Graphene and markets
Graphene Market Size could hit USD 2,864.1 Million by 2027
Graphene is primarily a single layer of carbon atoms that are tightly bound in a hexagonal honeycomb mesh. They are widely adopted in several industrial applications such as automotive, energy & power, and aerospace. They further posses several attributes such as light-weight, high tensile strength, and good conductor of heat. Additionally, they provide sustainable solutions to an array of applications that propels their demand across several industries globally.
The global graphene market size was estimated at USD 78.7 million in 2019 and is expected to expand at a CAGR of 38.7% from 2020 to 2027. Increasing demand for renewable, lightweight, and flexible materials that offer durability is expected to drive the product demand. Excellent product characteristics, such as high electrical and thermal conductivity, coupled with high electron mobility and high permeability is anticipated to expand the application scope of graphene. Rising product penetration in various applications including energy storage, semiconductors, and sensors is anticipated to further fuel the market.
The U.S. dominated the North America market for graphene in 2019 and is expected to continue leading over the forecast period. The U.S. market has witnessed a large number of collaborations among manufacturers and research institutions over the past few years owing to increasing focus on research and development activities. The country is one of the key exporters of graphene-based products.
The market has witnessed volatility in graphite prices over the historic period, owing to rise in export taxes. However, the fluctuations in graphite prices do not have a significant impact on product prices, since a single graphite mine can supply sufficient quantity of raw material required for the production of graphene.
Increasing adoption of renewable energy across various sectors across the globe is expected to drive the market growth. In addition, stringent regulations imposed by various governments to reduce carbon emissions is anticipated to further drive the product demand for energy storage applications.
The industry is characterized by the overcapacity of Chinese manufacturers. The market has witnessed a huge demand and supply, where supply exceeds demand by a large margin. This is expected to adversely impact the bargaining power of suppliers. Aggressive production by Chinese manufacturers has impacted the market. Hence, supplier power is expected to be low over the forecast period.
Other graphene-based products include multi-layer graphene and reduced graphene oxide. These products are employed in various applications including inks, coatings, and different types of composites. Automotive and aerospace industries are expected to be key application sectors for graphene-based composites over the next few years owing to the superior product characteristics such as high strength and lightweight.
Graphene oxide is an extremely critical product owing to its wide range of applications including transparent conductive films for various supercapacitors, smartphones, flexible electronic devices, optoelectronic devices, and medical devices. Superior product characteristics such as including high thermal and electrical conductivity, permeability, transparency, and strength play a major role in boosting its demand.
The global graphene market size is expected to gain momentum by reaching USD 2,864.1 million by 2027 while exhibiting an astounding CAGR of 39% between 2020 and 2027. This is attributable to the increasing demand for sustainability solutions and the rising aviation sectors across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Graphene Market Size, Share & COVID-19 Impact Analysis, By Product (Graphene Oxide (GO), Graphene Nanoplatelets (GNP), Others), By End-Use (Electronics, Aerospace & Defense, Automotive, Energy, Others), and Geography Forecast, 2020-2027.” The report further mentions that the market stood at USD 225.1 million in 2019 and is projected to rise in the forthcoming years.
List of Top Companies Operating in the Graphene Market:
- XG Sciences (U.S.)
- Graphenea, Inc. (U.S.)
- ACS Material, LLC (U.S.)
- CVD Equipment Corporation (U.S.)
- Global Graphene Group (U.S.)
- AMO GmbH (Germany)
- Applied Graphene Materials plc (UK)
- Graphene One (U.S.)
- Grolltex Inc. (U.S.)
- DIRECTA PLUS S.p.A. (Italy)
- CHINA CARBON GRAPHITE INC (China)
- NanoXplore Inc. (Canada)
- Thomas Swan & Co. Ltd. (UK)
- Other Key Players
Increasing Adoption of Graphene Products amid COVID-19 to Favor Growth
The novel coronavirus has led to disruptions amongst several global economies owing to a complete halt in operations and activities to contain the spread of the disease. There has been a spike in the demand for antibody-conjugated graphene sheets that accurately detect the virus and are adopted for population screening. Owing to multiple benefits provided by the product, it is being extensively adopted across several industrial applications that are expected to contribute to the growth of the market.
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