Global Graphene Market by Product Type (Few Layer Graphene (FLG), Mono-layer & Bi-layer Graphene, Graphene Oxide (GO), Graphene Nano Platelets (GNP)), by Form (Powder, Dispersion), By Application (Batteries, Composites, Supercapacitors, Transparent Electrodes, Integrated Circuits, Others), by End User (Electronics, Aerospace & Defense, Energy, Automotive, Healthcare, Others) by Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 – 2031
Industry Perspective
The global Graphene Market size was worth around USD 513.1 Million in 2023 and is predicted to grow to around USD 6,246.0 Million by 2031 with a compound annual growth rate of roughly 36.9% between 2024 and 2031. The proliferating demand from the automotive industry with the increased popularity of sustainable coatings propels the market growth. The shifting consumer preferences for vehicles with a more appealing appearance are expected to boost market growth over the forecast period.
Market Overview
Graphene can be defined as an allotrope of the carbon element which is arranged in a honeycomb lattice that exhibits high thermal and electrical conductivity. It also has high mechanical strength, magnetic permeability, and electron mobility generating its market demand. The most commonly available forms of graphene include graphene sheets, films, nanoribbons, nanoplates, and graphene oxide.
They are typically used together with other gases and metals to create materials with superior properties that are further used in the manufacturing of computer chips, supercapacitors, water purifiers, touch panels, batteries, solar cells, transistors, coatings, and composites. Apart from that, it has a wide range of applications in various industries such as medicine, electronics, energy, defense, and aerospace.
Key Insights
- As per the analysis shared by our analyst team, the global graphene market is estimated to grow annually at a CAGR of around 23% over the forecast period (2022-2030) and is projected to reach USD 1732.15 Million, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate
- Based on product type, the graphene nanoplatelets (GNP) segment held the majority of market share in the year 2021
- Based on form, the powder category segment held the largest market share in the year 2021
- Based on application, the composites segment dominated the market share in the year 2021
- Based on the end-user, the electronics segment is anticipated to be the fastest growing one during the forecast period
- On the basis of region, Asia Pacific accounted for the largest market share in the year 2021
Commercialization of Graphene to Remain Detrimental to Positive Market Growth
In recent years, the commercialization of graphene has expanded and is becoming an emerging trend in the graphene market. This is due to various factors such as the proliferation in the research and development (R&D) of new applications and increased global availability. Several forms of graphene, such as graphene flakes and graphene sheets, which were originally used for laboratory testing, have recently been used in commercial products such as digital displays, sporting goods, conductive inks, and automotive coatings.
Increasing Demand for Graphene for Electrical & Electronics Applications Is Driving the Market Growth
Graphene is widely used in the electrical and electronics industries due to its advantageous properties such as high conductivity and strength which enhances its applications in microchips, transistors, and printed circuit boards. The increasing demand for graphene is due to its growing use in flexible devices. The several special properties of graphene allow the device to be rolled or folded according to requirements, and the extraordinary properties offered by graphene-based electronic devices. As new applications for graphene continue to develop in this field, its usage is likely to increase, thereby boosting the graphene market.
Additionally, the electronics industry is taking prominent strides and the market is growing rapidly, as numerous people continue using mobile phones, laptops, game consoles, and other personal electronic devices. Therefore, the demand for electronic components continues to rise. Graphene could also modernize the smartphone industry and replace existing touchscreen technology. Graphene is significantly cheaper and much more flexible than most modern smartphone materials. Graphene is used commercially in optoelectronics used in touch screens (smartphones and tablets, desktop computers and TVs), liquid crystal displays (LCDs), and organic light-emitting diodes (OLEDs).
Expanding New Applications of Graphene in Medical Sector to Propel Product Demand
Graphene has characteristics of high strength and thinness that make it suitable for developing bioelectric sensor devices, monitoring glucose, hemoglobin, and cholesterol levels, as well as DNA testing. Graphene is useful in treating cancer cells and has applications in dental implants, therapeutic tools, and prosthetics. With increasing applications of graphene in the medical field, its demand is likely to increase during the forecast period.
Environmental Concerns Associated with Graphene Production to Pose Challenge Market Expansion
The graphene market has gained popularity in nanotechnology research owing to its versatile carbon-based structure, which is used for a variety of applications and advances numerous fields from biomedicine to electronics. However, problems associated with environmental emissions are related to the release of toxins, such as N-methyl pyrrolidone and N, N-dimethylformamide.
