The global demand for lightweight and flexible materials with long life span has seen graphene emerge as the preferred building material for many companies across a wide range of industries.
With properties such as high mechanical strength and thermal and electrical conductivity, graphene is able to replace existing materials in many industries and finds its application in products like sensors, batteries, semi-conductors, displays, electronics, medicine and others.
These factors have all contributed to the rapid growth of the global graphene market which, according to a report compiled by third-platform research firm Persistence Market Research (PMR), is expected to register an impressive growth by 2026.
“Increasing demand for lightweight, flexible and renewable materials with long life span are few factors fuelling the growth of global graphene market,” reads the report.
“The requirement of nanotechnology in electronic goods industry is also pumping the growth of graphene market. “
According to the report, the global energy and Li-ion batteries markets are also contributing to the increased demand for graphite.
“Products like solar panels, batteries performance can be improved with the use of graphene which is another driving factor for global graphene market,” it says in the report.
“Other forms of graphene such as Graphene oxide (GO) is one of the form of graphene driving the growth of graphene market in regions like North America as it finds application in electronic devices, catalytic oxidation, biotechnology, and others.”
The manufacture of graphene, however, is constrained due to stringent regulatory compliance for inflammable goods (graphene is a highly flammable material) and the high priced equipment needed for the manufacturing process.
In terms of market share and projected market growth, regions such as North America and Asia Pacific are expected to be the major consumers of graphene due to high demand of energy and electronic goods in these regions.
Asia has major proven reserves for graphene, particularly in China, which is also the largest producer of electronic goods and has a huge market for graphene products. Other regions such as North America are also contributing in low cost production of graphene with latest technology fuelling the growth of global graphene market.
According to the report, the graphene market is expected to be highly competitive in the near future, with most of the global graphene players contributing in research and development of the material.
Haydale Graphene Industries PLC, Applied Graphene Materials plc., Graphene 3D Lab Inc., Vorbrck Materials, XG Sciences, Inc., NanoXplore Inc., and 2D Carbon Graphene Material Co. are some of the world’s biggest players involved in the production and supply of graphene.
Australian companies are also looking to penetrate the growing graphene market. Industrial minerals company Talga Resources recently produced and delivered its first value-added graphene based product, whereas graphene solutions company Imagine Intelligent Materials (Imagine IM) officially opened Australia’s first commercial graphene plant in Geelong in June 2016.