefits. The graphene market major player such as CVD Equipment Corporation, Vorbeck Materials, Angstron Materials Inc, XG Sciences Inc, BGT Materials Limited Ltd, Grafold Inc, Hausale Limited, and others are working on expanding the market demand by investing in research and development activities.
An American private firm, XG Sciences Inc., uses technologies created at Michigan State University to research and fabricate flakes. XG Sciences creates applications using its xGnP materials. In December 2019, an agreement was signed by Perpetuus Advanced Materials PLC and XG Sciences Inc. to supply it to North American tire makers.
Also, Graphene Laboratories, which Graphene 3D Lab owns, creates and sells functional products. Graphene Supermarket is an online store run by Graphene Labs that sells sophisticated materials and goods. In December 2022, MADE Advance Materials, based in Singapore, and Graphene Laboratories (GLI) formed a strategic partnership. The cooperation between GLI and MADE will be concentrated on joint production and potential intellectual property development.
November 2021: NeoGraf Solutions, a leading inventor and manufacturer of graphite, has announced that it has started producing graphite (GNP) materials under the Graf-X brand. Thermoplastic and thermoset applications are the company's main areas of concentration. According to the business, it can produce about 750 metric tonnes of GNP material annually. Its graphite precursors (GP), which amount to about 1,300 tonnes, are made of graphite and intended to transform graphite materials efficiently. The graphite that NeoGraf produces is made in Lakewood, Ohio.
November 2021: A lithium-sulfur battery for electric vehicles with enhancement has been launched by the California-based business Lyten. The battery has a higher gravimetric energy density than conventional lithium-ion and solid-state technologies. It is commonly known that the corporation has collaborated on military projects with the US government. The LytCell EV product was created to provide three times the energy density of traditional lithium-ion batteries. The Li-S battery lacks nickel, cobalt, and oxygen from metal oxides. The batteries can be produced in prismatic, envelope, and cylindrical shapes.
July 2022: Together, Graphenea and Grapheal developed GraphLAB, a graphite-based tool, to fact-track the investigation on biosensors. A cutting-edge evaluation technique for protein disease and screening detection is GraphLAB.
|Market Size 2021||USD 0.1 billion|
|Market Size 2022||USD 0.14 billion|
|Market Size 2030||USD 1.43 billion|
|Compound Annual Growth Rate (CAGR)||39.45% (2022-2030)|
|Market Forecast Period||2022-2030|
|Historical Data||2018 & 2020|
|Market Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, End-Use Industry, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||CVD Equipment Corporation, Vorbeck Materials, Graphene NanoChem, XG Sciences Inc, Angstron Materials Inc, Graphene Laboratories Inc, BGT Materials Limited Ltd, Graphene Inc, Grafold Inc, and Hausale Limited|
|Key Market Opportunities||The mass manufacturing of defect-free and high-quality graphite|
|Key Market Dynamics||Increasing penetration in the electronic industry Increasing investment in research & development|
The graphene market size was valued at USD 0.1 Billion in 2021.
The graphene market is projected to grow at a CAGR of 39.45% during the forecast period 2022-2030.
North America had the largest share of the graphene market.
The key players in the graphene market are CVD Equipment Corporation, Vorbeck Materials, Graphene NanoChem, XG Sciences Inc, Angstron Materials Inc, Graphene Laboratories Inc, BGT Materials Limited Ltd, Graphene Inc, Grafold Inc, and Hausale Limited.
The nanoplatelets (GNP) category dominated the graphene market in 2021.
The aerospace industry had the largest share in the graphene market.