The size of the global graphene market was valued at USD 0.79 billion in 2023. The global market is predicted to be worth USD 20.56 billion by 2032 from USD 1.13 billion in 2024, growing at a CAGR of 43.64% from 2024 to 2032.
Graphene is a carbon material that is tough, flexible, and light with high resistance. Graphene is widely known for its resistance, which is expected to be 200 times more resistant than steel and five times lighter than aluminum. Due to these properties, graphene is in high demand in the energy, construction, health, and electronics sectors. The global graphene market has accounted for considerable growth in the past years and is anticipated to increase at a notable growth rate during the forecast period. The expanding graphene utilization in electronic, automotive, and aerospace industries drives the global graphene market revenue. The growing investments by various government and private organizations in graphene's research and development activities are estimated to provide market growth opportunities in the coming years. For Instance, In February 2022, the Kerela Government formed a joint venture between Tata Steel Limited and the Digital University of Kerela, Centre for Materials for Electronics Technology (C-MET), to develop a graphene innovation center. The project is estimated to cost around USD 10 million. The presence of standard properties of graphene is enhancing its adoption in various industries. The graphene properties include high thermal and electrical conductivity, elasticity and flexibility, hardness, and high resistance.
Graphene is 200% stronger than steel and relatively more robust than diamond, which makes it an excellent supplement. Moreover, the superior conductivity of heat and electricity that the graphene has is making its way to memory chips and screens on mobile phones and laptops. The durability, strength, conductivity, and toughness that it has are the reasons for the growth of its usage, which leads to the growth of the global graphene market.
Additionally, qualities of graphene-like lightweight and exceptional toughness are propelling its usage in automotive and aerospace industries, which are growing day by day in consumers like the desire to move fast and light on roads. Graphene transmits around 97% of light through it, which makes it a unique transparent element, making electronics manufacturers of mobiles, laptops, and computers use it in them for the screens for also durability is fuelling the growth of the global graphene market. The increasing adoption in several end-user verticals is creating an immense growth opportunity for the key player in the worldwide graphene market.
With elevated thermal and electrical conductivity, graphene is the thinnest and strongest material in the world. All such features, coupled with many other properties such as high permeability and high mobility of electrons, have created enormous interest in this material and its applications. The material has been at the product lifecycle's introductory stage and is anticipated to see significant development throughout the forecast period in aspects of its implementations in the graphene market.
The mass production of graphene is so difficult due to the strong nature of the graphite, with molecular forces holding the graphene sheets together. Next to this, the graphene that was produced using the top-end methods may contain a high number of impurities as the layers are very thick with many holes and deformations.
The cost for installation and maintenance of advanced equipment is very high when compared with traditional methods, which are solely meant to degrade the growth rate of the market. Lack of complete knowledge of real-time issues while manufacturing graphene sheets with highly advanced technology is likely to slow down the growth rate of the graphene market.
One kilo of graphene can clean 25 grams of radioactivity, according to a research study report by the Department of Chemistry at Moscow State University. Neutralizing radioactive waste is becoming one of the concerns in nuclear power plants early in the 21st century. Therefore, the use of graphene to clean the impurities in radioactive materials is substantial in leveraging the growth opportunities for the graphene market.
National Nuclear Energy Commission’s research study revealed that they used graphene to prominently store the nuclear waste. The volume of the radioactive wastage can be reduced by 90% using graphene there by reducing the storage space.
The rising prominence to launch lightweight electronic devices such as smartphones, and laptops with many integrated components is solely possible with the use of graphene is adding fuel to the market’s growth rate.
For example, the use of graphene has a dominant role in the electronic industry, but there comes the challenge of devising controlled fabrication protocols. The integration of the most advanced technologies with the traditional methods is a bit difficult, which leads to decline in the growth rate of the graphene market. Irrespective of all these challenges to using graphene in various applications, the demand for graphene is likely to surge at a prominent rate in the coming years.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2032 |
Base Year |
2023 |
Forecast Period |
2024 to 2032 |
CAGR |
43.64% |
Segments Covered |
By Product Type, Application, and Region |
Various Analyses Covered |
Global, Regional, & Country Level Analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
XG Sciences, Graphene Nanochem PLC, Bluestone Global Tech, Angstron Material, Inc., ACS Material, LLC. Vorbrck Materials, Haydale Limited, Graphene Laboratories, and CVD Equipment Corporation. |
The graphene nanoplatelets segment accounted for the largest share of the global graphene market and is expected to maintain its dominance during the forecast period. The increased applications of graphene nanoplatelets in various industries, such as medical devices, conductive inks, energy, composites, and coatings, are driving the segment growth. Various research and developmental activities are performed in the development of graphene nanoplatelets. The increased demand for lightweight composites in several industries, such as automotive and aerospace, due to their significant properties like surface hardness, strength, and stiffness, propels the market growth in the segment.
