Graphene Coating Market Share, Size, Trends, Industry Analysis Report, By Product Type (Water-Based, Solvent-Based); By Application; By End-use Industry; By Region; Segment Forecast, 2024 - 2032
- Published Date:Mar-2024
- Pages: 114
- Format: PDF
- Report ID: PM4475
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global graphene coating market was valued at USD 183.86 million in 2023 and is expected to grow at a CAGR of 29.3% during the forecast period.
The unique properties of graphene, such as flexibility, lightness, higher resistance, electrical compatibility, and more, drive its use in numerous applications, including healthcare. This graphene coating has been used in medical devices, drug delivery systems, and implants. Studies are exploring the benefits of graphene coating in healthcare. For instance, a 2022 study focused on reviewing the application of graphene in antimicrobial and coating applications in medicine and dentistry. Graphene can prevent the colonization of bacteria due to its bio-compatibility, corrosion prevention, & anti-microbial properties. The presence of a graphene layer on medical implants is known to enhance their surface properties, facilitating their use in biomedical applications.
- For instance, in May 2023, Gerdau Graphene unveiled its new graphene additives, NanoDUR and NanoLAV, for water-based paints & coatings without changing pH levels.
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Moreover, the growing interest in green mobility attributable to rising greenhouse gas emissions is showing significant opportunities for the graphene coating market. However, higher costs of production, a lack of potential for mass production, and lower awareness about graphene coating due to the traditional established marketplace for ceramic coating are major factors impeding the growth of the market.
Growth Drivers
Rising adoption of graphene coating in specialized industries
Graphene is gaining momentum in the industrial and technological space with increased investment and research activities. In December 2023, Eastern Pacific Shipping unveiled its developments in graphite innovation and technologies and biocide-free propeller coating after the positive results of its use in LPG tankers. It is a three-layer graphene-based coating technology applied to vessels to stay sturdy in extreme operational conditions, avoiding the need for propeller polishing. It is eco-friendly and durable, generating significant interest from companies with its sustainable and cost-effective option. As more companies work on the utility of graphene in multiple areas with ongoing preferences towards environmentally friendly products, there will be significant growth opportunities for the graphene coating market during the forecast period.
Furthermore, in April 2023, Stolt Tankers announced its plan to apply graphene-based propeller coating, Ultra-Slick Prop Coating, to 25 more vessels (five ships) in its fleet after a significant reduction in fuel consumption in a trial test. As this application penetrates the market, in the future there will be a significant rise in the demand for graphene coating.
In automobiles, graphene is gaining utility potential as a coating because of its anticorrosion properties, high thermal conductivity, durability, hydrophobicity, and slicker. It is preferred by the vehicle with the highest potential to be exposed in harsh environments. Companies and government agencies are working on a deep dive into the potential benefits of graphene. In August 2023, Graphene Flagship Innovations un-ravelled the applications of graphene in automotive vehicle sensors, lubricants, anticorrosion paints, lightweight components, and batteries.
Report Segmentation
The market is primarily segmented based on product type, application, end-use industry and region.
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By Product Type |
By Application |
By End-use Industry |
By Region |
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By Product Type Analysis
Solvent-Based segment is expected to witness the highest growth during the forecast period
The solvent-based segment will grow rapidly, mainly driven by its improved adhesive properties and ease of application. It is suitable for harsh environments, including humidity and high temperatures, as it takes less time to dry compared to water-based paints. This is block-resistant after the drying stage, making surfaces stick together with the painting.
The water-based coating is also witnessing significant demand attributable to its cost effectiveness, enhanced corrosion and scratch resistance, and anti-static properties, making the vehicle, primarily the car, stay clean for a longer time.
By Application Analysis
Corrosion-resistant coating segment accounted for the largest market share in 2023
The corrosion-resistant coating segment accounted for the largest share. Corrosion restrains the manufacturing process and leads to additional maintenance and repair costs for companies. This is driving the use of corrosion-free coatings in marine, automobile, medical, and aerospace fields. It improves the operational efficiency of metals and other components.
The scratch resistance segment is expected to witness significant growth in the market due to its high flexibility and durability. Protection from wear and tear is the key factor, making it attractive for scratch resistance in the marketplace. These factors are expected to contribute to the growth of the market during the study period.
By End-use Industry Analysis
Automotive segment held the significant market revenue share in 2023
The Automotive segment held the largest share, due to the continuous change in consumer interests for appealing automobile looks, encouraging companies to spend additional investment and research activities on developing cutting-edge coatings. Consumers willing to spend higher costs for additional looks are driving the adoption of graphene coating in various applications.
Regional Insights
Asia Pacific region registered the largest share of the global market in 2023
The Asia Pacific dominated the market. Region’s growth is attributed to the presence of a larger population and increasing purchasing power among consumers. The companies are adopting the latest coating technologies in automobiles with a view to increasing their brand coverage and enhancing their competitiveness in the marketplace. According to the Federation of Automobiles Associations (FADA), India auto sales registered a 19% surge in the festive season 2023 (Navaratri to and fifteen days to post-Dhanteras). This ongoing trend is the leading factor in the demand for graphene coating in the region.
North America will grow at the healthy pace, owing to the growing consumption of graphene coating in end-use industries, including aerospace, marine, electronics, and medical devices. The increased research and innovation activities in the field of graphene coating in the region and their importance in the application of graphene coating technologies in several aspects are expected to propel the growth of the market during the forecast timeframe.
Key Market Players & Competitive Insights
The graphene coating market is moderately consolidated, with the few major players in the market driven by strategic collaborations, partnerships, and acquisitions. Major players in the market are showing a willingness to invest in the development of advanced coating technologies, which is driving the expansion of the graphene coating market in the global space. For instance, in October 2023, Graphenea Inc. initiated a new research project, GIANCE, with a view to facilitating sustainable graphene-based solutions to solve environmental challenges. It involves the development of graphene-based coatings, foams, and more.
Some of the major players operating in the global market include:
- Directa Plus S.p.A.
- Deyang Encarbon Technology Co., Ltd.
- Global Graphene Group
- Grafoid Inc.
- Graphenea Inc.
- Haydale Graphene Industries PLC
- KISHO Corporation Co., Ltd.
- NanoXplore Inc.
- Petroliam Nasional Berhad (PETRONAS)
- Universal Matter
- Vorbeck Materials Corp
- Xiamen Knano Graphene Technology Co., Ltd.
Recent Developments
- In July 2023, Haydale received a contract from Cadent to build graphic ink- and coating-based heaters with lower power radiators. This is a three-stage project with a duration of 12 months and an amount of £350,000.
- In March 2023, Universal Matter UK Limited acquired all shares of Applied Graphene Materials UK Ltd & Applied Graphene Materials for a total value of USD 1.3 million.
Graphene Coating Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 237.40 million |
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Revenue forecast in 2032 |
USD 1,854.66 million |
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CAGR |
29.3% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments covered |
By Product Type, By Application, By End-use Industry, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The Graphene Coating Market report covering key segments are product type, application, end-use industry and region.
Graphene Coating Market Size Worth $1854.66 Million By 2032
The global graphene coating market is expected to grow at a CAGR of 29.3% during the forecast period.
Asia Pacific is leading the global market
key driving factors in Graphene Coating Market are Rising adoption of graphene coating in specialized industries
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