A Memorandum of Understanding (MoU) between two top companies was recently signed in front of Malaysia’s Minister of Science, Technology, and Innovation. According to this Memorandum of Understanding, one of the companies, a well-respected global leader from Japan, has been given the sole authority to distribute in Japan graphite and graphene made by a Malaysian producer of these materials.
This partnership is considered as having the potential to promote Malaysian-made graphene materials in light of the Japanese company’s solid track record and Japan’s position as one of the major centres of the automobile industry.
In the meantime, the graphene manufacturer has developed a ground-breaking method for making graphene from palm kernels. The use of this patented method will help graphene advance in development. Since Malaysia is one of the world’s top producers of palm oil, the technique that uses the palm kernel as the primary component in the creation of graphene also gives Malaysia an edge to supply raw materials in the manufacturing of graphene.
Because both companies are prominent players in their respective industries, the Minister believes that this relationship can be very beneficial to both businesses. Both businesses will experience significant revenue growth as a result, significantly boosting the economies of Malaysia and Japan.
The long-term goal is for Malaysia to gain from the marketing of graphene made by the Malaysian company since it has the ability to provide local businesses with graphene products through the “Graphenovation” program and make Malaysia one of the world’s graphene exporters in the future. Additionally, it will serve as a motivator for businesses looking to invest in Malaysia in order to take advantage of graphene’s enormous potential.
In addition to obtaining GrapheneVerify certification for the product, the Ministry of Science, Technology, and Innovation (MOSTI) recommended that the company partner with a business development service in Malaysia, particularly in the supply chain and the development of downstream products and applications with graphene, to strengthen its presence both domestically and internationally.
The market for graphene is expected to increase at a CAGR of 40.2% from 2020 to 2027, from its current value of US$ 87.5 million in 2019 to US$ 876.8 million by 2027. The first 2-D carbon substance discovered, known as a “wonder material,” graphene is perfect for a variety of uses. Graphene is 200 times stronger than steel, 200 times lighter than air, a good conductor of electricity, and fire-resistant.
Graphene is also valued as a powerful catalyst in the chemical industry due to attributes including its high surface area and adsorption capacity. The demand for chemicals is anticipated to expand globally, which will fuel the growth of the graphene sector.
The graphene market is anticipated to expand as a result of factors like rising purchasing power and rising demand for consumer devices like tablets and smartphones. Transparent conductive sheets based on graphene oxide are also utilized as a raw material in cars to make them lighter and safer.
However, it is anticipated that the expansion of the global graphene market will be constrained throughout the anticipated period due to the poisonous nature of graphene and the risk associated with its manufacture. Furthermore, the industry is anticipated to have a lot of development potential due to ongoing R&D operations conducted around the world and the large-scale synthesis of graphene from renewable sources, particularly when value-added compounds are used.