The use of graphene derived from this graphite in biological applications poses environmental risks. In recent years, the use of graphene oxide (GO) has increased, but at the same time, its toxicity to the human body has also been considered. As graphene production increases, it is imperative that regulators such as the Environmental Protection Agency needs to understand the impact the product can have on the environment.
Segmentation Analysis
Based on product type, graphene queries are segmented into a few Layer graphene (FLG), mono-layer & bi-layer graphene, graphene oxide (GO), and graphene nanoplatelets (GNP)). Graphene nanoplate (GNP) members are expected to see the greatest growth rate. The product is mass-produced due to its various excellent properties such as high strength and breathability. Moreover, additional consumption of products in the electronic business is expected to boost product demand during the foreseeable future.
By form, the graphene market is segmented as powder and dispersion, where the powder segment is expected to dominate over the forecast period. The powder segment is proliferating rapidly as the powder form segment has expanded its usage in printing technologies, storage batteries, and sensors.
On the basis of application, the graphene market is segmented as batteries, composites, supercapacitors, transparent electrodes, integrated circuits, and others. The composites segment is observed to show the most dominating growth over the forecast period owing to its wide range of properties such as UV resistance, lightweight, and flexibility.
Based on end users, the graphene market is categorized as electronics, aerospace & defense, energy, automotive, healthcare, and others. The electronics segment is the most dominating segment based on the estimation as there is a rising demand for electrical products and expanding applications of graphene worldwide are the significant factors for category dominance.
Recent Development
July 2022- Haydale Graphene Industries PLC and Vittoria SpA collaborated for the development and delivery of functionalized graphene, a nanomaterial that can be used to decorate the rubber of bicycle tires. Haydale presented a 1-ton order for functionalized graphene. Both businesses have reached a settlement to produce functionalized graphene close to Vittoria in Thailand withinside the medium term.
March 2022- Graphene Manufacturing Group Ltd. and Amec Foster Wheeler PLC, signed an agreement for GMG’s foremost enlargement tasks in graphene production. Wood help GMG in automating and scaling up its herbal fuel line-to-graphene production process.
November 2021- Grafren AB released G-Heatex, a line of graphene-covered textiles that offer robust and homogeneous warmness whilst staying soft, flexible, breathable, and ultra-lightweight. The company is operating on enhancing the fabric’s heating feature in addition to growing totally fabric electric heating additives that supply a uniform, steady warmness.
Regional Landscape
Asia Pacific Region to Dominate Market Share Owing to High Production and Consumption Volume
Asia Pacific is the dominant region in the graphene market and is anticipated to be the fastest-growing market during the forecast period. The region is one of the determinants of graphene demand due to a large number of producers and consumers. In addition, increased production in various sectors such as automotive, marine, defense, and aerospace is expected to drive the market in this region during the forecast period.
The favorable government support to boost investment in the manufacturing sector and the establishment of stringent regulations by China government to accelerate the research and development activities further expand the market growth. The Chinese government is ramping up investment in innovation hubs for the country's graphene industry. Rising automobile penetration, increasing vehicle modernization, and initiatives promoting EV adoption are all supporting market growth in the region.
Competitive Landscape
Haydale Graphene Industries PLC, Graphensic AB, Directa Plus S.p.A., Thomas Swan & Co., Ltd., Vittoria SpA, Graphene Manufacturing Group Ltd, Vorbeck Materials Corp., American Elements, Merck KGaA, Levidian Nanosystems Limited, Grafren AB, amongst others.
The global graphene market is segmented as follows:
By Product
- Few Layer Graphene (FLG)
- Mono-layer & Bi-layer Graphene
- Graphene Oxide (GO)
- Graphene Nano Platelets (GNP)
By Form
- Powder
- Dispersion
By Application
- Batteries
- Composites
- Supercapacitors
- Transparent Electrodes
- Integrated Circuits
- Others
By End User
- Electronics
- Aerospace & Defense
- Energy
- Automotive
- Healthcare
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Global Graphene Market by Product Type
- December-2022
- 148
- Global
- chemicals-and-advanced-materials
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