By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Graphene Oxide market in North America can be attributed to several key factors. The North American graphene market is experiencing substantial growth, propelled by significant investments in research and development, notably within the United States. The region's advanced technological infrastructure and emphasis on innovation contribute to the widespread adoption of graphene across various industries. Collaborative efforts involving academic institutions, research organizations, and industry stakeholders further accelerate the development and commercialization of graphene-based products, shaping a dynamic market landscape.
In 2021, the manufacturing sector accounted for 11 percent of the U.S. GDP, establishing itself as the eighth-largest economy globally with a value-added of $2.64 trillion. Notably, the manufacture of motor vehicles and parts constitutes 6 percent of the manufacturing total and 11 percent of the durable goods subsector. Within the automotive industry, which continues to prioritize lightweight and innovative materials, graphene emerges as a pivotal factor driving advancements. Its integration plays a crucial role in making vehicles more efficient, sustainable, and technologically advanced.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GRAPHENE OXIDE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review
Europe's Graphene Oxide Market accounts for the second-largest market share as the growth of the electronics sector in emerging economies and the widespread adoption of graphene in composite applications are poised to drive the industry forward. Graphene finds application in a diverse range of products within this sector, including printed electronics, enhanced lithium-ion batteries, durable touchscreens, conductive inks, transistors, and optical electronics. Notably, graphene exhibits advantageous characteristics such as improved thermal conductivity, electron mobility, and mechanical strength. Moreover, graphene holds the potential to revolutionize the smartphone industry by replacing existing touchscreen technology with a more agile and cost-effective alternative.
Commercial applications span across various devices, including organic light-emitting diodes (OLEDs), liquid crystal displays (LCDs), and touchscreens for desktop computers, tablets, smartphones, and televisions. The electrical and digital industry in Germany, for instance, achieved revenues of USD 231.89 billion in 2021, reflecting a 9.7% increase from the previous year. Production within the electro and digital industries grew by 3.4% between December 2020 and December 2021, with industrial production values rising by 8.8% compared to 2020. The escalating consumer demand for electronics, touchscreen devices, and technology positions itself as a key driver for the anticipated expansion of the graphene market.
Further, the German Graphene Oxide Market held the largest market share, and the UK Graphene Oxide Market was the fastest-growing market in the European region
The Asia-Pacific Graphene Oxide Market is expected to grow at the fastest CAGR from 2023 to 2032. Graphene plays a pivotal role in the creation of aircraft and helicopter structures, making them lighter and more impact-resistant. The application extends to manufacturing deicing systems on wings, utilizing graphene's thermal/electrical conductivity, mechanical resistance, and easy functionalization. In defense, graphene finds use in diverse applications, including optoelectronic devices, flexible systems, ballistic protection materials, lightweight armor, military helmets, camouflage, and signature management.
China, a major player in both aircraft manufacturing and domestic air travel markets, has witnessed growth in its aircraft parts and assembly manufacturing sector, boasting over 200 small aircraft parts manufacturers. Despite facing a decline in previous years, the Chinese aerospace industry is steadily recovering, with the Civil Aviation Administration of China (CAAC) estimating domestic traffic to reach around 85% of pre-pandemic levels. Furthermore, Chinese airline companies have ambitious plans to acquire approximately 7,690 new aircraft in the next two decades, valued at approximately USD 1.2 trillion. This substantial investment is expected to drive demand in the graphene market.
According to the Stockholm International Peace Research Institute (SIPRI), China ranked as the world's second-largest military spender, allocated an estimated USD 292 billion to its military in the previous year, reflecting a 4.2% increase compared to the preceding year. China has consistently increased its military expenditure for 28 consecutive years. Moreover, China’s Graphene Oxide Market held the largest market share, and the Indian Graphene Oxide Market was the fastest-growing market in the Asia-Pacific region.
