Graphene Oxide Market size was over USD 179.93 Million in 2023 and is anticipated to cross USD 6.85 Billion by the end of 2036, growing at more than 32.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of graphene oxide is estimated at USD 232.24 Million. 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
32.3% |
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Base Year Market Size (2023) |
USD 179.93 Million |
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Forecast Year Market Size (2036) |
USD 6.85 Billion |
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Regional Scope |
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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 at the end of 2036, by growing at a CAGR of 31.6% over the projected time frame. 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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Asia Pacific Market Forecast
The Asia Pacific graphene oxide market, amongst the market in all the other regions, is projected to hold largest industry share of 39% by 2036. 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.
Author Credits: Rajrani Baghel
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