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Graphene Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033 | NanoXplore Inc., Grafoid Inc., ACS Material, Talga Group
Graphene Global Market
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According to The Business Research Company's, The graphene market size has grown exponentially in recent years. It will grow from $1.08 billion in 2023 to $1.32 billion in 2024 at a compound annual growth rate (CAGR) of 22.1%. The growth in the historic period can be attributed to increased adoption in electronics and semiconductors, growth in energy storage applications, expansion into healthcare and biomedical sectors, rise of graphene-enhanced composites in aerospace and automotive industries, and development of sustainable and eco-friendly graphene-based products.
The graphene market size is expected to see exponential growth in the next few years. It will grow to $2.98 billion in 2028 at a compound annual growth rate (CAGR) of 22.5%.The growth in the forecast period can be attributed to environmental concerns, industry collaboration, market expansion, supply chain optimization, and rket demand. Major trends in the forecast period include increased adoption in electronics and semiconductors, growth in energy storage applications, expansion into healthcare and biomedical sectors, rise of graphene-enhanced composites in aerospace and automotive industries, and development of sustainable and eco-friendly graphene-based products.
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Market Drivers and Trends:
The rising demand for graphene from the automotive sector is expected to propel the growth of the graphene market going forward. The automotive sector refers to the industry involved in the design, manufacturing, marketing, and sales of vehicles, including automobiles, trucks, buses, and motorcycles. The rising demand for graphene from the automotive sector is due to its exceptional mechanical properties, including high strength and lightweight characteristics, which enable the production of vehicles with improved fuel efficiency, enhanced performance, and reduced environmental impact. Graphene is used in the automotive sector to enhance various components and systems, such as lightweight structural materials, conductive coatings for batteries and sensors, and heat management solutions, improving vehicle performance, efficiency, and sustainability. For instance, in May 2022, according to the Global Electric Vehicle Outlook report by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, electric vehicle sales doubled in 2021 compared to 2020, reaching a value of around 6.6 million units. Moreover, in the first quarter of 2022, sales further increased, with 2 million electric cars sold worldwide. Therefore, the rising demand for graphene from the automotive sector is driving the growth of the graphene market.
Major companies operating in the graphene market are developing innovative products such as graphene-based high-performance car wax to capitalize on the unique properties of graphene, offering enhanced durability, water repellency, and ease of use for car owners seeking superior paint protection and shine. Graphene-based high-performance car wax is a car care product formulated with graphene, a two-dimensional carbon allotrope known for its exceptional mechanical, thermal, and electrical properties. For instance, in January 2021, Infinity Wax, a UK-based car care products company, launched a graphene-enhanced product, Graphene Wax. This product was developed in collaboration with Applied Graphene Materials (AGM), a UK-based company specializing in graphene nanoplatelet dispersions. Graphene Wax utilizes AGM's Genable graphene nanoplatelet dispersions to deliver outstanding performance. This new-generation wax offers exceptional water beading and sheeting properties, resulting in long-lasting paint protection and a professional wax shine. Additionally, it provides long-lasting protection against environmental contaminants, quick drying time, and smooth application and removal, all while incorporating eco-friendly ingredients for a more sustainable detailing experience.
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Major Key Players of the Market:
NanoXplore Inc., Ningbo Morsh Technology Co. Ltd., Nanjing XFNANO Materials Tech Co. Ltd., Thomas Swan & Co. Ltd., Directa Plus S.P.A., Versarien plc, AMO GmbH, Avanzare Innovacion Tecnologica S.L., Grafoid Inc., Vorbeck Materials Corp., 2D Carbon Graphene Material Co. Ltd, ACS Material, Graphene Laboratories Inc., GRAPHENE SQUARE INC., Graphenea, Graphmatech AB, HAYDALE GRAPHENE INDUSTRIES PLC, Nanotech Energy Inc., Talga Group, Universal Matter Inc., XG Sciences, Zentek Ltd., Global Graphene Group, BGT Materials Ltd., Cheap Tubes
Graphene Market 2024 Key Insights:
• The graphene market size is expected to see exponential growth in the next few years. It will grow to $2.98 billion in 2028 at a compound annual growth rate (CAGR) of 22.5%.
• Surging Demand For Graphene From The Automotive Sector Fuels Growth In The Graphene Market
• Advancements In Graphene-Based Car Care Products Transforming The Graphene Market
• Asia-Pacific was the largest region in the graphene market in 2023
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