Graphene Coating Market by Product Type (Solvent-based and Water-based), Application (Corrosion-resistant Coating, Scratch-resistant Coating, Antifouling Coating, Flame-retardant Coating), End-use industry, and Region - Global Forecast to 2028
Updated on : August 22, 2024
Graphene Coating Market
The graphene coating market was valued at USD 137 million in 2023 and is projected to reach USD 496 million by 2028, growing at 29.4% cagr from 2023 to 2028. Numerous applications, including corrosion-resistant, scratch-resistant, antifouling, flame retardant coating and others, require graphene coating. The expansion of these applications directly influences graphene coating demand in end use industries such as automotive, aeropspace, electronics, medical, marine and industria. Moreover, it's recognized for its unique and versatile properties, which aligns with global sustainability goals, and hence which supports market expansion.
Attractive Opportunities in the Graphene Coating Market
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Graphene Coating Market Dynamics
Drivers: Graphene coating exhibit a various remarkable properties.
Graphene coatings exhibit an array of remarkable properties that set them apart as a groundbreaking innovation in materials science. These exceptional characteristics make graphene coatings highly sought after for a wide range of applications.
Graphene, a single layer of carbon atoms arranged in a hexagonal lattice, has captured the imagination of scientists and engineers worldwide for its extraordinary properties. When applied as a coating to various surfaces, graphene imparts these unique qualities, opening the door to a new era of material engineering.
Exceptional Strength: Graphene is renowned for its incredible strength. It is approximately 200 times stronger than steel, yet incredibly lightweight, Superb Electrical Conductivity: Graphene is an outstanding conductor of electricity. As a coating, it enhances the electrical properties of substrates, making it indispensable in electronics. Graphene boasts excellent thermal conductivity properties, making it highly efficient at dissipating heat. Impermeability: Graphene is impermeable to gases and liquids, making it an ideal choice for creating barriers. Graphene's transparency is a remarkable feature. When used as a coating,
Restraints: Competition from substitutes
The utilization of graphene coatings represents a transformative leap in material science, but it's not without formidable competition from other materials. While graphene offers a wealth of extraordinary properties, alternative substances continue to challenge its supremacy in various applications.
In the automotive industry, polymer-based coatings and components are favored for their lightweight and versatile nature. Graphene's lightweight properties make it a competitor, but polymer materials are prevalent due to their affordability and ease of use. In abrasive and high-temperature environments, ceramics are preferred for their durability. Graphene coatings offer resistance, but ceramics are deeply rooted in industries like aerospace and manufacturing. Traditional touch screens rely on brittle indium-tin oxide (ITO) for conductivity, but ITO's fragility leads to cracking and delamination. In contrast, graphene coatings, known for their exceptional strength and flexibility, provide a breakthrough alternative. Graphene-coated touch screens are highly durable, flexible, and transparent, offering a longer lifespan and resistance to damage, thus revolutionizing the touch screen industry.
Opportunities: Improved performance over traditional coatings
Graphene coatings offer several advantages over other coatings, such as ceramic coatings, due to their exceptional properties and diverse applications. Graphene coatings provide extreme durability and are highly resistant to scratches and wear. Due to their flexibility, graphene coatings are relatively easier to apply and can bond well with a variety of surfaces, potentially reducing application time and labor costs. Graphene, with its strong covalent bonds, provides exceptional mechanical strength. Coatings infused with graphene enhance the overall toughness and resistance to physical damage, making them more durable compared to traditional coatings. Graphene is an incredibly lightweight material. When incorporated into coatings, it adds minimal weight to the substrate while providing significant strength and durability. This is particularly advantageous in industries like aerospace and automotive, where weight reduction is critical for fuel efficiency and performance.
Challenges: Material integration
While graphene coatings offer remarkable properties that contribute to enhanced performance in various applications, their widespread adoption faces challenges, particularly in the realm of material integration. The integration of graphene coatings into existing materials and industrial processes poses several hurdles that need to be addressed for seamless incorporation.
Achieving a uniform and consistent application of graphene coatings across various surfaces can be challenging, especially when dealing with complex geometries or large-scale applications, requiring precise application methods and equipment.
Graphene Coating Market Ecosystem
The solvent-based graphene coating product type segment to account for the largest market share, in terms of value and volume.
Over the course of the estimated period, the solvent-based product type of graphene coating is expected to witness the largest market share and to dominate the worldwide graphene coating market. Solvent-based graphene coatings offer a range of benefits and have wide-ranging potential applications across various industries.
Demand of this graphene coating has significantly increased across a range of industries, especially for recycled materials. These include the corrosion-resistant, scratch-resistant, antifouling where it is notable for its properties and affordability, as well as the construction and industrial sectors, where it is crucial for durability.
Corrosion-resistant graphene coating is expected to lead the global graphene coating market during the forecast period.
