The Global Graphene Market is presumed to garner USD 811.40 million during the forecast period (2016-2023). The market is anticipated to expand at 43 % CAGR owing to the growing demand of electronics industry, asserts Market Research Future (MRFR). An allotrope of carbon, Graphene comprises diamond and graphite, which finds a large area of study in the fields of high technology and nanomaterial. Graphene can be referred to as a single layer of carbon atoms which comprises two-dimensional hexagonal lattice bonded together through covalent bonds. Graphene finds its application in several end-use industries such as aerospace, automotive, energy, pharmaceutical, coatings, chemicals, electronics, and others.
Industry Updates
October 29, 2018: A team of engineers at Ford Motor Co. is developing car parts made of graphene. Graphene has proven to be 200 times stronger than steel and is one of the most conductive materials. Ford, in collaboration with XG Sciences Inc., and Eagle Industries Inc. has planned to use small amounts of graphene in pump covers, fuel rail covers, and front engine covers, in order to maximize its benefits.
Competitive Dashboard
The major players operating the Global Graphene Market are Vorbeck Materials (US), XG Sciences Inc. (US), Graphene Laboratories Inc. (US), Graphene NanoChem (UK), CVD Equipment Corporation (US), Grafoid Inc (North America), Haydale Limited (UK), Angstron Materials Inc. (US), Graphenea Inc. (US), BGT Materials Limited Ltd (UK), and others.
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Drivers and Constraints Impacting the Market
With the growing demand for electronic industry, the global market for Graphene is presumed to foster. The market is predominantly driven by the increasing demand in several end-use industries such as aerospace, automotive, pharmaceutical, coatings, energy, chemicals, electronics, and others. The improving economic condition and increasing population have substantiated urbanization and industrialization along with consumer purchasing power. This is another factor expected to augment the global graphene market during the review period. Moreover, growing demand for graphene-based products coupled with favorable government mandates is considered to propel the market growth.
On the flip side, technical limitations for commercial production along with high cost of equipment are some of the major factors presumed to retard the market growth in the coming years. Moreover, environment and health risks associated during the production of 2D material Graphene is relatively high owing to its inflammable characteristics. This is further likely to impede the market growth.
Global Graphene Market: Segmental Analysis
The Global Graphene Market has been segmented on the basis Of Type, End-Users and Region.
By mode of Type, the Global Graphene Market has been segmented into graphene oxide (GO), few-layer graphene (FLG), 3D graphene foams, graphene nanoplatelets (GNP), mono-layer & bi-layer graphene, and pristine graphene. Among these, the segment for graphene oxide is presumed to hold the largest market share. GO comprises oxygen functionalities which helps it to disperse easily in water and other organic solvents. It is extensively used in catalytic oxidation, electronic devices, surfactant in industrial applications, and in biotechnology due to its high electrical conductivity.
By mode of End-User, the Global Graphene Market has been segmented into pharmaceutical, aerospace, chemical, electronics, automotive, coatings, energy, catalysts, composite, adhesives, and filtration. Among these, energy is estimated to be the fastest growing segment for graphene and is estimated to maintain its dominance over the review period. The growth is attributed to the rising demand for flexible, lightweight, and renewable advanced materials with long lifespan.
Regional Insights
Geographically, the Graphene Market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World.
Among all the regions, North America is considered to be the largest market for Graphene owing to the demand from several end-use industries such as aerospace and electronics, especially in the U.S., Canada, and Mexico regions. Moreover, rapid urbanization and the presence of a number of producers are stimulating the market growth in this region.
Asia Pacific accounts for the second-largest market for graphene owning a significant market share. The growth is attributed to the availability of cost-comprehensive labor force coupled with growing exports. Also, the presence of large graphite mines in China along with ongoing research on graphene in China, Korea, India, Japan, and Taiwan, are considered to augment the market growth in this region.
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