Graphene Market Size is Project to be Worth $7.56 Bn Globally by 2030 - Exclusive Report by The Insight Partners

Pune, India, Oct. 23, 2023 (GLOBE NEWSWIRE) -- According to our new research study on "Graphene Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography," the graphene market size is expected to grow from US$ 821.16 million in 2021 to US$ 7.56 billion in 2028; it is estimated to register a CAGR of 37.3% from 2021 to 2028. The market's projected growth is attributed to the wide application of graphene.            

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Graphene Market: Competition Landscape

The major players operating in the global graphene market include XG Sciences; The Sixth Element Materials Technology Co., Ltd; Global Graphene Group; NanoXplore Inc.; Graphenea, Inc.; Directa Plus S.p.A; AVANZARE INNOVACION TECNOLOGICA S.L.; Thomas Swan & Co. Ltd.; Morsh; Perpetuus Advanced Materials PLC. Players in the global graphene market focus on providing high-quality products to fulfill customer demand. They also focus on strategies such as investments in research and development activities, new product launches, and expanding production capacities.

Graphene Market Report Scope, Segmentations, Regional & Country Scope:

In 2021, Asia Pacific accounted for the most significant global graphene market share. The Asia Pacific graphene market is further segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Australia, Japan, India, China, South Korea, Singapore, Taiwan, and Indonesia have large manufacturing industries in diverse sectors, including chemical, construction, automotive, and electronics. The growing demand for graphene compounds from various end-use industries has contributed to the growth of the graphene market in the region. The advanced electronics & energy storage sectors of Japan, China, and South Korea will continue to boost graphene consumption in the Asia Pacific. China will play an important role in the graphene industry in the future due to the rapid development of technologies, supportive policies, and investment. For example, Tianneng battery, Xupai Power Co, and Chaowei Power Co in China launched graphene-enhanced lead-acid batteries. Furthermore, many countries are strong competitors in the automotive sector. Japan, China, and South Korea have well-established car manufacturing industries. Japan's Toyota Motor Corporation was ranked the second-best car manufacturer globally by market capitalization. Moreover, as per Kearney's report, India's auto industry is the world's sixth-largest producer of automobiles in terms of volume and value. Hence, the growth in the automotive industry in the region drives the graphene market

Increasing Government Initiatives Propelling Demand for Graphene

The increase in government initiatives has led to the increased adoption of Graphene by the farmers of various countries. There has been an increased need for sustainability in modern agriculture, as sustainable farming methods are the cornerstone of low-input agriculture. Sustainable agriculture conserves energy and water, decreases the vulnerability to drought, and reduces greenhouse gas emissions. Graphene help in improving crop production as well as improving soil health along with providing various growth-promoting hormones and phytohormones to plants. Along with this, the biofertilizer does not leave any residual effects as compared to chemical fertilizers and, thus, is an ideal solution to be used for sustainable agriculture. Biofertilizer is also one of the essential components of integrated nutrient management as they are a cost-effective and renewable source of plant protein for sustainable agriculture. Thus, increased government initiatives, along with an increased need for sustainability in modern agriculture, are increasing the demand for Graphene, thereby driving the Graphene market.

Graphene Market: Segmental Overview

Based on type, the graphene market is segmented into monolayer and bilayer, graphene nano-platelets, graphene oxide, and others. The monolayer and bilayer segment held a significant share in the graphene market. Monolayer graphene is a single-layer sheet of carbon atoms bonded together in a repeating pattern of hexagons. It is highly inert and can act as a corrosion barrier between oxygen and water diffusion. It provides excellent mechanical strength, thermal and electrical conductivity, and compactness. It has high electronic mobility, structural flexibility, and the capability of being tuned from p-type to n-type. It is used in various applications in many areas, such as membranes, coatings, sensors, photocatalysis, and solar cells. Bilayer graphene is a material consisting of two layers of graphene. Bilayer graphene can be made by graphite exfoliation or chemical vapor deposition (CVD). Also, bilayer graphene has a zero bandgap and behaves like a semimetal. Bilayer graphene can be used to construct field-effect transistors or tunneling field-effect transistors, exploiting the small energy gap. Moreover, due to its special features, such as electrical, physical, and optical properties, it is used in nanotechnology, especially in the sensor area.

Based on application, the market is classified into composites; functional inks, paints & coatings; energy storage; electronics; polymer additives; RFID; and others. The energy storage segment is predicted to register a higher CAGR during the forecast period. Graphene is used for energy storage applications. It has a unique carbon nanomaterial consisting of a two-dimensional sheet of carbon atoms arranged in a hexagonal lattice. It has many beneficial properties that can be exploited to enhance energy storage devices' performance, durability, and functionality. It demonstrates high electrical and thermal conductivity, mechanical stability, and solar radiation absorptivity, making it ideal for fuel cells, lithium-ion batteries, supercapacitors, and dye-synthesized solar cells. Moreover, graphene has potential supercapacitors as it can be used in carbon coatings on the capacitor plates to form an efficient electric double-layer coating. These supercapacitors can then be used to store large amounts of energy. Graphene could contribute by providing an alternative form of energy generation.

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Impact of the COVID-19 Pandemic on Graphene Market

The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The graphene industry suffered severe disruptions in supply chains and shutdowns of many processing, wholesale, and smaller businesses in the initial phases of the COVID-19 pandemic. The COVID-19 pandemic hindered the supply chains, manufacturing, delivery schedules, and goods sales. However, after some relaxation during the lockdown, graphene sales surged.

Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):

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