Increased demand for graphene coatings from various end-use industries like medical, automotive and electrical & electronics drive the growth of the global graphene coatings market. In terms of application, the corrosion resistant coatings segment held the major CAGR in 2031.
PORTLAND, Ore. , Sept. 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Graphene Coatings Market by Application (Scratch Resistant coatings, Corrosion Resistant Coatings, Anti Fouling Coatings, Pollution Adsorption Coatings, Flame Retardant coatings, Others), by end use Industry (Automotive, Marine, Medical, Industrial, Electrical and electronics, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031." According to the report, the global graphene coatings industry generated $1.4 million in 2021, and is estimated to reach $17.9 million by 2031, witnessing a CAGR of 29.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Graphene is extensively used for the manufacturing of various products such as batteries and transistors, components of solar cells, non-stick coatings, water filters, touchscreens (for LCD or OLED displays) and more. Hence, increased demand for graphene coatings from various end-use industries like medical, automotive and electrical & electronics is expected to fuel the growth of the global graphene coatings market. However, the lack of global penetration due to lack of awareness about the product benefits and the risk associated on human health due to the processing of graphene with toxic chemicals hinder the market growth. On the other hand, the growth in pharmaceutical, coatings, energy, and electronics markets, rapid technical breakthroughs, and a greater focus on research and development activities present new opportunities for the market in future.
The outbreak of the COVID-19 pandemic hampered the growth of the global graphene coatings market.
The international aerospace industry was one of the worst hit industries by the pandemic. Airlines, airports, and other market participants faced significant revenue losses. Consequently, the manufacturers of grapheme coatings that cater to this industry were heavily affected, leading to a reduced demand.
The pandemic also caused enormous disastrous effects on car manufacturing businesses worldwide. As a result, the graphene coatings sector catering to this industry also faced troubles.
However, the demand for grapheme coatings from end use industries returned to normal with the lifting of restrictions in the post-pandemic phase. The key players explored measures to minimize the pandemic's impact on their businesses.
The corrosion resistant coatings segment to achieve the fastest growth during the forecast period
Based on application, the corrosion resistant coatings segment contributed to the fastest CAGR of 31.24% in 2031. Corrosion-resistant coatings find extensive use on metal parts for preventing corrosion. They can help prevent degradation brought on by oxidation, moisture, exposure to chemicals and more. The research also analyses the segments such as scratch resistant coatings, anti-fouling coatings, pollution adsorption coatings and flame retardant coatings.
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The industrial segment to maintain its lion's share during the forecast period
Based on end use industry, the industrial segment held the largest share of nearly one-fifth of the global graphene coatings market in 2021, and is expected to maintain a prominent growth during the forecast period. Graphene coatings are widely used in various industries, including automotive, electronics, aerospace, oil & gas, mining, marine, and power generation. Environment friendly nature of graphene coatings and stringent government regulations are driving the demand. However, the medical segment is likely to exhibit the highest CAGR of 31.85% in 2031. Properties of graphene coatings such as low friction, high lubricity, and excellent durability enhance and extend the service life of medical devices. Growing income levels in emerging economies, a rise in the geriatric population, and the increasing use of home healthcare facilities also drive the demand for graphene coatings.
Asia-Pacific to achieve the fastest growth by 2031
Based on region, Asia-Pacific is anticipated to manifest the fastest CAGR of 37.75% during the forecast period, 2022-2031, as the region is home to many automotive, marine, medical and electrical & electronics industries. However, North America held the largest market share in 2021, accounting for more than one-third of the global graphene coatings market, and is likely to lead the trail throughout the forecast period, as the region has a large presence of many small- and medium-scale manufacturers for graphene coatings. The other regions discussed in the report are Europe and LAMEA.
Directa Plus S.p.A
Thomas Swan & Co. Ltd.
The report analyzes these key players of the global graphene coatings market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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