Graphene oxide held the second-largest share and is anticipated to have a prominent growth rate during the forecast period. The oxidized form of graphene with a larger surface area is used as electrode material for capacitors, batteries, and solar cells, which fuels the segment growth. It is widely used with a combination of polymers, which accelerate the properties of composite materials such as elasticity and conductivity, which fuels the segment growth.
The electronics segment significantly dominated the global graphene market due to its properties, such as high permeability, strength, and lightweight. The graphene-based devices possess low manufacturing costs due to their affordability, thinness, and conductivity, driving the segment growth. The various applications of graphene in electronics, such as increased usage of IoT networks, wearable healthcare monitoring systems, and electric vehicles, are boosting the segment revenue growth. Graphene antennas enhance the performance of wireless communication devices, creating growth in the telecommunication industry.
The composites segment is expected to grow considerably during the forecast period with rapid CAGR. Graphene-based composites are widely used in the construction, aerospace, and automotive industries, as well as coatings, plastics, and metals, accelerating the market growth opportunities in the segment. Graphene is used as an additive in resin matrices to enhance their properties such as thermal and electrical conductivity, durability, stiffness, flexibility with fire, and UV resistance, where these factors are expected to escalate the demand for composites in the coming years.
Due to the rising demand for graphene in various industries, the presence of many market players and consumers propels the regional market growth. Expanding industries like automobile, marine, defense, and aerospace are estimated to enhance the demand for graphene due to its properties, contributing to regional market share growth. China is estimated to be the largest holder in the Asia Pacific region due to increased government support through investments in the manufacturing sector. The growing government initiatives to support graphene's research and development activities augment the regional market growth rate.
The North American region is expected to account for prominent growth in the coming years due to increased demand for the composites sector. The rising demand for graphene in the aerospace and automobile industries in the region due to lightweight composite materials, which improve the efficiency and performance of aircraft, is increasing the regional market growth. The United States is considered the largest market in the region owing to its critical exporters of graphene-based products for other countries. The growing collaborations and mergers across the region among the manufacturers and research institutes are enhancing the growth opportunities.
The European region is estimated to have a considerable global market revenue share due to the expanding automobile and electronic industry. The rising investments by public and private organizations in graphene research and development activities and increased demand for graphene in aircraft manufacturing fuel market growth opportunities. The increasing strategic innovations by the market players are making the graphene market revenue across the regional countries.
The Latin American graphene market will experience moderate growth during the forecast period due to increased usage of graphene oxide in a wide range of applications. Graphene oxide is widely used in transistors, capacitors, semiconductors, and sensors and is fueling the market share growth in the region. The rising demand for lightweight composites in different industries is multiplying the graphene demand in the region, leading to an enhanced growth rate.
The Middle East and African graphene market is projected to grow moderately in the coming years. The increased utilization of graphene in the automotive sector due to its excellent properties, such as electrical conductivity, tensile strength, and thermal conductivity, is providing market growth opportunities in the region.
Companies playing a prominent role in the global graphene market include XG Sciences, Graphene Nanochem PLC, Bluestone Global Tech, Angstron Material, Inc., ACS Material, LLC. Vorbrck Materials, Haydale Limited, Graphene Laboratories & CVD Equipment Corporation, and Others.
In February 2023, Global Graphene Group announced that Honeycomb Battery Company, an advanced battery technology subsidiary of Global Graphene Group Inc., made a business agreement with Nubia Brand International Corporation to develop battery materials.
By Product Type
By Application
By Region
Frequently Asked Questions
The Global Graphene Market is expected to grow from USD 1.13 billion in 2024 to USD 20.56 billion by 2032, with a remarkable CAGR of 43.64% during the forecast period.
The growth of the Graphene Industry is primarily driven by the demand for renewable, lightweight, and flexible materials, advancements in thermal conductivity, increased awareness of printed electronics, and integration of graphene in various sectors like aerospace, automotive, and energy.
Challenges in the Graphene Industry include high production costs, technical constraints in commercial product production, and health and environmental concerns associated with graphene manufacturing.
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