CHICAGO, Nov. 27, 2023 /PRNewswire/ -- The report "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", is estimated at USD 137 million in 2023 and is projected to reach USD 496 million by 2028, at a CAGR of 29.4% from 2023 to 2028. The expansion of this market can be ascribed to the rising demand stemming from various applications such as corrosion-resistant, scratch-resistant, antifouling, flame-retardant and others. Additionally, there is a growing appetite for graphene coating in the automotive end-use industry, which is serving as a driving force for the global growth of graphene coating.
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Solvent-based product type of graphene coating is expected to account for the largest market share in forecasted period, in terms of both value and volume.
The Solvent-based graphene coating product type is expected to hold the largest share in the global graphene coating market and also water-based predicted to witness the highest CAGR during the forecasted period. Solvent-based graphene coatings provide enhanced durability, conductivity, and corrosion protection, making them suitable for a wide range of protective and functional applications.
Scratch-resistant coating applications of graphene coating are expected to witness the second-highest CAGR between 2023 to 2028.
Graphene coatings are increasingly being used in various industries due to their exceptional properties and diverse applications, particularly in scratch-resistant applications. The strong covalent bonds within the graphene lattice contribute to its exceptional mechanical strength. Graphene coatings, therefore, exhibit high scratch resistance, protecting surfaces from abrasions and scratches caused by daily wear and tear. This property is especially advantageous in applications where maintaining the aesthetic appeal and structural integrity of surfaces is essential. Graphene coatings are applied to the exterior body panels of vehicles to provide a protective layer against scratches caused by various reasons. Graphene coatings can protect the screens and casings of electronic devices from scratches, improving the longevity and visual appeal of these devices.
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Automotive and aerospace segments to dominate the graphene coating market.
In the large and ever-changing graphene coating market, the automotive and aerospace industry remains the undisputed leader. Among many other end-use industries, it leads due to its application popularity. Graphene coatings provide superior scratch resistance, protecting the exterior paintwork of the car from environmental elements, UV radiation, and chemical exposure, contributing to the longevity and appearance of the vehicle. Graphene coatings are used for thermal management applications, providing improved heat dissipation and reducing the risk of overheating in automotive and aerospace components. Graphene coatings are used to reduce the weight of aerospace components, contributing to improved fuel efficiency and reduced emissions. Graphene coatings are applied to the exterior surfaces of aerospace components, such as aircraft fuselages, wings, and tail sections, to provide protection against environmental elements, corrosion, and wear. The automotive and aerospace business is the backbone of the graphene coating industry, leading the way for other applications with its diverse appeal and enduring relevance.
Asia Pacific accounts for the largest market share and the highest CAGR in the global graphene coating market.
Asia Pacific region dominated the global graphene coating market in 2022 by holding the largest market share. Furthermore, this region is projected to experience the highest Compound Annual Growth Rate (CAGR) from 2023 to 2028. The Asia Pacific has emerged as a thriving and promising market for graphene coating, driven by the region's substantial and rapidly expanding population. With approximately 60% of the world's population residing in this region, the extensive utilization of graphene coating across various applications is quite notable. In addition, the region's impressive economic expansion has supported the growing demand for graphene coating in a variety of industries, including automotive, electronics and aerospace, along with the development of industrial applications. Because of the region's constantly changing consumer base and government backing for the automotive and aerospace sectors, Asia-Pacific plays a significant role in meeting the world's demand for graphene coating.
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Market Players
Prominent companies in the graphene coating market include 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) and others.
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