Graphene Market - Size, Share, Industry Trends, and Forecasts (2024 - 2031)

By Type:

The market is segmented based on type into Graphene Oxide, Graphene Nanoplatelets, Mono-layer & Bi-layer Graphene, and others.

Trends in the Type:

• Graphene's properties like chemical, electrical, and thermal conductivity make it possible that it could help in the development of smartphones that could survive days without frequent charges.
• Graphene-based membranes are currently used to filter and desalinate water with higher efficiency.

Graphene oxide accounted for the largest revenue of 40.54% in the graphene market share in 2023.

• Graphene Oxide (GO) has a high surface area and dispersibility in water or organic solvents. These make GO extremely versatile and are used in industries like electronics, composites, etc.
• GO is highly biocompatible which makes it easy to be employed in tissue regeneration.
• This type is very cost-effective and can be manufactured in large numbers as compared to the pure one.
• GO has exceptional conductivity, making it conducive for energy storage purposes in batteries or supercapacitors.
• For instance, in April 2022, a team of researchers from Juan Carlos University, University of Valladolid, and IMDEA Materials developed GO spray coating. It enhances the antiviral protection of face masks. Without compromising the structural integrity of the permeability of the textile, this could provide better protection against airborne viruses.
• Therefore, as more research is ongoing on the properties of GO, this sector will contribute more to the graphene market trends.

Mono-layer & Bi-layer graphene is expected to have the fastest CAGR in the global graphene market during the forecasted period.

• Mono-layer or bi-layer graphene has properties like optical transparency, mechanical strength, etc. This makes these forms attractive to high-tech industries like photonics, nanotechnology, etc.
• Their production through chemical vapor deposition (CVD) has resulted in its high scalability. This makes meeting the growing demand easier.
• Optoelectronics often gain from growth in research and development that is ongoing about different types. For example, Mono-layer and bi-layer types have applications in modulator devices.
• Therefore, as per the segmental trends analysis, these types offer sustainable and efficient electronics, and they are expected to boost the graphene market opportunities.

By Application:

The market is segmented based on its application in Electronics, Energy Storage, Composites, Biomedical & Life Sciences, Sensors, and others.

Trends in the Application:

• Graphene is applied to iridescent labels that are attached to clothes and can sound an alert if it is not detached properly or mishandled.
• Graphene-based chemical sensors are recently used to identify gaseous molecules like ammonia. These can be employed in assembling label-free DNA sensors.

Electronics accounted for the largest revenue in the overall graphene market share in 2023.

• Graphene conducts electricity faster with minimal energy loss which makes it a perfect component, unlike silicon or copper, for electronics such as transistors, sensors, etc.
• It can be integrated to develop dependable smartphones, fluid touch screens, etc. as it is lightweight, flexible, and exceptionally thin.
• The production of graphene-based electronics is cost-effective, as methods like Chemical Vapor Deposition (CVD) are used in the synthesis.
• Therefore, as per the analysis, the electronics sector urges innovations in display technologies, which will drive the graphene market growth.

Energy Storage is expected to have the fastest CAGR during the forecasted period.

• Graphene's properties like mechanical strength and large surface area render it ideal for adoption in progressive energy storage.
• The exceptional properties increase energy density and develop charge or discharge rate in supercapacitors.
• It also lengthens the longevity of batteries, provides faster charging, and makes it more perceptible to advanced technology.
• In 2021, Nanotech Energy disclosed the development of a new type of graphene-based Organolyte batteries by announcing $64 million in funding. These new batteries rely on the electrical conductivity of the allotrope to make them non-flammable and high-performing.
• Thus, as per the segmental trends analysis, consumers prefer electric vehicles (EVs) they depend on batteries that are efficient in storing and delivering energy, thus, in turn, driving the graphene market demand.

By End-Use Industry:

The market is segmented based on the end-use industry into automotive, aerospace, electronics & telecommunications, healthcare, energy, and others.

