Graphene Oxide Market Analysis by Type (Powder-Based, and Solution-Based); by Application (Composites Materials, Electronic Devices, Water Filtration and Purification, Medical, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2033
Buy Now Report ID: 3269 | Published Date: Jan 12, 2023
The global graphene oxide market is estimated to garner a revenue of USD 2,711.2 Million by the end of 2033 by growing at a CAGR of 32% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 131.4 Million in the year 2022. The growth of the market can be attributed to the rising demand for electric vehicles and the batteries installed in them. Graphene boosts the lifespan of EV batteries, moreover, they provide higher energy, faster charging, and are far more sustainable than lithium-ion batteries. In 2020, the demand for batteries for the electric vehicle was nearly 110 gigawatt hours. Moreover, by 2030, around 3,500 GWh of EV batteries will be needed worldwide. Furthermore, it is expected that the demand is likely to increase 600 times and reach around 6500-gigawatt hours by the end of 2050.
In addition to these, with the use of graphene-made films, the contaminants and others substances are blocked during the filtration process. Moreover, graphene contributes in making sustainable, lighter, and energy-efficient water desalinators and filters. Therefore, the factors that are believed to fuel the market growth of the graphene oxide market include the rising investment in treating wastewater from various industries. Large industrial wastewater treatment facilities require capital expenditures that range from USD 20,000 to USD 40,000 per cubic meter per hour (m3/h). Moreover, the use of graphene in biomedical technology is expected to boost market growth. For instance, in order to create transistors for diverse biological applications. Aran, an American biomedical entrepreneur collaborated with the Cardea Bio team, to develop a 15-transistor gadget that performs two COVID tests at home. The tool provides molecular and quantitative results and detects SARS-CoV-2 viral RNA or spike proteins.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
32% |
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Base Year Market Size (2022) |
USD 131.4 Million |
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Forecast Year Market Size (2033) |
USD 2711.2 Million |
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Regional Scope |
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Growth Drivers
Challenges
The global graphene oxide market is segmented and analyzed for demand and supply by application into composites materials, electronic devices, water filtration and purification, medical, and others. Out of the five types of application, the electronics devices segment is estimated to gain the largest market revenue of USD 938.9 million at the end of 2033, by growing at a CAGR of 31.6% over the projected time frame. Moreover, the market generated a revenue of USD 47.3 million in 2022. The growth of the segment can be attributed to the increase in the adoption of smartphones as they require batteries to function. Moreover, many smartphones have installed graphene-based batteries owing to its exceptional efficiency. In addition to being superior to lithium batteries, graphene batteries can also fully charge a phone in under 30 minutes. Furthermore, in 2021, more than 1 billion phones were sold all across the world. Moreover, in comparison with the around 27% of mobile users in 2010, it is predicted that about 87 percent of all mobile users in the US would have a smartphone by 2025. On the other hands, the growing penetration of electric cars in the market is expected to propel the segment growth. The global sales of electric cars increased by more than 60% in 2022, and in the first eight months of 2022, nearly 6 million cars were sold.
The global graphene oxide market is also segmented and analyzed for demand and supply by type into powder-based, and solution-based. Out of the two segments, the solution-based segment is expected to grow at a CAGR of 32.6% over the forecast period. Graphene solutions are highly used in making chargers and super-capacitors, they are carbon water, and are completely safe and environmentally friendly. The segment growth is attributed to growing sales of electrical devices as they need periodical charging to function. In India, in comparison to 2019, the sale of consumer electronics and appliances expanded by nearly 9% in 2021. Moreover, in the third quarter of 2022, more than 100 million units of PCs, tablets, and laptops were sold.
Our in-depth analysis of the global graphene oxide market includes the following segments:
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By Type |
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By Application |
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The Asia Pacific graphene oxide market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The market in the region is estimated to garner the largest revenue of USD 1041.6 million at the end of 2033, by growing at a CAGR of 31.4% over the forecast period. In addition to this, in 2022, the market in the Asia Pacific collected a revenue of USD 53.4 million. The growth of the market in the region can be attributed majorly to the rising need to treat wastewater and the alarming shortage of clean water in a few nations in the Asia Pacific region. India is among the most water-stressed in the world because it has 18 percent of the world's population but just 4 percent of the water resources. Moreover, India's current water treatment capacity is nearly 27%, and its current sewage treatment capacity is about 19 % and around 5% of capacity has been further added. Moreover, the treatment capacity of waste and sewage water in India is higher than the average capacity of other nations which is around 20%. Furthermore, the increasing efforts to boost the production of graphene in the region is expected to augment the Asia Pacific’s market growth. For instance, in order to boost the graphene supply, Chinese researchers have begun producing graphene from corn. This innovation could make graphene more affordable, and also considerably increase the material's supply. Moreover, the largest manufacturer of graphene nanotubes, OCSiAl, now has Daikin Industries Ltd. of Japan as a shareholder. A USD 2 billion cooperation deal between the two businesses has been signed to create, manufacture, and commercialize graphene nanotube solutions for fluoropolymers and next-generation Li-ion batteries.
July 2021: Garmor Inc. announces its acquirement by Asbury Carbobs Inc., the major manufacturer of carbon and graphite materials. Through this acquisition, Asbury plans to continue the production of Edge Functionalized Graphene (EFG) in an environmentally friendly manner. Moreover, they also aim at boosting their growth strategy with the diversification of different products.
February 2020: ACS Material LLC, announced the launch of Graphene TEM Support Films, these films enable transmission electron microscopy (TEM) imaging to produce clearer images with no distraction.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Rising prevalence of electric vehicles, higher government efforts to propel graphene production and growing demand for smartphones are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of 32% over the forecast period, i.e., 2023 – 2033.
Ans: Slow mass production of graphene oxide, problems associated with its battery and high cost of equipment are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Nanoinnova Technologies SL, Graphenea Inc., Global Graphene Group, Cheap Tubes, Inc., BGT Material Limited, ACS Materials, LLC, Garmor Inc., CVD Equipment Corporation, Applynano Solutions S. L., Avanzare Innovacion Technologica S.L., and E Way Technology Co. Ltd.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, and by region.
Ans: The electronic devices segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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