Graphene is the thinnest and strongest substance on the planet, with exceptional thermal and electrical conductivity. Graphene is a two-dimensional substance made up of a single sheet of carbon atoms in a honeycomb lattice arrangement.
Graphene is classified into three types: 1) pure graphene (monolayer), which is a single atom thick, 40 times stronger than diamond, and 200 times stronger than steel; 2) bi-layer graphene, which has qualities similar to pure graphene; and 3) few-layer graphene. Because of graphene's outstanding heat conductivity, electrical conductivity, mechanical strength, and huge surface area, its uses are commonly regarded to be limitless. These qualities have the ability to change the properties of other materials, such as composites, concrete, elastomers, and plastics. The global graphene market is expected to be worth US$198.39 million in 2023, progressing at a CAGR of 25.56% over the forecasted period.
According to this report, the global graphene market is divided into four regions: North America, Asia Pacific, Europe, and ROW. The countries covered in North America region are the US, Canada, and Mexico, while Europe includes Germany, The UK, France, Italy, Spain and Rest of the Europe. Moreover, China, Japan, India, Australia, South Korea, and Rest of the Asia Pacific are included in the Asia Pacific region.
North America accounted for the maximum share of the global market. The production of graphene in North America is growing, as the material is increasingly being used in a variety of industries and applications. North America is home to several companies that are involved in the production of graphene and graphene-based products, including those in the US and Canada. The production of graphene in North America is driven by factors such as the increasing demand for materials with unique properties, the growing awareness of the environmental benefits of using graphene, and advances in manufacturing techniques.
The Asia Pacific market is expected to expand significantly during the forecast period. Favorable government policies, funding, and research will all contribute to the growth of the local market during this time. Additionally, the region's market is anticipated to be driven by the presence of large manufacturers and consumers as well as the increase in production across a number of sectors, including the automotive, defense, marine, and aerospace industries.
Top Impacting Factors:
Driver: Surging Demand From Construction Activities
Graphene is a material that has many potential applications in the construction sector. One potential way that graphene could be used to enhance concrete and reduce the amount of steel rebar and cement required is by adding graphene to the concrete mix. Graphene is an extremely strong and durable material, and adding it to concrete could potentially improve the strength and durability of the concrete. This could allow for the use of less steel rebar in construction projects, as the reinforced concrete would be able to withstand greater stresses and loads without the need for additional reinforcement. Additionally, the use of graphene could also potentially reduce the amount of cement required in the concrete mix, as the graphene would help to improve the overall strength and durability of the concrete. This could lead to cost savings for construction projects, as well as reduced emissions of CO2 from the production of cement.
There is currently a dearth of high-quality graphene with consistent and reliable properties. Despite recent improvements in graphene production techniques, it is still difficult to produce high-quality graphene, and many graphene samples have varying quality and performance. This limited availability of high-quality graphene is a major challenge for the growth of the graphene market, as it makes it difficult for manufacturers to obtain a consistent and reliable supply of graphene for use in their products. In addition, the lack of consistency in the quality of graphene can make it difficult for researchers to conduct experiments and obtain reproducible results, which can hinder the advancement of graphene research and development.
The incorporation of graphene into composite load-bearing structures to increase strength and toughness while reducing weight is the primary potential application in the automotive industry. Graphene is extremely beneficial in extending the life of lithium-ion batteries while also reducing the overall weight of the battery assembly. As a result, the demand for graphene in the production of electric vehicles is increasing, which is expected to boost market demand in the near future. The addition of a touchscreen display and other "smart" features increases the motivation for developing a graphene dashboard. Most touchscreens today are made of indium tin oxide, which is both expensive and rigid. Graphene is a much less expensive and more versatile option. Touchscreens in vehicles are subjected to a variety of stresses, including traumatic stress in the event of an accident. As a result, it is critical to consider a touchscreen display's overall physical durability. Furthermore, the growing popularity of graphene due to its superior properties is propelling the Graphene market over the forecast period.
The COVID-19 Analysis:
The COVID-19 pandemic has had a profound impact on the graphene market. The pandemic has caused many businesses to shut down or reduce their operations, which has led to a decrease in demand for many products, including those made with graphene. Additionally, the supply chain disruptions caused by the pandemic have made it more difficult for manufacturers to obtain the raw materials and other inputs needed to produce graphene-based products.
Despite the short-term challenges posed by the pandemic, the post COVID outlook for the graphene market looks positive. The increasing demand for high-tech products and the growing need for sustainable and renewable energy solutions are expected to drive the growth of the graphene market in the coming years. Governments around the world are also investing in research and development of graphene-based technologies, which is expected to further support the growth of the market.
Analysis of Key Players:
Global graphene market is moderately concentrated, with many companies and research institutions working on developing graphene-based technologies and products. Graphene was regarded as a newly discovered substance between 2010 and 2015. Numerous graphene-focused businesses have been established as a result of its seemingly limitless applications. The industry is now at a phase where commercialization and scalable production are key. Globally, there are more than 300 graphene producers. The players are likely to compete on factors such as the quality and price of their graphene products, as well as their ability to innovate and bring new graphene-based products to market. The key players in the global graphene market are:
Due to the concentration of key players in developed regions, regional partnerships and distribution agreements have become major strategic initiatives for a number of key players. For instance, Graphene Manufacturing Group Ltd and Amec Foster Wheeler PLC signed a non-binding Letter of Intent in March 2022 to collaborate on GMG's major graphene manufacturing expansion projects.