NEW YORK, April 23, 2020 (GLOBE NEWSWIRE) -- Graphene is used during the manufacturing of hemoglobin-, cholesterol-, and glucose-measuring bioelectric sensory devices, owing to the fact that this material is thin and strong. Other application areas of the compound in the medical sector include cancer treatment, therapeutic tools, prosthetic devices, dental implants, and deoxyribonucleic acid (DNA) testing. Further, extensive research is being conducted to explore the usage of graphene nanomaterials, in combination with medications, vaccine carriers, and nano adjuvants, to enhance the efficiency of the human immune system.
Thus, propelled by the widening application area of the material in the medical industry, the global graphene market, which generated $87.5 million in 2019, is predicted to grow to $646.8 million by 2030. Additionally, between 2020 and 2030 (forecast period), the market is expected to witness a healthy CAGR of 20.2%.
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Powder Form to Witness Fastest Growth during Forecast Period
The powder division would witness the fastest growth in the graphene market during the forecast period, at a CAGR of 20.6%. This is because of the high preference for this form of the compound in printing technologies, storage batteries, and sensors. Further, graphene powder can be handled more easily than dispersion and flakes, which also results in the higher consumption of the material in the form of powder.
In 2019, electrical & electronics was the largest category in the graphene market, due to the rising demand for the material in the production of coatings for touch screens as well as precise sensors and flexible displays. This is because graphene exhibits high mechanical strength and electrical conductivity, which make it ideal for such products.
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During the historical period (2014–2019), Asia-Pacific (APAC) held the largest share in the graphene market, majorly because of the importance of the compound in the medical, energy, and electrical & electronics sectors of the region. In the coming years, North America is expected to witness the highest CAGR, as the usage of the material for aircraft and automotive composites is growing in the region.
Market Witnessing Numerous Mergers and Acquisitions
In recent times, the graphene market has been subject to a number of mergers and acquisitions, with companies stepping up efforts for mutual growth. For instance, in October 2018, Graphene Semiconductor Services Pvt. Ltd., which offers end-to-end semiconductors services from its head office in Bangalore, India, was acquired by L&T Technology services.
Moreover, NanoXplore Inc., which supplies graphene powder to the industrial sector, acquired Sigma Industries Inc., for $14.16 million (CAD 18.8 million), including a cash consideration of $6.78 million (CAD 9 million), in July 2018.
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The major players in the global graphene market are The Sixth Element (Changzhou) Materials Technology Co. Ltd., Garmor Inc.,2D Carbon Graphene Material Co. Ltd.,GRAFENTEK, Angstron Materials Inc., Ad-Nano Technologies Private Limited, Graphene 3D Lab, A ixtron AG, Graphene Leaders Canada, Deyangene Carbon Technology Co. Ltd., Graphene Square Inc., Graphene-XT,AMO GmbH, Haydale Limited, Ningbo Moxi Technology Co. Ltd., Incubation Alliance Inc., Asbury Carbons Inc., Jiangmen Daxing Knitting Co. Ltd., and Xiamen Knano Graphene Technology Co. Ltd.
Micro Powders Inc., Cambridge Nanosystems, NANOCHEMAZONE, Northern Graphite Corporation, XG Sciences Inc., Ontario Graphite Ltd., Canada Carbon Inc., planarTECH LLC, Applied Graphene Materials, Saint Jean Carbon Inc., DIRECTA PLUS S.p.A, Sigma Industries Inc., 2D-Tech Graphene, Talga Resources Ltd.Graphenea S.A., Dotz Nano, NanoXplore Inc., Elcora Advanced Materials Corp., Thomas Swan and Co. Ltd., ACS Material LLC, and First Graphene Limited are some other graphene market players.
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