Global Graphene Coating Market - 2024-2031

Global Graphene Coating Market - 2024-2031

Global Graphene Coating Market reached US$ 181.3 Million in 2023 and is expected to reach US$ 1,382.0 Million by 2031, growing with a CAGR of 28.9% during the forecast period 2024-2031.

The rising electronics sector in emerging economies, as well as graphene's strong penetration in composite applications, are driving market expansion. The industry is expected to rise significantly as research institutes and international corporations increase their demand for research and development. Graphene's unique qualities, including as flexibility, lightness, increased resistance and electrical compatibility, drive its use in several applications, including healthcare.

The graphene coating has been applied to medical equipment, medication delivery systems and implants. For example, a 2022 study examined the usage of graphene in antibacterial and coating uses in medicine and dentistry. Graphene's biocompatibility, corrosion prevention and anti-microbial capabilities can help to avoid bacteria colonization. The presence of a graphene layer on surgical devices is known to increase their surface qualities, making them useful in biomedical applications.

In 2023, North America is expected to be the second-dominant region with over 20% of the global graphene coating market. North America will increase at a healthy rate due to the increasing demand for graphene coating in end-use industries such as aerospace, marine, electronics and medical devices. The growing R&D activities in the field of graphene coating and their importance in the utilization of graphene coating technologies are likely to propel the market expansion over the forecast period.

Dynamics

Growing Demand from Automotive Sector

Automotive industries require coatings that effectively protect against corrosion, fouling and abrasion. Graphene coatings outperform standard coatings in terms of corrosion resistance, antifouling characteristics and mechanical strength, resulting in their widespread use in these applications. Graphene is gaining popularity as a coating in automobiles due to its anticorrosion qualities, high heat conductivity, durability, hydrophobicity and slickness.

It is selected by the vehicle that is more likely to be exposed in tough environments. Companies and government bodies are investigating the potential benefits of graphene. In August 2023, Graphene Flagship Innovations revealed graphene's uses in automotive vehicle sensors, lubricants, anticorrosion coatings, lightweight components and batteries.

Rising Adoption of Graphene for Specialized Applications

Graphene is gaining traction in the industrial and technology sectors, with increased investment and research efforts. Eastern Pacific Shipping announced new breakthroughs in graphite innovation and technologies, as well as biocide-free propeller coating, in December 2023, following positive results in LPG tankers. As more firms focus on the usability of graphene in a variety of applications and as consumers continue to select environmentally friendly products, the graphene coating market will expand over the projected period.

Furthermore, Stolt Tankers said in April 2023 that it intends to install graphene-based propeller coating, Ultra-Slick Prop Coating, to 25 more ships in its fleet following a considerable reduction in fuel usage during a trial test. As this use penetrates the market, demand for graphene coating will increase.

High Production Costs

Graphene and graphene-based coatings are manufactured using sophisticated methods that need expensive equipment and raw ingredients. High production costs can make graphene coatings more expensive than traditional coatings, limiting their broad use, especially in cost-sensitive industries. Regulatory uncertainties and safety concerns about the use of graphene and graphene-based compounds in coatings limit industry expansion.

Regulatory agencies in many countries may place restrictions or regulations on the usage of graphene coatings, particularly in terms of health, safety and environmental impact. Despite advances in production processes, graphene manufacturing continues to encounter scalability and cost-effectiveness issues. High-quality graphene coatings are still difficult to mass-produce on an industrial scale, limiting their market availability and pricing.

Segment Analysis

The global graphene coating market is segmented based on type, application, end-user and region.

High Permeability and Strength of Graphene Drives the Segment Growth

Electronics is expected to be the dominant segment with over 30% of the market during the forecast period 2024-2031. The segment's rise can be attributed to its high permeability, robustness and lightweight design. Properties like thinness and conductivity have resulted in its increased use in semiconductor development. Graphene-based gadgets are low-cost to manufacture and are employed in IoT networks, wearable healthcare monitoring systems, electric automobiles and other applications.

Smartphones, OLED TVs and tablets are the fastest growing consumer electronics goods in terms of demand. In accordance to the National Bureau of Statistics of China, the retail value of household appliances and consumer electronics in China reached about US$ 8.52 billion in April 2023. The rise of the electronics industry is likely to increase the graphene market during the forecast period.

Geographical Penetration

Rising Adoption of Graphene in Automotive Sector in Asia-Pacific

Asia-Pacific is expected to be the dominant region in the global graphene coating market covering over 30% of the market. As a result of the high number of manufacturers and customers in Asia-Pacific, the region is one of the most important demand drivers for graphene. Increasing production volumes in a variety of industries, including automotive, marine, military and aerospace, are likely to propel the graphene industry in this area over the forecast period.

Companies are implementing cutting-edge coating technologies in autos to increase brand awareness and market competitiveness. According to the Federation of Automobile Associations, India auto sales increased by 19% over the festival season 2023 (Navaratri to and fifteen days after Dhanteras). The continued trend is the driving element in the need for graphene coating in the region.

Competitive Landscape

The major global players in the market include Directa Plus S.p.A., Deyang Encarbon Technology Co., Ltd., Global Graphene Group, Grafoid Inc., Graphenea Inc., Haydale Graphene Industries PLC, KISHO Corporation Co., Ltd., NanoXplore Inc., Petroliam Nasional Berhad (PETRONAS) and Universal Matter.

COVID-19 Impact Analysis

The pandemic impacted global supply chains, including graphene raw materials and manufacturing equipment. Restrictions on international trade, transportation delays and unexpected closures of manufacturing facilities hampered supply of graphene coatings, resulting in shortages and delivery delays. Many industries that use graphene coatings, including automotive, aerospace, construction and electronics, faced slowdowns or temporary closures as a result of the pandemic.

Decreased consumer demand, supply chain interruptions and economic instability all contributed to a decline in demand for graphene coatings in these areas. The pandemic spurred a shift in market objectives, with an increased emphasis on sanitation, cleanliness and antimicrobial characteristics. Graphene coatings with antimicrobial qualities received attention for their ability to restrict the spread of germs on surfaces, leading to increased demand in specific industries such as healthcare, hospitality and public transportation.

Russia-Ukraine War Impact

Ukraine is a large producer of graphite, a critical raw material used in the manufacture of graphene. The conflict impeded graphite mining activities and transit routes, resulting in a lack of raw materials for graphene synthesis. It caused supply chain disruptions and pricing volatility in the global graphene coating market. The conflict has created geopolitical uncertainty, affecting investor confidence and corporate operations in the graphene coating market.

Companies postpone investment choices or reduce expansion plans due to worries about political unrest and economic repercussions. The conflict causes trade disruptions, export restrictions and sanctions imposed on Russia and Ukraine by other countries. It affects the export of graphene coatings and associated products from these locations, influencing market access and availability for global clients.

By Type
• Water-based
• Solvent-based

By Application
• Corrosion-resistant Coating
• Scratch-resistant Coating
• Anti-Fouling Coating
• Flame Retardant Coating
• Others

By End-User
• Automotive
• Aerospace
• Electronics
• Medical
• Marine
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In July 2023, Cadent awarded Haydale a contract to produce graphic ink and coating-based heaters with low-power radiators. It is a three-stage program with a duration of 12 months and a total of EUR 350,000.
• In March 2023, Universal Matter UK Limited paid US$ 1.3 million for the total shares in Applied Graphene Materials UK Ltd. and Applied Graphene Materials.

Why Purchase the Report?
• To visualize the global graphene coating market segmentation based on type, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of graphene coating market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global graphene coating market report would provide approximately 62 tables, 56 figures and 193 pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies