Graphene Market 2023: Industry Demand, Growth, Analysis & Forecast
Growing demand for graphene from the semiconductor and electronics industries of Japan, China, India, the U.S., and South Korea may accelerate global graphene market growth. The product’s unique features like high durability, toughness, and electrical conductivity as well as its use in manufacturing coatings for mobile screens and laptop is aiding industry expansion.
Graphene is also gaining a significant presence in the automotive sector owing to its use in making lightweight composite materials.
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Key reasons for graphene market growth:
Growing use in the electronics industry
Escalating demand from the automotive & aerospace sectors
Increasing application in healthcare systems
Based on product, the graphene market share is categorized into mono-layer & bi-layer graphene, graphene nanoplatelets, and graphene oxide. The mono-layer & bi-layer graphene segments are anticipated to generate over US$50 million by the end of the projected timeframe.
Generally, mono-layer form is used in microelectronics applications like nano- and micro-electromechanical systems, conductive coatings, flexible batteries, and biological & chemical sensors. It is created on the surface of copper by a CVD process.
Meanwhile, the bi-layer form has zero bandgaps. The product is currently involved in numerous research activities to identify its potential in the production of ultrafast Li-ion conductors, superconductors, and ultrahard carbon films and field-effect transistors.
Based on application, the market is bifurcated into aerospace & defense, electronics, automotive, energy and healthcare. The healthcare and energy sectors are expected to offer promising growth to the graphene market over the years to come. In the healthcare industry, graphene finds use in the production of biosensors. It is used in tissue engineering, cancer treatment, medical devices, and drug delivery.
As in the energy sector, graphene is used in the development of energy storage devices like Li-ion batteries, electrodes, and supercapacitors. Notably, graphene possesses considerable potential in the production of solar panels as well, thereby implicating its immense significance in the renewable energy sector.
Based on region, North America is projected to offer lucrative growth opportunities to the graphene industry, owing to the robust research & development activities. Simultaneously, the Europe region accounted for major market share in 2018, contributing one-fifth of the total market share. Increasing investments made across numerous business verticals, primarily to drive new R&D activities, may augment regional market expansion.
Prominent players analyzed in the graphene industry report include ACS Materials LLC, Applied Graphene Materials, Graphenea S.A., Grafoid Inc., Applied Nanotech Inc., Haydale Limited, XG Sciences, and Angstron Materials, Inc. These firms are undertaking different inorganic and organic growth strategies like acquisition and collaboration to maintain a competitive edge over rivals.
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