Saudi Arabia Graphene Market Growing Profusely: Projected to Grow at a CAGR of 18.0% by 2027
Published | 25 October 2021
Saudi Arabia graphene market is growing at a high CAGR because of the wide application of this nanomaterial in various industries along with extensive research and development activities…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia graphene market is estimated to grow at a CAGR of 18.0% during the forecast period. Due to the wide application of graphene in many different industries, the Saudi Arabia graphene market is growing at a rapid pace. Graphene is being widely used in the construction energy as well as the renewable energy sector in Saudi Arabia, which is positively affecting its market demand. This nanomaterial poses magnificent thermal and electrical conductivity, which is why its use in the energy sector is growing at a high rate, propelling the market growth. With its excellent properties and impressive growth potential, graphene is also attracting researchers in the country, which is anticipated to boost the market during the forecast period. Graphene's adverse effects on human and animal health can however negatively impact the growth of the Saudi Arabian graphene market.
Growing Demand for Nanocomposites is Boosting The Demand For Graphene In Saudi Arabia
Saudi Arabia is a country with huge growth potential but the lack of resources gets into its way of development. Therefore, the demand for artificial materials and elements that pose extraordinary properties is growing in this country. Nanomaterials such as graphene are emerging as potential materials as a result. Nanomaterials have replaced steel and aluminum and helped preserve a lot of natural resources. Graphene-based composites synthesized with nanoparticulate matter can enhance physical properties and can transform various products, according to Edreese Alsharaeh, professor of Chemistry at Alfaisal University in Saudi Arabia. These features are anticipated to emerge as a major driving factor for the Saudi Arabia graphene market growth.
Wide Application of Graphene in Various Industries Play Crucial Role in Driving Market Growth
Graphene is a remarkable material that can be used in a wide variety of applications. The material is widely used in various industries such as construction, construction, energy, electronics, etc., due to its wonderful properties. Graphene's wide application is an important factor propelling the graphene market in Saudi Arabia. For instance, it can be used in the water purification process. Furthermore, graphene sheets with tiny holes are being investigated as a water filtering method, since they permit water molecules to pass while blocking contaminants.
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Saudi Arabia Graphene Market - By Application
Based on applications, the Saudi Arabia graphene market is segmented into optical electronics, biological engineering, composite materials, photovoltaic cells, energy storage, and others. The energy storage segment holds a substantial share in the Saudi Arabia graphene market. Saudi Arabia is investing heavily in the renewable energy sector and plans to generate 50% of its energy from renewable sources by 2030. The high electronic conductivity, transparency, and flexibility of graphene solar batteries are expected to drive its demand in Saudi Arabia.
Impact of COVID-19 on Saudi Arabia Graphene Market
In turn, this caused the major end-user industries of graphene, such as construction and renewable energy sectors, to halt. As a result, the demand for graphene witnessed a sharp decline across the country, incurring huge losses to the market players. In spite of this, the market is expected to flourish in the post-COVID-19 era as the country lifts lockdown restrictions and distribution channels resume. Additionally, the government is expected to focus on getting the economy back on track, which is anticipated to fuel the graphene demand in the country.
Saudi Arabia Graphene Market: Competitive Landscape
The leading players in the Saudi Arabia graphene market are Graphene Crystal, MSE Supplies Ltd., Graphene Nanomaterials, Directa Plus, Graphene Ventures, Techinstro Industries, Tirupati Speciality Graphite Ltd., and other prominent players.
There are only a few market players in this relatively new market. Therefore, there are great opportunities for new entrants. The established companies focus on offering their products in various industries to expand their revenue. Furthermore, they invest heavily in R&D activities in partnership with research institutes to expand the scope of graphene. The adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prevalent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia graphene market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Saudi Arabia graphene market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Saudi Arabia Graphene Market- Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2017-2027, Segmented By Type (Graphene Oxide (GO), Graphene Nano Platelets (GNP), Others), By Application (Optical Electronics, Biological Engineering, Composite Materials, Photovoltaic Cells, Energy Storage, Other)
Publish Date: October 2021
Saudi Arabia graphene market is growing profusely with an impressive CAGR. Growing construction activities along with extensive research and development activities undergoing graphene are factors contributing to the growth of the Saudi Arabia graphene market.
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