Graphene Oxide Market Trends

Growth Drivers

• Growing Need for Water Treatment– Owing to graphene’s hydrophilic nature, they are highly used in making thin films used for water treatment. According to the United Nations, in 2020, 1.2 billion people lacked even the most basic level of water sanitation service, making two billion people without access to safely managed drinking water services. Moreover, in rural areas, every 8 out of 10 individuals lack clean drinking water.
• Higher Adoption of Battery– Graphene-based batteries are the revolutionizing technology, as graphene is known to increase the battery life’s span and also facilitate faster charging. By 2030, the demand for batteries is anticipated to have increased from around 185 GWh to more than 2,000 GWh.
• Technological Advancement in Graphene Products– Appear Inc, a San Francisco-based electronics setup, launched the world’s lightest 5g smartphone powered by graphene battery. The phone has water-resistant technology moreover, the graphene-made battery is very long-lasting and have charging capabilities.
• Growing Popularity of Electric Vehicles– As per the data of the International Energy Agency, in 2021, sales of electric vehicles including completely electric and plug-in hybrids doubled to 6.6 million. Additionally, in the first quarter of 2022, 2 million electric automobiles were sold worldwide, a three-fourth increase from the same period the previous year.
• Efforts Put by Government to Boost Graphene Production– The biggest research initiative taken by European Union, the Graphene Flagship published more than 3800 research paper in 2020 and introduced two large large-scale production systems for graphene in the same year. Moreover, The Graphene Flagship's academic and commercial partners worked together to develop graphene-enabled silicon batteries and increased its capacity by approximately 30%.

Challenges

• Lack of mass production of graphene oxide
• High price of material required for the production of graphene oxide
• Lack of availability of raw material for manufacturing graphene batteries - Graphene battery is a breakthrough technology but has various limitations, such as lack of raw material. Additionally, these graphene oxide-based batteries cannot be switched off, as they have electrons present everywhere and lack a bandgap. These batteries have poor capacity retention. Therefore, these factors are likely to hinder market growth.