Driven by rising demand for lightweight, versatile, and renewable materials with extended life span and the global energy industry shifting towards clean energy sources, which is increasing demand for low-cost, high-efficiency products, drive the global graphene market revenue growth to reach $ 2.68 billion in 2028.
According to the latest report by Emergen Research, the global graphene market size reached $ 614.7 million in 2020 and is expected to register a 20.4% CAGR till 2028.
The report said graphene is also rapidly gaining traction in the automotive, aerospace, and defence industries as it is lightweight yet robust and durable. Application as an additive in composites is expected to increase substantially as demand for lightweight and safer cars rises going ahead.
However, some factors are expected to hamper market revenue growth, including the toxicity of graphene and the risks associated with its production process. As a result, graphene production is expected to be hampered to some extent over the forecast period. In addition, due to its volatile nature, graphene requires cautious and exact handling and compliance with regulations for flammable products, the report said.
Some of the major companies operating in the market include Graphenea, NanoXplore, Directa Plus, Haydale Graphene Industries, Ningbo Morsh Technology, Nanjing XFNANO Materials Tech, 2-DTech, Global Graphene Group and Xiamen Knano Graphene Technology.
Growth Projections
Global graphene market revenue is expanding steadily due to the rising demand for a wide range of applications in countries across the globe. In addition, stringent restrictions and regulations in various countries to minimise carbon emissions are also expected to boost product demand going ahead.
Following the COVID-19 pandemic and resulting disruptions in demand and supply chains, the global graphene market revenue has begun to recover from a decline in growth. The pandemic has caused companies to shut down production and operational units to minimise further infections and spread. As a result, graphene use in industrial, automotive, aerospace, electronics, and other industries has decreased significantly.
Depending on material costs, antibody-conjugated graphene sheets can be used for extensive population screening, environmental sensors, and filtering applications. For example, graphite filters are used to capture bacteria and other particles to limit the spread of nosocomial infections. For combating COVID-19, such sensors can be used on medication efficiency screening and standard utility textiles.
Trends & Innovations
Graphene is widely used in bioelectric sensors to monitor lipids, glucose, and haemoglobin levels in the blood and those used to test deoxyribonucleic acid due to its high strength and thinness. In addition, graphene is widely utilised in cancer therapy, dental treatment, medicinal instruments, and medical implants, a key factor propelling graphene market growth. In addition, major research is being conducted to improve the compatibility of graphene nanoparticles with human immune cells by integrating graphene with medicines, nano adjuvants, and vaccines carriers. These are some trends observed in the market, Emergen Research noted.
North American graphene market revenue is expected to increase substantially due to the number of research institutions and universities and increased cooperation with product manufacturers to create next-generation graphene for the aerospace, defence, and electronics industries. In addition, the robust presence of aerospace companies in the US is also expected to boost demand for lightweight composite materials, which in turn is expected to augment the revenue growth of the market in the region, the research and consultancy firm noted.
Courtesy: Emergen Research. NB: Photo is representational; courtesy: Haydale.