Graphene coating corrosion-resistant application is expected to grow at the greatest Compound Annual Growth Rate (CAGR) due to its favorable properties. Graphene coatings have been found to be effective in providing corrosion protection for various substrates, contributing to the longevity and durability of coated surfaces. Graphene corrosion-resistant coatings find application across diverse industries, encompassing automotive, aerospace, industrial, marine, as well as hydrophobic and anti-static coatings. Their deployment extends to safeguarding metal surfaces from corrosion and deterioration, thereby elongating the lifespan of the materials they coat. These coatings are specifically administered to exterior surfaces, engine components, and structural elements, delivering heightened protection, durability, and overall performance. In industrial and marine settings, they play a pivotal role in corrosion protection and wear resistance, significantly contributing to the prolonged functionality and lifespan of equipment and structures.
Automotive segment to be the fastest growing end use segment between 2023 to 2028.
The automotive is projected to experience the highest Compound Annual Growth Rate (CAGR) during the forecasted period. In contrast, automotive end use segment is expected to hold the largest market share in 2022, in terms of value. Graphene coating is in considerable demand, especially in the automotive industry. It finds applications in the coating of the different parts of cars etc.. leveraging their unique properties to enhance performance, durability, and overall efficiency.
Asia Pacific holds the maximum share along with the maximum CAGR in terms of both, volume and value.
The Asia-Pacific region took a commanding position in the global graphene coating market in 2022, securing the largest market share. Furthermore, from 2023 to 2028, this region is expected to experience the greatest Compound Annual Growth Rate (CAGR). Because of the large and quickly growing population in the Asia-Pacific region, graphene coating has found a home in this vibrant and promising market. This region is home to almost 60% of the global population, thus it is not surprising that graphene coating is used so widely in so many different applications. The spectacular economic growth of the region has also contributed to the development of industrial applications and infrastructure, as well as the increased demand for graphene coating s across a variety of industries, including automotive, aerospace, electronics, marine, medical and construction industry. The Asia-Pacific region's dynamic customer base and governmental backing for the industries are key factors in satisfying the world's demand for graphene coating .
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Riseing demand by advancements in healthcare sector
Advancements in the medical industry related to graphene coatings are poised to revolutionize various aspects of healthcare. Graphene, with its unique properties such as biocompatibility, electrical conductivity, and high surface area, offers promising applications in medical coatings. These coatings are being explored for use in medical devices, implants, and drug delivery systems. In the realm of medical devices, graphene coatings contribute to improved biocompatibility, reduced friction, and enhanced durability. For implants, graphene's ability to promote cell adhesion and growth holds potential for enhancing the integration of implants
With the ever-changing fashion scene and the increasing popularity of active lifestyles, graphene coating has never had more prospects in the textile sector.
These advancements signify a transformative shift in medical technology, promising more effective and patient-friendly solutions with the integration of graphene coatings. Ongoing research and collaborations within the medical and graphene communities are expected to drive further innovations in this rapidly evolving field.
Graphene Coating Market Players
- NanoXplore Inc. (Canada)
- Vorbeck Materials Corp (US)
- Universal Matter (Canada)
- Xiamen Knano Graphene Technology Co., Ltd (China)
- Graphenea Inc. (Spain)
- Grafoid Inc.(Canada)
- KISHO Corporation Co.,Ltd. (Japan)
- Haydale Graphene Industries PLC (UK)
- Directa Plus S.p.A. (UK)
- Petroliam Nasional Berhad (PETRONAS) (Malaysia)
- Global Graphene Group (US)
- Deyang Encarbon Technology Co., Ltd. (China)
These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the graphene coating industry. The study includes an in-depth competitive analysis of these key players in the graphene coating market, with their company profiles, recent developments, and key market strategies.
Read More: Graphene Coating Companies
Graphene Coating Market Report Scope
|
Report Metric |
Details |
|
Market size available for years |
2021–2028 |
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Base year considered |
2022 |
|
Forecast period |
2023–2028 |
|
Forecast units |
Value (USD Thousand), Volume (Ton) |
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Segments Covered |
By Product Type, By Application, By End use industry and Region |
|
Regions covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Companies covered |
NanoXplore Inc. (Canada), Vorbeck Materials Corp (US), Universal Matter (Canada), Xiamen Knano Graphene Technology Co., Ltd (China), Graphenea Inc. (Spain), Grafoid Inc.(Canada), KISHO Corporation Co., Ltd. (Japan), Haydale Graphene Industries PLC (UK), Directa Plus S.p.A. (UK), Petroliam Nasional Berhad (PETRONAS) (Malaysia), Global Graphene Group (US), Deyang Encarbon Technology Co., Ltd. (China). |
Based on Product Type:
- Water-Based
- Solvent-Based
Based on the Application:
- Corrosion-resistant Coating
- Scratch-resistant Coating
- Anti Fouling Coating
- Flame Retardant Coating
- Others ()
Based on the End-use Industry:
- Automotive
- Aerospace
- Electronics
- Medical
- Marine
- Others (Industrial, Textile)
Based on the Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
Recent Developments
- In June, 2023, Graphite One Inc and Vorbeck Materials Corp teaming agreement will target transformative applications in bothe commercial and defense sectors.
