The graphene market is slated to witness substantial growth by 2030 as a result of growing utilization of graphene in electronic industry. Additionally, budding aerospace & automotive industries, along with mounting environmental concerns, are likely to propel the market growth over the forecast period.
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Graphene is potentially used in next-generation electrical solutions. Its thermal & electrical conductivity has gained positive traction in recent years. During the COVID-19 pandemic, the industry witnessed a two-fold impact on product demand. Notably, rising electricity demand across emerging countries increased the penetration of graphene in the market. Moreover, graphene materials were widely used in detection of viral pathogens of SARS-CoV-2 as they can achieve single-molecule detection.
Furthermore, major players in the industry have been focusing on expanding their production capacity, implementing strategic partnerships and collaborations, and product innovation to sustain market dynamics. For instance, in March 2022, Graphenea S.A., a leading graphene firm, partnered with Grapheal, a manufacturer of biosensors, to elevate their collaborative research on biosensors with GraphLAB, a new graphene-based product that aids in disease screening and protein detection.
To cite another instance, in March 2022, Applied Graphene Materials plc, a producer of graphene dispersions, inked a distribution agreement with Rayoung Chemtech Inc., a Taiwanese chemical company, to expand its business in the region in the field of liquid resins, coatings, polymers, and composites.
In yet another notable instance, in July 2021, Grafoid Inc., a leading manufacturer of multiple graphene products, acquired Braille Energy Systems Inc., a storage battery manufacturing company, with an aim of improving its product outreach in energy sector.
The graphene market has been bifurcated in terms of product, end-user, and region.
Based on end-user, the industry has been divided into healthcare, electronics, automotive, aerospace & defense, energy, and others. The energy segment is anticipated to progress at a CAGR of over 30% over the analysis timeframe.
With respect to product, the market has been categorized into graphene nano platelets, mono-layer & bi-layer graphene, graphene oxide, and others. The graphene market from others segment is primed to experience a substantial growth of around 25% CAGR between 2022 and 2030.
In the regional landscapes, the graphene market in Latin America is projected to garner significant market size over the study timespan, which is attributed to swelling consumer spending dynamics which has elevated end-user industries such as healthcare, electronics, and automotive, etc. in the region, especially in Brazil and Mexico. In addition, growing automotive industry owing to the increase in number of families with dual income across the region is evaluated to foster exceptional business opportunities.
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Meanwhile, the Middle East & Africa graphene market is expected to expand at around 20% CAGR through the analyzed timeframe.