Graphene Market - By Product (Graphene Oxide, Graphene Nanoplatelets, Mono-layer & Bi-layer Graphene), By End User (Electronics, Aerospace & Defense, Energy, Automotive, Healthcare) & Forecast, 2024-2032
Report ID: GMI233
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Published Date: September 2024
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Report Format: PDF
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Base Year: 2023
Companies covered: 15
Tables & Figures: 192
Countries covered: 18
Pages: 200
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Graphene Market
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Graphene Market Size
Graphene Market reached USD 128 million in 2023 and is expected to register 30% CAGR from 2024-2032. This growth is driven by the rising demand for advanced materials in various high-tech applications and the rising research and developments on the uses of graphene. For instance, in August 2024, recent research involving scientists from Abu Dhabi was investigating the potential of graphene to transform the process of removing carbon dioxide (CO2) from the atmosphere.
Graphene, with its exceptional electrical, thermal, and mechanical properties, is being increasingly adopted across industries such as electronics, automotive, and energy storage. The unique attributes of graphene, including its high conductivity and strength, make it a critical material in the development of next-generation technologies. As industries continue to innovate and seek materials that offer superior performance and sustainability, the demand for graphene is expected to surge, contributing to the overall market growth.
The graphene market is set to experience substantial growth driven by the expanding application scope across diverse industries, particularly in the electronics and automotive sectors. The material’s unparalleled conductivity and strength are essential for the development of flexible electronics, energy-efficient batteries, and lightweight automotive components. For instance, in August 2024, Salgenx, a leading innovator in saltwater flow battery technology, was excited to unveil the expansion of its pioneering work with graphene and hard carbon-coated sand.
However, the market faces challenges related to the high cost of graphene production and the complexities of large-scale manufacturing. While advancements in production techniques are underway, the current cost and scalability issues may impede the rapid adoption of graphene in mass-market applications. Overcoming these challenges will be crucial for the sustained growth of the graphene industry as businesses strive to integrate this revolutionary material into their products.
Graphene Market Trends
The market is set to witness robust growth through 2032 owing to the increasing investment in research and development (R&D) activities focused on exploring new applications for graphene. Innovations in graphene-based composites, coatings, and sensors are expanding their usage in areas such as aerospace, medical devices, and energy storage systems. The rise of electric vehicles (EVs) and renewable energy sources has further fueled interest in graphene due to its potential to enhance battery performance and energy efficiency. As industries explore graphene's capabilities, the material's market adoption is expected to grow, driven by its ability to offer transformative benefits in multiple applications.
For instance, in August 2024, in collaboration with Southwest Petroleum University in Chengdu and the China National Petroleum Corporation, researchers studied the impact of functionalizing a graphene oxide surface with polyethyleneimine (PEI).
Graphene Market Analysis
The graphene nanoplatelets (GNP) segment is expected to reach USD 570 million by 2032 and is poised to gain significant traction through the forecast period. GNPs are known for their excellent barrier properties, making them suitable for a wide range of applications including composites, coatings, and lubricants. These nanoplatelets enhance mechanical strength and electrical conductivity, which are essential attributes for industries like automotive, aerospace, and electronics. As manufacturers seek to develop high-performance materials with improved durability and efficiency, the demand for graphene nanoplatelets is expected to increase, driving the growth of this segment within the broader graphene market.
The electronics end-user segment is projected to register 31% CAGR from 2024-2032, driven by the increasing integration of graphene into electronic devices and systems. Graphene’s remarkable electrical conductivity and flexibility make it ideal for use in flexible electronics, sensors, and transistors. The ongoing development of next-generation electronic devices, such as foldable smartphones, wearable technology, and advanced sensors, is expected to boost the demand for graphene-based components. Additionally, the growing emphasis on miniaturization and energy efficiency in the electronics industry will further drive the adoption of graphene, solidifying its role as a key material in future electronic innovations.
The automotive end-user segment is set to experience over 20% share by 2032, driven by the increasing focus on lightweight and energy-efficient vehicle components. Graphene’s high strength-to-weight ratio and excellent conductivity make it a valuable material for automotive manufacturers seeking to enhance vehicle performance and fuel efficiency. Applications of graphene in the automotive sector include lightweight composites, high-capacity batteries, and advanced sensors. As the automotive industry transitions towards electric vehicles and seeks to reduce carbon emissions, the adoption of graphene is expected to accelerate, contributing to the segment growth.
North America graphene market is expected to surpass USD 600 million by 2032 and is projected to grow at a robust CAGR from 2023 to 2032. The region's strong technological infrastructure, coupled with significant R&D investments, has positioned North America as a key market for graphene applications.
The presence of leading electronics and automotive manufacturers in the region further drives the demand for graphene. Additionally, government initiatives aimed at promoting advanced materials and sustainable technologies are expected to boost the market outlook in North America. The region's focus on innovation and the commercialization of graphene-based products will likely propel the market growth in the coming years.
Graphene Market Share
The graphene industry is experiencing significant growth driven by advancements from key industry players. Companies like Applied Graphene Materials plc and Haydale Limited are spearheading innovations in graphene production and applications, which boost demand.
Graphenea and XG Sciences, Inc. focus on expanding the range of graphene products and enhancing their performance characteristics, catering to diverse sectors such as electronics and composites. Meanwhile, Graphene Frontiers and Advanced Graphene Products are pioneering research to integrate graphene into emerging technologies, thus broadening its market potential. Efforts from these companies are not only advancing graphene technology but also addressing increasing market demand across various industries.
Graphene Market Companies
Some of the key manufacturers include
Graphene Industry News
In September 2022, Haydale Graphene Industries PLC announced the launch of its new graphene-enhanced composites, designed to offer superior performance in the aerospace and automotive sectors.
The graphene market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD thousand from 2021 to 2032 for the following segments
By Product
By End User
The above information is provided on a regional and country basis for the following: