Increasing demand for lightweight, versatile and renewable products with lengthy lifespan are a few variables driving worldwide graphene market growth.
Nanotechnology demand in the electronic products sector also pumps graphene market growth. The global energy market is shifting towards clean energy sources, which in turn drives demand for products with greater effectiveness.
Products like solar panels can improve battery efficiency by using graphene, another driving factor for the worldwide graphene industry. Other types of graphene such as graphene oxide (GO) are one of the types of graphene that drive graphene market growth in areas such as North America as applied to electronic instruments, catalytic oxidation, biotechnology, and others.
Due to its flammable nature, graphene needs unique processing, regulatory compliance for flammable goods are few other considerations restricting graphene production. Because of its diverse spectrum of characteristics, product innovations as well as new applications findings of graphene by significant producers in electronics sectors are performed. Lack of mass production and high-priced machinery, however, are few considerations that restrain worldwide graphene development.
Increasing investment in brand research and development will drive worldwide graphene market growth throughout the prediction time frame. A two-dimensional transparent carbon allotrope discovered in 2004. The item resistance surpasses steel almost 200 times and is a very useful heat and electricity conductor. Product-related characteristics such as outstanding thermal resistance, elevated electron motion and permeability have led in increased use in many apps such as consumer electronics, supercapacitors, RFID equipment, composites, detectors, coatings, conductive inks, etc. Product-based research journals rose to over 9,000 in 2013, from just over 125 in 2005. It will boost business development as growing sector study operations will lead to multiple fresh consumer apps.
Due to its distinctive features and broad variety of applications, R&D expenditure on the industry has risen considerably. The European Commission invested around $1.4 billion in the Graphene Flagship initiative to increase market growth, resulting in consumer development and fresh apps. Private businesses from multiple sectors including specialty chemicals, consumer electronics, steel and energy also invest in research and development operations to preserve their competitive market benefit. American and Chinese entities have over 1,750 and 200 patents respectively on product and its various uses. These developments have led in fresh consumer apps like graphene-based transistors, detectors, conductive movie, etc. and will drive consumer demand throughout the time frame prediction.
High material-related manufacturing costs may hinder worldwide market growth in the future. Product marketing is hampered by costly and complicated manufacturing procedures. Furthermore, standard manufacturing procedures have negative economic and health impacts, which could hinder item supply throughout the prediction time frame as it could lead to better alternatives in the future.
Asia Pacific is anticipated to experience the highest demand development over the forecast period. Booming electronics was a significant factor driving regional product supply. Increasing investment in renewable energy generation is also anticipated to increase demand in the future. China is anticipated to emerge as a successful economy over the forecast period, given favourable public assistance for manufacturing sector investment. China’s state has placed forward powerful measures to promote research and growth. The state has created a domestic graphene park, which contributes to the region’s quantity of material manufacturing.
According to Acumen Research and Consulting, the global graphene market is estimated to grow at CAGR above 38.2% over the forecast time frame and reach the market value around US$ 552.6 million by 2026.
Key Players & Strategies
The worldwide graphene industry is semi-consolidated among the top few. With ongoing and active research and graphene growth for fresh and developing apps, many fresh competitors are entering the industry, leading to a divided industry among tiny but powerful competitors. Some vital players in the graphene market include Global Graphene Group, XG Sciences Inc., Sixth Element (Changzhou) Materials Technology Co. Ltd., Ningbo Morsh Technology, and Perpetuus Advanced Materials, among others.