As per a report Published by Fortune Business Insights™ The global graphene market size is expected to gain momentum by reaching USD 2,864.1 million by 2027 while exhibiting an astounding CAGR of 39% between 2020 and 2027. This is attributable to the increasing demand for sustainability solutions and the rising aviation sectors across the globe. This information is published by Fortune Business Insights, in its latest report, the report further mentions that the market stood at USD 225.1 million in 2019 and is projected to rise in the forthcoming years.
Increasing Adoption of Graphene Products amid COVID-19 to Favor Growth
The novel coronavirus has led to disruptions amongst several global economies owing to a complete halt in operations and activities to contain the spread of the disease. There has been a spike in the demand for antibody-conjugated graphene sheets that accurately detect the virus and are adopted for population screening. Owing to multiple benefits provided by the product, it is being extensively adopted across several industrial applications that are expected to contribute to the growth of the graphene market.
Graphene is primarily a single layer of carbon atoms that are tightly bound in a hexagonal honeycomb mesh. They are widely adopted in several industrial applications such as automotive, energy & power, and aerospace. They further possess several attributes such as light-weight, high tensile strength, and good conductor of heat. Additionally, they provide sustainable solutions to an array of applications that propels their demand across several industries globally.
Aerospace & Defense Segment Held a Market Share of 22.87% Backed by Increasing Focus on Fuel Efficiency in Aircraft
The aerospace & defense segment, based on end-use, held a market share of 22.87% in 2019 and is expected to showcase a significant growth owing to the increasing adoption of the product to reduce carbon emissions and improve fuel efficiency in aircraft.
Rising Aviation Sector to Promote Growth
The increasing global population and high disposable income are expected to propel the demand for air travel. The increasing air leisure activities are surging the demand for travel through private jets, planes, and helicopters. Owing to its ability to improve the composites and coatings adopted in planes, spaceships, and drone manufacturing, graphene is revolutionizing the aerospace industry. Additionally, the growing concerns on reducing carbon emissions are propelling the aircraft manufacturers to adopt graphite products largely. For instance, the government in the U.K has developed a long term Aviation 2020 strategy that aims to achieve a secure, safe, and sustainable aviation sector. Therefore, the increasing focus to provide sustainable solutions in the rising aviation sector will favor the global graphene market growth during the forecast period.
Europe to Remain at the Forefront; Increasing Demand for Electric Vehicles to Aid Growth
Among all the regions, the graphene market leaders in Europe is expected to remain dominant and hold the highest position in the global graphene market during the forecast period. This dominance is attributable to the increasing demand for electric vehicles owing to stringent environmental regulations in the region. North America stood at USD 63.2 million in 2019 and is expected to experience an exponential growth in the forthcoming years. This is ascribable to factors such as the presence of several small and medium scale graphene manufacturers in countries such as the U.S. between 2020 and 2027.
Collaboration between Major Companies to Consolidate Their Market Positions
The graphene market is highly fragmented by the presence of major companies such as XG Sciences, Grolltex, Inc, Graphenea, Inc, and AMO GmbH, among others. These companies are collaborating with each other to improve the quality of products and strengthen their position to gain a competitive edge in the global marketplace. Other key players are adopting strategies such as partnership, the introduction of a new product, and merger and acquisition that is anticipated to favor the global graphene market growth in the forthcoming years.
January 2020: The Graphene Flagship announced its collaboration with other leading industries in Europe to commercialize graphene-enabled products. The collaboration is expected to include EURO 92 million co-funded by the companies that is aimed at promoting the products across several industrial applications such as automotive, energy, and aerospace.