GRAPHENE MARKET ANALYSIS

Graphene Market Size and Trends

The Graphene Market is estimated to be valued at USD 233.8 Mn in 2024 and is expected to reach USD 813.8 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 19.5% from 2024 to 2031.

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The graphene market is expected to witness significant growth over the forecast period. The increasing usage of graphene in sectors such as electronics, building & construction, and aerospace & defense is expected to drive the market growth during this period. Within electronics, graphene is utilized to enhance the electrical conductivity and heat dissipation capabilities of devices. In the building & construction sector, graphene-enhanced materials exhibit high strength and durability. When added to materials like cement and concrete, it can increase their lifespan. Moreover, the superior properties of graphene such as high mechanical strength and flexibility make it suitable for use in the manufacturing of lighter and more durable components for aircraft and spaceships. The development of newer applications of graphene across different end-use industries is expected to continue supporting the high growth of this market.

Strong and flexible material

Graphene is one of the strongest materials ever tested, with a tensile strength 200 times greater than steel. It is flexible yet harder than diamond. These unique material properties of graphene have enabled novel applications across various industries. In the electronics sector, graphene is being used to develop flexible displays and smartphones of the future. Its high strength to weight ratio allows for lighter and more durable consumer electronics. In transportation, graphene composites are making aircraft, vehicles, and other machinery more damage-resistant and fuel efficient. Its thermal and electrical conductivity also supports applications in advanced batteries, HD displays, memory chips and more.

The auto industry has taken significant interest to employ graphene's abilities to develop stronger and lighter vehicle structures. Recently, some leading car makers have started exploring graphene-enhanced materials for vehicles. This allows design of smaller and more economical electric cars without compromising safety. The aerospace industry too is investigating graphene for aircraft components and spacecraft. Its strength at microscopic levels along with flexibility provides advantages over traditional composites. Several manufacturing firms are actively working on methods to mass produce and process graphene materials for real industrial uses. With further refinement in synthesis techniques, more sophisticated and cost-effective applications of graphene will emerge across a wide range of sectors in the coming years.

Market Concentration and Competitive Landscape

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Electromagnetic shielding

Another promising application of graphene lies in its superb electromagnetic interference (EMI) shielding properties. Electromagnetic radiations from cellular networks and wireless devices have raised concerns regarding possible health hazards. Graphene sheets have demonstrated the ability to block over 99% of electromagnetic waves across frequencies due to its ultrathin layered structure. This makes it an ideal material for shielding enclosures of electronic gadgets as well as other radiation-prone industrial equipment. Leading telecom equipment suppliers are investing in R&D utilizing graphene's properties for 5G and IoT-enabled devices of the future.

Military and aviation sectors require strict control over electromagnetic emissions from sensitive electronics onboard. Graphene composites show potential to provide lightweight yet highly effective shielding layers in aerospace and defense applications. Even healthcare industry benefits from it, as growing usage of MRI machines and other diagnostic equipment necessitates robust shielding materials. Graphene films have been shown to shield magnetic fields ten times better than copper films. Continuous progress in synthesis techniques will make graphene more commercially viable for various EMI shielding solutions across sectors.

Key Takeaways from Analyst:

As a relatively new and novel material, graphene is finding diverse applications across several end-use industries like electronics, composites, energy storage, and others. Its extraordinary properties like high conductivity, strength, and flexibility makes it an ideal material for many applications.

Rising R&D investment by both public and private organizations to develop scalable and low-cost production technologies for graphene will be a key driver of the market growth. Additionally, growing demand for lightweight and high-performance materials from industries like aerospace and automotive will boost the demand for graphene composites.

High production costs remain a major challenge for the widespread commercialization of graphene. Significant improvements are still needed in production processes to reduce costs. Also, stringent regulation around new materials usage may limit the scope of certain graphene applications, especially in electronics and energy storage industries, acting as a restraint. That said, Asia Pacific, led by strong government support for graphene research in countries like China, South Korea and Japan, will likely emerge as the fastest growing regional market.

Market Challenges: High cost of manufacturing

The high production cost of graphene is a major challenge in large-scale manufacturing and commercialization of graphene-based products. Graphene is currently produced in laboratories through complex methods like micromechanical cleavage and chemical vapour deposition which require sophisticated equipment and extreme operating conditions. These laboratory scale production techniques are expensive and yield very small amounts of graphene. Scaling these up for bulk manufacturing further increases the costs substantially.

Market Opportunities: Growing automotive industry

The growing automotive industry worldwide presents a huge opportunity for the expansion of the global graphene market. As automakers look to make vehicles lighter, more durable, and more energy-efficient, graphene is increasingly becoming a material of choice. Graphene's extraordinary mechanical, thermal and electrical properties allow it to enhance current vehicle materials as well as enable novel applications.  Many major automakers have already began exploring the usage of graphene in different vehicle components. Graphene composites show great potential in making lighter body panels, batteries, and brake pads. They can significantly reduce the weight of vehicles without compromising on strength. This allows for improved fuel economy and faster acceleration. Graphene is also being researched for applications like transparent & flexible displays, supercapacitors for fast charging, and corrosion resistant coatings on metal parts. As advanced electric and autonomous vehicles continue to evolve, they will rely more on technologies where graphene can play a vital role.

