Global Graphene Market is thriving—Projected to Reach worth USD 1,834.2 Million by 2027

Published | 10 May 2021

Global Graphene Market is thriving—Projected to Reach worth USD 1,834.2 Million by 2027

A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global graphene market was worth USD 610.3 million in 2020 and is further projected to reach USD 1,834.2 million by 2027, at a CAGR of 15.3% during the forecast period (2021-2027). The growth of the graphene market is primarily supported by the growing adoption of graphene in various applications such as electrical & electronics, composites, energy, and others. In addition, graphene is majorly adopted on multiple applications as graphene is considered the world's most robust material and is used to enhance the mechanical properties of other materials. The aforementioned are the key factors driving the growth for the graphene market globally.

Increasing Usage of Graphene in Solar Panels Drives the Market Growth for Global Graphene Market

Solar power is the energy accumulated in the solar panels by utilizing energy from the sun, which can then be converted into thermal or electrical energy as needed. Solar energy has the potential to be widely used to generate electricity and heat water for the residential, commercial, and industrial sectors. Natural resources are likely to be depleted in the coming years, creating a demand for renewable energy resources. Therefore, solar power is also known as the key to a clean energy future. Solar energy is abundant in nature and is a renewable source. Due to the above-mentioned factors, companies are heavenly investing in solar panels and solar plants.

According to the Ocean University of China, graphene-based solar cells can harvest energy from raindrops that land on the panel by utilizing the various salts found in the liquid. Solar panels made from stacking graphene sheets can separate extra charges and salt currents in rainwater, allowing them to be used effectively in generating electricity during the rainy season. Furthermore, solar cells necessitate the use of materials such as Graphene that are capable of conducting electricity. This is a primary factor driving the growth of the graphene market.

Furthermore, rising government initiatives to install solar panels are also driving the global graphene market. For example, several schemes launched by the Indian government aim to install solar panels across the country in order to increase India's solar capacity. Some examples of such schemes are Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan Yojana (PM-KUSUM), CPSU (Government Producers) Scheme - Phase II, and Solar Rooftop Phase II program. Additionally, the Indian government has announced the installation of 100 GW of solar energy capacity by December 2022.

Surging Demand of Graphene in the Biomedical Field Driving the Market Growth

Graphene is widely used in biomedical applications due to its diverse physical and chemical properties. Graphene is a thin yet strong material that is used for making bioelectric sensors that measure glucose, cholesterol, and hemoglobin levels in the blood. High and low hemoglobin and cholesterol levels in the body can result in serious health problems such as heart attacks and heart diseases. Graphene sensors are widely used to detect early-stage cholesterol imbalances in the body. These graphene-sensitive sensors can detect minute traces of cholesterol in the body. These sensors are also useful for determining serum cholesterol levels. This is important because high levels of serum cholesterol increase the risk of cardiovascular disease. According to WHO, cardiovascular diseases (CVD) are the leading cause of death worldwide. Four out of five CVD deaths are due to heart attacks and strokes. High blood pressure, glucose, and lipid levels, as well as being overweight or obese, are all risk factors for CVD.

Additionally, graphene is used to check the analyses of different elements present in the body such as sodium, potassium, glucose, and others. Since graphene is present in biomedical products, it is possible to detect these elements in a clear and qualitative manner. For example, INBRAIN Neuroelectronics is a joint venture of two companies originating from graphene Flagship partners ICN2 and ICREA, Spain. Researchers and scientist at INBRAIN are working together to develop graphene-based implants which can track brain activity for the treatment of diseases such as Parkinson’s and epilepsy. They are developing smart devices based on an advanced graphene electrode that can interpret neural signals with high fidelity, allowing for a customized therapeutic response. INBRAIN has also received a first-seed investment from a group of investors in June 2020.

Composite Segment to be the Fastest-Growing Segment in the Market by Application

Based on application, the global graphene market is segmented into electrical & electronics, composites, energy, biomedical, and others. The composite segment is expected to be the fastest growing segment in the global graphene market by application. Composite materials are created by combining reinforcement (fiber) and matrix (resin). The fiber-matrix mixture outperforms either material alone in terms of properties. The fibers in a composite material bear the bulk of the loads and are the most important element in the material's properties. Graphite’s composite offers exceptional physical and chemical properties which are non-comparable to any other composite that exists. These lightweight, high-performance composites are used in the manufacture of aircraft, fighter jets, and racecars. The global aerospace industry's expansion has boosted the use of graphite composites in the production of aircraft and fighter jets.

In 2019, Boeing and Airbus together have produced more than 1,750 aircraft. Boeing and Airbus are the major stakeholders in the manufacturing of aircraft globally. The surging production of aircraft and increasing expenditure by governments of developed and developing nations in the field of aerospace and defense has positively fueled the market growth of the composite segment in the global graphene market.

Impact of COVID-19

The COVID-19-induced pandemic has restricted activities for various businesses around the world. It has also impacted several supply chains, logistics, raw material suppliers, mining laborers, and others. The COVID-19 has equally impacted the growth of the global graphene market. As a result of the lockdown, several industries had to halt the production of graphene. The automotive industry, where graphene is most prominent, also saw a drop in sales volume. Nevertheless, the automotive industry has proven to be extremely resilient. China, where the first strain of COVID-19 was founded, imposed country-wide lockdown, owing to which several industry players had to follow the government protocols. Europe is regarded as the world's largest producer of automobiles, and the automotive industry is the most significant private investor in R&D. (R&D). The European Automobile Manufacturers Association reported a loss of nearly USD 100 million by manufacturers, suppliers, OEM manufacturers, and others. Key automobile players in Europe such as BMW and Audi also reported a downfall in the revenue in 2020 as compared to 2019.

Global Graphene Market: Regional Insights

Geographically, the global graphene market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. While Asia-pacific holds the largest market share, North America accounted for the second-largest share in the market due to the increasing expenditure in the medical sector. The integration of technology and rising collaboration between the research organizations and biotechnology companies drive the growth of biomedical equipment in this region. Additionally, United States is the second-largest manufacturer of automotive in the world. The shifting consumer preference and rising awareness regarding environmental degradation are shifting consumer focus on buying electric vehicles. Key EV manufacturers, such as Tesla, Toyota, and Hyundai, have manufacturing plants in the United States, and as a result, these EV manufacturers are using graphene to manufacture batteries and sensors for EVs.

Competitive Landscape

Some of the key players operating in the global graphene market include ACS Material LLC, Bluestone Global Tech, CVD Equipment Corporation, Graphene Nanochem PLC, Graphenea S.A., G6 Materials, Haydale Limited, Nanotek Instruments Inc., Vorbrck Materials, XG Sciences, and other prominent players. Since graphene has a high production cost, the major players are heavily investing in research and development to improve graphene production. Growing graphene applications and extensive R&D in this area are generating lucrative opportunities for the market's leading producers.

In January 2020, the ground-breaking use of XG Sciences' graphene in Grays' field hockey sticks was announced by XG Sciences, Inc., an industry leader in the design and manufacture of graphene nanoplatelets and advanced materials containing graphene nanoplatelets.

In December 2020, Haydale, a global advanced materials company, announced the inclusion of graphene nanoplatelets (GNPs) in iCraft's cosmetic face mask layer, as well as a new contract that makes Haydale the exclusive distributor of iCraft's GNP enhanced, anti-bacterial neoprene PPE face masks.

Don’t miss the business opportunity of the global graphene market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global graphene market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the ­­­graphene market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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