Trends in the End-Use Industry:

• Graphene has been recently utilized in nanofiltration membranes and ion conductors.
• It is increasingly being used in DIY health testing kits and smart implants as well as in the improvement of brain penetration.

Electronics & Telecommunications accounted for the largest revenue in the market in 2023.

• Graphene in telecommunications improves the performance of antennas, photodetectors, etc.
• It is extremely lightweight, thin, and has flexibility, it is suitable for developing flexible screens and other such electronic components.
• It can enhance charge and discharge rates, making it ideal for telecoms and consumer electronics.
• For instance, a case study titled Graphene in Telecommunications by NanoEmi, an electronic company based in Poland, highlights how it can proliferate 6G communications in phones due to its conducive electrical, thermal, and material properties.
• Therefore, as electronics and telecommunication companies invest heavily in more advanced research and development, this sector will account for the largest revenue share.

Healthcare is expected to have the fastest CAGR during the forecasted period.

• The biocompatible property of graphene makes it ideal for use in biological tissues. It can be utilized to manufacture highly sensitive biosensors for detecting diseases at their nascent stages.
• It also has high mechanical conductivity which makes it suitable for use in prosthetics and implants.
• Its structure offers the provision of targeted drug delivery, even to particular cells or tissues. This enhances treatment processes and reduces the chance of side effects.
• It is durable and has high flexibility making it ideal for cell growth and regeneration. This allows it to be used as a scaffold for tissue engineering.
• For instance, in February 2024, an innovation was pioneered by Haydale Graphene Inc., the introduction of graphene ink. This biomedical ink can offer better, more accurate, and speedy diagnostic insights.
• Therefore, the growth in the healthcare sector boosts the graphene market trends.

Regional Analysis:

The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

Asia Pacific region was valued at USD 150.92 Million in 2023. Moreover, it is projected to grow by USD 205.00 Million in 2024 and reach over USD 1,951.17 Million by 2031. Out of this, China accounted for the maximum revenue share of 27.3%.

As per the graphene market analysis, the Asia Pacific (APAC) region has a strong manufacturing base, especially in countries like China, India, Japan, South Korea, etc. These nations have a large-scale demand for electronics and electrical devices where it's unique qualities such as high electrical and thermal conductivity are valued. Companies like LG, Samsung, etc have headquarters here where its potential to enhance batteries, and touchscreens, adds to the market demand for graphene-based products.

• In May 2024, LG Electronics initiated the launch of TONE Free wireless earbuds – TONE Free T90S that have pure graphene. These earbuds are curated to offer the optimal sound for an exceptional experience. It is used to enhance the sound as this integration reduces vibrations and allows buyers to enjoy high-quality bass with medium to high-range frequencies.

North America is estimated to reach over USD 1,150.71 Million by 2031 from a value of USD 87.96 Million in 2023 and is projected to grow by USD 119.60 Million in 2024.

In North America, especially in the US and Canada, there is a robust market for graphene-based materials. This is primarily driven by the region's developed technological ecosystems and research institutes which foster discoveries, development, and innovation within the technology. This environment is further supported by governmental policies, funding, rules, regulations, etc. which encourage the commercialization, research, and development of these materials.

• In January 2024, researchers from the Georgia Institute of Technology successfully developed functional semiconductors from graphene. This semiconductor is highly suitable for traditional microelectronics processing methods and offers a great alternative to silicon-based semiconductors.

The graphene market analysis shows that Europe leans heavily on the values of sustainable lifestyle and green technology. It aligns effectively with the EU's goals due to its rare properties. It enhances supercapacitors, batteries, and energy storage systems which propels the shift to renewable energy sources and electric vehicles (EVs).

The Middle East and Africa have ongoing development in their infrastructure and their focus is on adopting lightweight materials with high-tensile strength and flexibility. Graphene-based materials and composites help in achieving such construction standards. This drives the graphene market expansion.

The regional trends analysis shows that Latin America has an abundance of raw graphite, especially in Brazil, which is essential for production. This direct access to raw materials reduces production costs and gives Latin American companies a competitive edge.