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Graphene Market is Anticipated to Expand upto $3.41 Billion in 2029
Graphene
What Is the Forecasted Market Growth Rate of the Graphene Industry?
In the latest years, the size of the graphene market has seen a substantial expansion. It is projected that it will rise from $1.32 billion in 2024 to $1.6 billion in 2025, with a compound annual growth rate (CAGR) of 21.4%. Factors contributing to this growth in the historical period include a rise in usage within the electronics and semiconductors sectors, an increase in energy storage applications, proliferation in healthcare and biomedical industries, the emergence of graphene-enhanced composites in the aerospace and automotive industries, and the progress in creating sustainable and environmentally friendly graphene-based products.
How Will the Graphene Market Size Evolve From 2025 to 2029?
In the coming years, the size of the graphene market is slated to flourish dramatically, reaching a size of $3.41 billion in 2029 with a compound annual growth rate (CAGR) of 20.8%. The expected boom within this forecasted period is due to factors such as environmental concern, collaborations within the industry, market expansion, enhancements in the supply chain, and high market demand. Notable trends within the projected period include increased usage in the electronic and semiconductor sectors, growth in energy storage application, ventures into the healthcare and biomedical fields, the emergence of graphene-amplified composites in aerospace and automotive fields, and the progression of sustainable and eco-friendly products based on graphene.
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What Are the Main Growth Drivers in the Graphene Market Today?
The burgeoning need for graphene within the automotive industry is anticipated to fuel the expansion of the graphene market. The automotive field encompasses the businesses associated with the creation, manufacture, promotion, and sale of vehicles, encompassing cars, trucks, buses, and motorcycles. The escalated need for graphene in this sector stems from its superior mechanical traits, like high toughness and lightness, facilitating the creation of vehicles boasting better fuel economy, amplified performance, and diminished ecological influence. In the automotive industry, graphene is applied to boost diverse elements and systems, including lightweight construction materials, conductive coatings for batteries and sensors, and heat control solutions, enhancing vehicle performance, efficiency, and environmental sustainability. As an example, the International Energy Agency reported in June 2024 that worldwide electric vehicle sales outpaced 14 million in 2023, a 35% surge compared to the previous year, with a noteworthy 3 million sold in the first quarter of 2024. Substantial battery production expansion is anticipated to rise above 9 TWh by 2030, prompted by principal markets like China and Norway. As a result, the escalating need for graphene from the automotive industry is stimulating the expansion of the graphene market.
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Which Graphene Market Segment Is Expected to Lead Through 2029?
The graphene market covered in this report is segmented -
1) By Product: Graphene Nanoplatelets, Graphene Oxide, Reduced Graphene Oxide, Monolayer Graphene, Bulk Graphene, Other Products
2) By Application: Paints And Coatings, Electronic Components, Composites, Batteries, Solar Panels, Other Applications
3) By End-Use: Automotive, Medical, Aerospace, Defense, Concrete Industry, Tires, Other End-Users
Subsegments:
1) By Graphene Nanoplatelets: Exfoliated Graphene Nanoplatelets, Surface-Modified Graphene Nanoplatelets
2) By Graphene Oxide: Single-Layer Graphene Oxide, Multi-Layer Graphene Oxide,
3) By Reduced Graphene Oxide: Reduced Graphene Oxide (rGO), Chemically Reduced Graphene Oxide, Thermally Reduced Graphene Oxide
4) By Monolayer Graphene: CVD (Chemical Vapor Deposition) Monolayer Graphene, Exfoliated Monolayer Graphene
5) By Bulk Graphene: Graphene Foams, Graphene Sheets, Graphene Nanostructures
6) By Other Products: Graphene Composites, Graphene-Based Films, Graphene Coatings, Graphene-Based Supercapacitors
Which Market Trends Are Expected to Dominate Graphene Industry Growth?
Key players in the graphene sector, like the Graphene Research and Development Hub, are concentrating on creating breakthrough solutions in India that will enhance graphene-based technology through research, development, nurturing and commercialization. The Graphene Research and Development Hub serves as a cooperative medium, intending to link researchers and stakeholders in the graphene and layered materials industry, fostering knowledge sharing, collaboration, and innovation via digital and mixed events. In 2024, for example, S. Krishnan, Secretary of the Ministry of Electronics and Information Technology (MeitY) - a department of the Union Government in India - inaugurated the first Graphene Innovation Centre and a Centre of Excellence in Intelligent IoT Sensors in Kerala. These institutions, set up in conjunction with partners such as Digital University Kerala and Tata Steel, are equipped with comprehensive resources for research and development, innovation, nurturing, and testing. They play a crucial role in endorsing research in advanced materials and IoT sensor technology in India, encouraging industrial cooperation and skills enhancement in these areas.
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Which Companies Hold the Largest Market Share in the Graphene Sector?
Major companies operating in the graphene market are 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
Where Is the Graphene Market Experiencing the Highest Growth?
Asia-Pacific was the largest region in the graphene market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the graphene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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