Vietnam Graphene Market Set to Boom: Projected to Grow at a CAGR of 18.2% by 2027
Published | 20 October 2021
Vietnam's graphene market is growing rapidly due to its increasing application in several end-user industries such as automotive and transportation, construction, renewable energy, military & defense, etc…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the Vietnam graphene market is estimated to grow at a CAGR of 18.2% during the forecast period of 2021-2027. Because of the rising application in numerous end-user industries, such as automotive and transportation, construction, renewable energy, military and defense, and so on, the Vietnam graphene market is expected to have significant growth potential. Graphene is widely employed in the manufacture of batteries. With increased investment in the renewable energy sector, demand for graphene in Vietnam is likely to surge. Furthermore, the thriving automotive industry in Vietnam is another key element supporting the graphene market's growth. However, the negative impact of graphene on organisms and the environment is projected to limit market expansion.
Research and Development Activities Surrounding Graphene Is Expected to Drive the Vietnam Graphene Market
With graphene's amazing growth potential, various manufacturers and companies are investing heavily in research and development operations to enhance the scope of graphene application. For example, Nano Life, a Vietnam startup, showcased their research on producing graphene from recycled animal fat. Nano Life's graphene products have been evaluated in facilities in Vietnam and Japan. This advancement not only broadened the application of graphene but also contributed to reducing its environmental impact, which is a major driving element.
Flourishing Automobile Industry is Favoring The Vietnam Graphene Market
The majority of automobiles accessible in Vietnam are imported and, as a result, quite expensive due to heavy taxes. As a result, in order to reduce reliance on foreign brands, the government and corporate sector are focused heavily on raising the automobile industry in Vietnam by promoting domestically built vehicles. Graphene is employed as an addition in existing metals and polymers to provide benefits such as higher strength and weight reduction in cars, resulting in better battery and fuel economy.
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Vietnam Graphene Market - By Application
Based on applications, the Vietnam graphene market is segmented into composites, energy harvesting & storage, paints, coatings & inks, electronics, catalyst, tire, and others. Among these, the paints segment accounted for the largest market share because of the increasing construction of buildings for residential and commercial purposes. Graphene is used in paints to make durable coatings that are crack and water-resistant. Graphene also creates strong barriers as an antioxidant, scratch-resistant, and UVA blocker. These advantages are pushing graphene's increased demand in painting applications.
Impact of COVID-19 on Vietnam Graphene Market
Vietnam was able to mitigate the harmful consequences of the COVID-19 epidemic because it was quick to detect its spread and implement required countermeasures. As a result, the pandemic had no impact on the Vietnam graphene market. However, some end-user industries, including as renewable energy, automotive, and aerospace, experienced a standstill in their operations as a result of the lockdown, resulting in a dramatic fall in graphene demand. However, the market is predicted to acquire substantial traction in the post-COVID-19 period due to rising sustainability consciousness and increased investment in renewable energy infrastructure.
Vietnam Graphene Market: Competitive Landscape
The leading players in the Vietnam graphene market are VNGraphene, Graphenel JSC, Wipo, Nanowerk, Graphene Life, Hop Nhat Science Company Ltd., CAO NGHE CAO CO., Ltd., Intelligence Joint Stock Company, RU9 Co. Ltd., and other prominent players.
Because of the presence of numerous industry participants, the market is highly fragmented. However, because the Vietnamese graphene market is still thriving, new entrants have enormous development potential. To enhance product penetration among small and medium-sized businesses, industry participants are focusing on expanding their distribution and supply chain. They are also investing much in R&D to improve the quality of their graphene products. Furthermore, competitive strategies such as partnerships, mergers, acquisitions, joint ventures, and so on are common in this industry.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Vietnam graphene market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Vietnam 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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- Vietnam Graphene Market, By Type (Graphene Oxide, Graphene Nanoplatelets, And Others), By Application (Composites, Energy Harvesting & Storage, Paints, Coatings & Inks, Electronics, Catalyst, Tire, Other), By End User (Automotive & Transportation, Aerospace, Electronics, Military & Defense, Construction, Others) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Publish Date: October 2021
Vietnam graphene market is growing at a high rate because of the extensive adoption of renewable energy sources such as wind energy, solar power and biomass, along with flourishing construction activities in Vietnam for infrastructural development.
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