Graphene Market Size, Share & Industry Analysis, By Product (Graphene Oxide, Graphene Nanoplatelets (GNP), and Others), By End-use Industry (Electronics, Aerospace & Defense, Energy, Automotive, and Others), and Regional Forecast, 2024-2032

The global graphene market size was valued at USD 432.7 million in 2023 and is projected to grow from USD 570.3 million in 2024 to USD 5,193.2 million by 2032, exhibiting a CAGR of 31.8% during the forecast period. Asia Pacific dominated the graphene market with a market share of 34.43% in 2023. Moreover, the graphene market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 0.62 billion by 2032, driven by the growing demand from aerospace and energy industries and high product demand for efficient, eco-friendly, strong, and lightweight goods, driving the market size growth.

Graphene is a carbon allotrope composed of a monolayer of atoms arranged in a 2D honeycomb lattice nanostructure. It is revolutionizing the aerospace industry as it improves the functionality of the coatings and composites used in drones, helicopters, planes, and spaceship manufacturing. It helps in increasing the mechanical properties making it thinner and decreasing weight.

The development of graphene technology and its applications accelerated considerably during the COVID-19 pandemic due to its exceptional properties including flexibility, conductivity, and antibacterial & antiviral efficacy. Graphene-based protective equipment, drug delivery solutions, bio-sensors, and treatment systems were developed and utilized to fight against COVID-19. However, contrary to the healthcare and biomedical sectors, the electronics and energy sectors experienced a negative impact from the outbreak owing to the slowdown of logistics, decline in demand, and restricted access to raw materials for production.

Graphene Market Trends

Increasing R&D Activities of Graphene-based Sensors is the Emerging Trend in the Market  

Graphene is an active chemical sensor in electrolyte-gated arrangements. Graphene-based top-gate insulators can be manufactured with 1 to 5 nm thickness in an electrolyte, with a concentration of a few millimolars, which the best top-gate Field-Effect Transistors (FETs) that have Atomic Layer Deposition (ALD) cannot match.

A graphene-based photodetector works by computing photon flux. The photon flux is measured by converting the energy of the absorbed photons into electrical current. These graphene-based photodetectors have a much more extensive operating wavelength range than traditional detectors based on III-V and IV group semiconductors.

The market for photoelectric sensors is fundamentally the same as indium-tin-oxide (ITO) substitutes in transparent conductors. High electrical conductivity and its transparency make it an attractive option for making transparent electrodes in photovoltaic cells and photoconductive sensors.

Graphene Market Growth Factors

Growing Product Penetration in the Electronics Industry to Aid Growth

Owing to its exceptionally high electrical & thermal conductivity and its lightweight nature, it is preferably suitable for electronics applications. The electrons in this allotrope of carbon have higher mobility and therefore speed more when applied electric field as compared to semiconductors that are extensively employed in electronic devices including silicon. Owing to these properties, it produces more proficient devices that function faster than traditional substitutes while using less power.

Owing to this material’s high mechanical resilience, it is capable of tolerating comparatively higher voltages. This is likely to influence growth as industries are embracing a greater degree of electrification. Recently, there has been progress in developing a graphene foam-based design for batteries that will possibly link the gap between capacitors and batteries. The design is based on lithium technology, and in new form has an analogous capacity-to-weight ratio to current lithium ion batteries. Moreover, it can discharge and recharge as quickly as a capacitor and can discharge totally in 20 seconds.

Graphene film is one of the strong alternatives for indium tin oxide. Indium tin oxide is a commercial product that is extensively used in touch screens of smartphones, and tablet computers as a transparent conductor, and electrodes in OLEDs and solar cells. Growing demand for touchscreen technologies and products is likely to foster the graphene market growth.

RESTRAINING FACTORS

Negative Environmental Impact is Likely to Restrain Market Growth

Graphene Nanomaterials (GFN) have obtained acceptance within nanotechnology research owing to their adaptable carbon-based structure, which enables them to be used for various applications, moving forward in different fields. However, there are certain concerns involving the material and its role in a sustainable future.

Researchers at the Riverside Bourns of Engineering, the University of California found that graphene oxide (GO) nanoparticles are very mobile in streams and lakes and can cause a negative impact on the environment if released. The use of GO is increasing but at the same time, it is considered to be toxic to humans as well. As the material production increases, it is vital for regulatory bodies, such as the Environmental Protection Agency (EPA), to understand the probable environmental impact of the product. These factors are expected to limit market growth.

Graphene Market Segmentation Analysis

By Product Analysis

NP to Dominate Due to Demand from Aerospace and Automotive Industries

Based on product, the graphene market is segmented into Graphene Nanoplatelets (GNP), Graphene Oxide (GO), and others.

GNP segment accounted for the largest market share in 2023 and is expected to continue its dominance until 2032. These are advanced nanoparticles widely used in applications such as medical devices, conductive inks, energy, composites, and coatings. Increasing demand for lightweight composite constituents in automotive and aerospace industries due to their surface hardness, strength, and stiffness properties will drive market growth. Several R&D activities are performed to commercialize GNP production. Various non-government and government research institutes are entering strategic partnerships with various commercial manufacturers for product development and innovation. In addition, graphene nanoplatelets are used in automotive & transportation, building & construction, energy & power, electrical & electronics, rubber, medical, packaging, chemicals, and other sectors. The growing use of graphene in electrical & electronics products due to its superior properties including excellent electrical & thermal conductivity, permeability, transparency, and strength will drive the growth of the market during the forecast period.

