Graphene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Graphene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global graphene market is estimated at around USD 556 million in 2022. The market is projected to register a CAGR of over 38% during the forecast period (2022-2027).

COVID-19 negatively impacted the market in 2020 and 2021. With the resumption of operations in major end-user industries, it significantly recovered in 2022.

Key Highlights

• Over the medium term, the rising demand for printed electronics is expected to drive the market.
• However, the drawbacks associated with graphene hinder the market's growth.
• The development of single-crystal graphene sheets as a substitute for copper foil and the increasing use of graphene in touch screens are likely to act as opportunities for the studied market.
• The Asia-Pacific region accounts for the highest market share and is expected to dominate the market during the forecast period.

Key Market TrendsElectronics Industry to Dominate the Market

• Electronics and telecommunication is the largest end-user industry for graphene and its derivatives. This industry uses graphene for various applications, including unbreakable touchscreens, transistors, supercharged batteries (enhanced lithium-ion batteries), optical electronics, printed electronics, and conductive inks.
• The electronics industry is continuously making significant progress, and the demand for the market studied is growing rapidly. The production of cellular phones, portable computing devices, gaming systems, and other personal electronic devices may continue to spark the demand for electronic components, which is expected to boost the demand for graphene.
• In addition, graphene may modernize the smartphone industry by replacing the existing touchscreen technology. Graphene is considerably cheaper than the materials used in most modern smartphones and is much more agile. Graphene is used on a commercial scale in optoelectronics, specifically touchscreens (for smartphones, tablets, desktop computers, and televisions), liquid crystal displays (LCDs), and organic light-emitting diodes (OLEDs).
• Germany has the largest electronic industry in Europe. According to the German Electrical and Electronic Manufacturers' Association, the country's production of electricity and electronics declined to about EUR 182 billion in 2020. However, in December 2021, the electro and digital industry sales in Germany accounted for EUR 18.1 billion, registering a growth rate of 8.5% compared to December 2020.​
• India is expected to have a digital economy of USD 1 trillion by 2025. Furthermore, the country's electronics system design and manufacturing (ESDM) sector is expected to generate over USD 100 billion in economic value by 2025. The production of electricals and electronics in India is expected to increase rapidly due to government initiatives such as Make in India and the National Policy of Electronics, as well as the government's moves to lower import dependence and boost exports and manufacturing.
• Due to the factors mentioned above, the demand for electronic goods is set to increase in the forecast period, thereby increasing the demand for graphene.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region accounts for the largest share of the graphene market. Owing to rapid industrialization and rising graphene-based application patents in the region, graphene oxide is anticipated to register high growth.
• China has one of the largest production bases for electronics and offers tough competition to the existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products such as smartphones, OLED TVs, and tablets have the highest growth rates in the consumer electronics segment of the market in terms of demand.
• According to the International Air Transport Association (IATA), India is poised to become the third-largest aviation market globally by the end of the forecast period. The country is projected to have a demand for 2,100 aircraft over the next two decades, amounting to over USD 290 billion in sales. ​Owing to these factors, the demand for graphene from the aerospace sector is expected to rise.
• According to the Stockholm International Peace Research Institute (SIPRI), China allocated an estimated USD 293 billion to its military in 2021, an increase of 4.7% compared to 2020.
• The Photovolt Ukushima Solar PV Park is a 480 MW solar PV power project planned in Nagasaki, Japan. The project is currently in the permitting stage. It may be developed in a single phase. After the completion of the construction, the project is expected to get commissioned in July 2023.
• Hence, owing to the trends mentioned above, Asia-Pacific is likely to dominate the market studied during the forecast period.

Competitive Landscape

The graphene market is consolidated by the top few players. Some of the major players in the market include NanoXplore Inc., Morsh, Sixth Element (Changzhou) Materials Technology Co. Ltd, XG Sciences Inc., and Global Graphene Group.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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