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Insights, by Product Type : wide applications of graphene

In terms of Product Type, the Graphene Oxide segment is estimated to account for the highest market share of 48.7% share in 2024. It contributes the highest share owing to its wide applications across many industries. Graphene oxide possesses a variety of oxygen-containing functional groups that make it readily dispersible in water and many organic solvents. This gives graphene oxide the capability to form stable colloidal suspensions, making it a suitable candidate for various applications that require solution processing and composite fabrication. Graphene oxide can be easily produced in bulk quantities through chemical oxidation of graphite powder. Its production method gives it an advantageous production feasibility and volume over other graphene products like graphene nanoflakes.

The hydrophilicity of graphene oxide opens up new avenues for its usage. It has widespread applications in energy storage and supercapacitors due to its high surface area and ability to store charge. Graphene oxide is increasingly being used to make conductive inks and coatings owing to its processability. Its biocompatibility has made it suitable for use in biosensors and drug delivery. Graphene oxide composites are finding applications in lightweight and high-strength materials like in aircraft and automotive sectors due to the ability of graphene oxide to enhance mechanical properties even at low loadings. These wide ranging applications across industries drive the higher market share of graphene oxide among other graphene products.

Insights by application : Growing demand from touchscreens and display applications

In terms of application, the Conductive Films & Inks segment is estimated to account for the highest market share of 35.6% share in 2024. Growing demand for touchscreen electronics and thin film display applications is one of the key drivers boosting the conductive films and inks segment growth in the graphene market. Graphene exhibits high electrical conductivity along with excellent optical transparency, thermal stability and flexibility. These properties make graphene an ideal candidate to replace traditional transparent conductors used in touchscreens of smartphones, tablets, and other consumer electronics.

Advancements in technologies have further increased the usage of large size and flexible displays in newer generations of consumer devices. The traditional materials for transparent electrodes like ITO have limitations such as brittleness, high cost and low flexibility. In contrast, graphene-based transparent conductive films and inks can fulfill the requirements of next generation electronics. They provide high conductivity and transparency even when deposited on flexible polymer substrates. This superiority of graphene has resulted in major electronics manufacturers actively exploring the potential of graphene in display and touch applications.

Furthermore, conductive inks containing chemically modified graphene sheets have gained prominence in printed electronics domain. They enable printing of conductive patterns on various substrates through cost-effective techniques like inkjet and roll-to-roll printing. Such inks find increasing use in applications involving Internet of Things, smart packaging, wearables and other emerging areas. The rising penetration of these applications indirectly boosts the conductive films and inks segment in the graphene market.

Regional Insights

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North America has established itself as the dominant region in the global graphene market with 40.3% share in 2024. The region is home to some of the major manufacturers and technology developers in the field. With solid government funding and a growing graphene research ecosystem, North America has been at the forefront of commercializing graphene applications across various end-use sectors. The region boasts of the strongest industrial base for graphene with well-established value chains for supply as well as processing of graphene materials. Many American companies have successfully scaled-up graphene production capacities to cater to the rising domestic demand. Moreover, North American material firms have been quick to develop graphene-enhanced formulations of various materials like concrete, plastics and composites. This has widenned the regional graphene industry's addressable market.

Asia Pacific has emerged as the fastest growing regional market for graphene globally. Countries like South Korea, Japan, China have aggressively supported graphene research through funding schemes and infrastructure development. This has spurred a rapid rise in the number of graphene research institutes and industrial laboratories in the region. APAC is also a dominant manufacturing hub, which has attracted global material players to establish graphene production facilities in the region. The growing manufacturing expertise as well as availability of raw resources provides strategic advantages. Additionally, governments have offered tax incentives for firms adopting graphene to boost their competitiveness. This has made APAC an attractive investment destination for graphene deployment across electronics, automotive and renewable energy applications. The growing regional markets and government programs are driving APAC's ascent as the graphene industry's new growth engine.

Market Report Scope

Graphene Industry News

• In 2024, Black Semiconductor, a spin-off and current partner of the Graphene Flagship, secures EUR 254.4 million in funding to launch new semiconductor technology in Europe
• In 2022, Thomas Swan, a specialty chemicals company, signed an agreement with Concrene Ltd., a concrete technology company
• In May 2022, Imkemex (based in Mumbai, India) and Applied Graphene Materials initiated an exclusive distribution agreement
• In 2022, Graphene-Aurora programme launched at Maker Village

*Definition: The Graphene Market involves the production and commercialization of graphene, an allotrope of carbon in the form of a single layer of graphite. It is the thinnest yet strongest material known. Graphene has high electrical and thermal conductivity and is very flexible. It has potential applications in electronics, batteries, coatings, sensors, and composites. The Graphene Market is expected to grow substantially in the coming years as research leads to more commercial applications of this unique material.

Market Segmentation

• Product Type Insights (Revenue, USD Mn, 2019 - 2031)
  • Graphene Nanoflakes
  • Graphene Oxide
  • CVD (Chemical Vapour Deposition) Films
  • Others
•  Application Insights (Revenue, USD Mn, 2019 - 2031)
  • Acid gas removal
  • Dehydration
  • Others
• Regional Insights (Revenue, USD Mn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • Rest of Middle East & Africa
• Key Players Insights
  • Graphenea
  • CVD Equipment Corporation
  • AMO GmbH
  • Applied Graphene Materials
  • 2D Carbon Graphene Material Co., Ltd.
  • Thomas Swan & Co. Ltd.
  • Graphene Laboratories, Inc.
  • Graphensic AB
  • Graphene Square Inc
  • Talga Group
  • ACS Material
  • BGT Materials Limited, Ltd.
  • Directa Plus S.p.A.
  • Grafoid Inc
  • NanoXplore Inc.
  • Haydale Graphene Industries Plc
  • Zentek Ltd.
  • Applied Graphene Materials Ltd