By End-use Industry Analysis

Aerospace & Defense Segment Holds a Significant Share owing to Extensive Adoption of the Material

In terms of end-use industry, the market is classified into electronics, aerospace & defense, automotive, energy, and others.

Graphene is revolutionizing the aerospace industry as it improves the functionality of the composites and coatings used in drones, planes, helicopters, and spaceship manufacturing. It helps in increasing the mechanical properties making it thinner and decreasing weight, thus, improving fuel saving and reducing emissions over an aircraft’s lifetime. The product is used to create lighter and damage-tolerant helicopter and aircraft structures owing to high electrical conductivity, thus creating de-icing systems integrated into the wings.

The global automotive industry is facing challenges such as energy efficiency, safety, and reduction of carbon emissions. This will improve the vehicles’ dimensional stability, creating a potential opportunity in the automotive industry. The product is used in coatings and composites to make strong, safe, and light vehicles. It can replace steel, aluminum, and carbon fiber and improve vehicle dimensional stability.

REGIONAL INSIGHTS

Asia Pacific held the largest graphene market share with 34.43% in 2023 and is anticipated to dominate the market during the forecasted period owing to favorable policies by the governments, academic research, and funding, which is likely to boost the market in the region. Also, the presence of large-scale manufacturers and consumers and the rise in production in various industries, such as automobile, defense, marine, and aerospace, are expected to drive the market in the region.

The North American market is estimated to witness significant growth owing to growing demand from aerospace and energy industries and high product demand for efficient, eco-friendly, strong, and lightweight goods, driving the market growth in the region. The increasing installation of GO in batteries and solar cells for better performance would further increase the market revenue.

The graphene market in Europe is anticipated to witness a significant growth rate and may continue its dominance during the forecast period owing to increasing investments in R&D activities.

Latin America is predicted to experience exponential growth during the forecast period owing to the use of GO in a wide range of application transistors, capacitors, semiconductors, and sensors.

The Middle East & Africa market is expected to experience a moderate growth rate during the forecast period. The demand from the automotive sector for products, such as graphene-based batteries in anti-crash systems, vehicles, tires, and more, is growing due to its excellent properties such as electrical conductivity, tensile strength, and thermal conductivity.

List of Key Companies in Graphene Market

Key Players Are Adopting Strategies to Maintain their Position in the Market

The global market is fragmented with key players operating in the industry such as Haydale Graphene Industries plc, NanoXplore Inc., Applied Graphene Materials, Graphenea, Directa Plus S.p.A, and ACS Material. Other key players include XG Sciences, Global Graphene Group, and Grolltex Inc. Manufacturers are also expanding their business to gain competency in the industry and alleviate new entrants’ threats.  

Market participants are fiercely competing with international and regional players with extensive distribution networks, regulatory know-how, and suppliers. In addition, companies sign contracts, acquisitions, and strategic partnerships with other market leaders to expand their existing market presence.

LIST OF KEY COMPANIES PROFILED:

• Haydale Graphene Industries plc (U.K.)


• Graphenea (U.S.)


• ACS Material (U.S.)


• XG Sciences (U.S.)


• Global Graphene Group (U.S.)


• Applied Graphene Materials (U.K.)


• Grolltex Inc (U.S.)


• Directa Plus S.p.A (Italy)


• NanoXplore Inc. (Canada)


• Thomas Swan & Co. Ltd. (U.K.)


• First Graphene (Australia)


• Talga Group (Australia)


• Graphite Central (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• July 2023- Haydale announced its collaboration with Cadent to develop graphene ink-based low-power radiator heaters.


• April 2023- Haydale partnered with CERN, the European particle physics laboratory, for a project aimed at increasing the lifetime of the lubricants by adding functionalized nanomaterials, including graphene.


• December 2022- Haydale launched its graphene-enhanced prepreg to deliver cost-efficient composite tooling with extended tooling life, improved surface quality, and enhanced thermal conductivity.


• July 2021- Graphenea and Grapheal joined forces to quicken study on biosensors with GraphLAB, a graphene-based product. GraphLAB is a next-gen assessment method for protein disease and screening detection.


• July 2021- AGM launched an innovative new series of eco-friendly GNP dispersions. These dispersions will enable coatings, paints, and composite material consumers to develop sustainability of their various product formulations.


• February 2020- The production of XG graphene-enhanced polyurethane engine covers was initiated. These covers are now available on all Ford and Lincoln light truck boards and passenger cars. The product has increased compression strength by 20%, heat deflection temperature by 30%, NVH sound absorption by 17%, and reduced weight by 10%.


• January 2020- ACS material introduced Graphene/Silver Nanowire Composite Transparent Conductive Film (TCF), which has enhanced performance than its TCF precursors.

REPORT COVERAGE

The research report provides a detailed market analysis and focuses on crucial aspects such as leading companies, product, and end-use industries. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years.

This report includes historical data & forecasts revenue growth at global, regional, and country levels and analyzes the latest market dynamics and opportunities.

Report Scope & Segmentation