The global graphene oxide market garnered a revenue of USD 81.0 Million in 2020 and is estimated to garner USD 854.7 Million by the end of 2029 by growing at a CAGR of 30.3% over the forecast period i.e., 2021-2029. The growing application of graphene oxide in a diverse range of end-use sectors, including automotive & transportation, electronics, aerospace & defense, construction, textile, and healthcare, is one of the major factors projected to drive the market growth over the coming years. Moreover, owing to its antimicrobial and antiviral efficacy, graphene has triggered a vast interest amidst the medical fraternity in exploring its applications in the prevention, detection, and treatment of COVID-19. Furthermore, companies in the graphene industry have developed prophylactic or protective face masks by utilizing graphene-enhanced polymers such as non-woven textiles modified with graphene materials, which is also anticipated to create numerous opportunities for market growth. The masks produced with graphene displayed anti-bacterial efficiency of around 80%. Graphene is a disruptive technology that could open up new scope and even replace existing ones. The unique properties of graphene allow ground-breaking biomedical applications such as targeted drug delivery, improved brain penetration, DIY health-testing kits, and smart implants among others.
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Global Graphene Oxide Market Segmentation Regional Synopsis
Regionally, the global graphene oxide market is segmented into five major regions which includes North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Among the markets in these regions, the North America graphene oxide market is estimated to hold leading market share throughout the forecast period and further attain a revenue of USD 336.5 Million by the end of 2029, up from USD 33.2 Million in 2020. The market in the region is further anticipated to grow with a CAGR of 29.7% during the forecast period. The growth of the market in the region is primarily driven by the U.S., backed by the presence of several end user industries, such as automotive, healthcare, and others, which use graphene for various purposes. As per the International Trade Administration, United States was the world's second-largest market for vehicle sales and production. In the year 2018, sales of light vehicle in the U.S. reached 17.2 million units, making it one of the largest automotive markets in the world. Besides, the US government's growing initiatives to upgrade the healthcare sector after the COVID-19 outbreak are also expected to favor the market's growth.
Moreover, the market in the Asia Pacific is projected to hold the second leading stance by garnering a revenue of USD 284.1 Million by the end of 2029 owing to the presence of large number of industries, such as, automotive, electronics, and aerospace among others, that use graphene oxide as their raw material. In Asia Pacific region, China is projected to generate significant growth opportunities for the market growth by attaining the largest revenue of USD 59.9 Million by the end of 2029. The market in the country is also anticipated to hold the largest market share of 21.09% by the end of 2029. Alternatively, the market in Singapore is anticipated to grow with the highest CAGR of 34.5% during the forecast period.
The global graphene oxide market is segmented by type into powder-based and solution-based, out of which, the solution-based segment is anticipated to grow with the highest CAGR of 30.8% during the forecast period. Further, based on application, the market is segmented into composites, paints, coatings & inks, energy storage & conversions, electronics & photonics, mask & other PPEs, catalyst, rubber, tires & other elastomers, and others. Amongst these, the energy storage & conversions segment is anticipated to hold the largest market share throughout the forecast period and garner a revenue of USD 140 Million by the end of 2029. Alternatively, the electronics & photonics segment is anticipated to grow with a significant CAGR of 32.0% during the forecast period. Furthermore, the market is segmented on the basis of end use industry into automotive & transportation, electronics, aerospace & defense, construction, textile, healthcare, and others, out of which, the electronics segment is anticipated to hold the largest market revenue of USD 161.2 Million by the end of 2029.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global graphene oxide market that are included in our report are NanoXplore Inc., Global Graphene Group, Graphenea, Inc., Avanzare Innovacion Tecnologica S.L., Directa Plus S.p.A., Cheap Tubes, BGT Materials Limited, The Sixth Element Materials Technology Co. Ltd., Garmor Tech, ACS Material, and others.
FREQUENTLY ASKED QUESTIONS
Increasing applications in the end-use industries and growing number of technological advancements are the major factors responsible for the growth of the market.
The market is anticipated to attain a CAGR of 30.3% over the forecast period i.e., 2021-2029.
High production cost & difficulty in mass production is estimated to act as barriers to the market growth.
Asia Pacific is estimated to create notable growth opportunities for market growth over the forecast period.
The major players in the market are NanoXplore Inc., Global Graphene Group, Graphenea, Inc., Avanzare Innovacion Tecnologica S.L., Directa Plus S.p.A., Cheap Tubes, BGT Materials Limited, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-use industry, and by region.
The energy storage & conversion segment is anticipated to hold largest market size in value and is estimated to display significant growth opportunities.
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