- In Feb, 2023, Universal Matter has agreed to acquire all shares of Applied Graphene Materials UK Limited and Applied Graphene Materials LLC, the main operating subsidiaries of Applied Graphene Materials plc, for a total consideration of USD 1.3 million. This acquisition will significantly enhance Universal Matter’s dispersion and application capabilities for advanced paints and coatings.
- In Feb 2022, Ethos Car Care has partnered with Petty GMS as an associate sponsor for the 2022 NASCAR Cup Series season.
Frequently Asked Questions (FAQ):
Which are the key players of graphene coating market and what are their strategies to strengthen their market presence/shares?
Some of the key players of graphene coating market are NanoXplore Inc. (Canada), Vorbeck Materials Corp (US), Universal Matter (Canada), Xiamen Knano Graphene Technology Co., Ltd (China), Graphenea Inc. (Spain), Grafoid Inc.(Canada), KISHO Corporation Co.,Ltd. (Japan), Haydale Graphene Industries PLC (UK), Directa Plus S.p.A. (UK), Petroliam Nasional Berhad (PETRONAS) (Malaysia), Global Graphene Group (US), Deyang Encarbon Technology Co., Ltd. (China) among others, are the key manufacturers that secured contracts, deals in the last few years. Agreements, expansions, technological developments, contracts, and deals was the key strategies adopted by these companies to strengthen their market presence.
What are the drivers and restraints for the graphene coating market?
Cost effectiveness is one of the major driver for the graphene coating market while competetion from substitutes is acting as a restraint for graphene coating market.
Which is the fastest growing country-level market for graphene coating market and what would be the reason of that growth?
China is the fastest-growing graphene coating market. The growth is due to the rapid industrialization and economic development have led to a substantial increase in the demand for textiles, apparel, and various consumer goods. Graphene coating 's affordability and versatility have made it a preferred choice for both manufacturers and consumers.
What is the major factor on which the final price of graphene coating rely?
Price and availability of raw material along with the type of manufacturing process used plays an important role in determining the costs of the graphene coating .
Which region is expected to hold the highest market share?
Asia Pacific will dominate the market share in forecasted period i.e between 2023 to 2028, due to the huge demand coming from the countries like China, Japan, India and South Korea.
What is the biggest restraint in the graphene coating market?
Material integration is one of the biggest restraint to the market. Successfully integrating graphene coatings into a variety of materials presents a considerable challenge, impeding their widespread utilization. The complex task of establishing robust adhesion and compatibility with diverse substrates adds to the difficulty of seamlessly incorporating graphene coatings into various industrial applications .
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The study involved two major activities in estimating the current size of the graphene coating market. Exhaustive secondary research was carried out to collect information on the market, peer markets, and the parent market. The next step was to validate the findings obtained from secondary sources, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the total market size. After that, the market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering graphene coating and information from various trade, business, and professional associations. Secondary research has been used to obtain critical information about the industry’s value chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. The secondary data was collected and analyzed to arrive at the overall size of the graphene coating market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the graphene coating market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from graphene coating industry vendors; system integrators; component providers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, application, vertical, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using the graphene coating industry, were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of graphene coating and future outlook of their business which will affect the overall market.
The Breakup of Primary Research:
Note: Companies are classified based on their revenues, product portfolios, and geographical presence.
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Market Size Estimation:
The research methodology used to estimate the size of the graphene coating market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations of graphene coating in different applications at a regional level. Such procurements provide information on the demand aspects of the graphene coating industry for each application. For each application, all possible segments of the graphene coating market were integrated and mapped.
Graphene coating Market Size: Botton Up Approach
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Graphene coating Market Size: Top Down Approach
Data Triangulation:
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Graphene coating is a protective layer made from graphene, a single layer of carbon atoms arranged in a hexagonal lattice. Graphene is known for its extraordinary strength, exceptional thermal and electrical conductivity, and remarkable flexibility. When used as a coating, graphene provides enhanced durability, conductivity, and corrosion protection. It is considered the sturdiest material known to exist on earth, being more rigid than steel and lighter than paper. Graphene coatings are increasingly being used in various industries such as automotive, aerospace, electronics, medical and marine due to their superior anti-corrosion performance, scratch resistant, flame retardant, improved sustainability, and energy efficiency. They are applied to various surfaces to provide long-lasting protection against environmental elements, UV radiation, and chemical exposure. The use of graphene in coatings is expected to revolutionize various industries and provide extensive application possibilities.
Key Stakeholders
- Graphene coating manufacturers and distributors
- Key application segments for Graphene coating
- Research and consulting firms
- R&D institutions
- Associations and government institutions
- Environmental support agencies
Report Objectives:
- To estimate and forecast the size of the graphene coating market in terms of volume (TON) and value (USD Thousand)
- To define, describe, and forecast the size of the graphene coating market based on product type, application, end use industry and region.
- To forecast the size of various segments of the market based on five main regions-—Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America, along with major countries in each region
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the graphene coating market across the globe
- To identify and profile key market players and analyze their core competencies
Available Customizations
Along with the market data, MarketsandMarkets offers customizations according to the specific needs of the companies.
The following customization options are available for the report:
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company's market
Growth opportunities and latent adjacency in Graphene Coating Market