Global Graphene Market Is Estimated To Witness High Growth Owing To Increasing Demand From Electronics Industry & Proliferation Of Graphene-Based Products
The Global Graphene Market is estimated to be valued at USD 233.8 Mn in 2024 and with CAGR of 19.5% over the forecast period 2024-2031. The growth of the market can be attributed to increasing demand for graphene from various end-use industries such as electronics, energy storage, composite materials etc. Graphene is increasingly being used in new products due to its exceptional properties such as high thermal and electrical conductivity.
The Global Graphene Market is driven by two major factors - increasing demand from electronics industry and proliferation of graphene-based products. The demand for graphene from electronics sector is growing rapidly owing to its favourable properties such as high tensile strength and thermal conductivity which makes it suitable for application in touchscreens, flexible displays, batteries etc. This is expected to boost the graphene market during the forecast period. Secondly, the market is witnessing increasing development and commercialization of graphene-based products for various end-uses such as conductive inks, coatings, composites etc. This is expected to augment the demand for graphene over the next few years.
Growing demand from electronics industry drives the global graphene market
The ever-growing electronics industry has been one of the biggest drivers of growth in the global graphene market. Graphene exhibits exceptional electrical and thermal conductivity properties and is increasingly being used in electronic devices like smartphones, laptops, tablets and wearable gadgets. Its superior conductivity allows for faster data transfer speed and more powerful and efficient consumer electronics. As the demand for more advanced electronic products increases with rapidly evolving technologies like 5G, artificial intelligence and Internet of Things, the need for high-performance materials like graphene is also rising. This growing demand from the electronics sector is expected to propel the global graphene market forward in the coming years.
Increasing use in batteries and energy storage augments market expansion
Another key driver for the graphene industry has been its growing adoption in lithium-ion batteries and supercapacitors for energy storage. Graphene anodes allow for faster charging and discharging rates as well as higher energy densities in batteries. This makes batteries last longer and carry higher capacity. Similarly, graphene enables ultra-fast charging and discharging in supercapacitors due to its immense surface area. The burgeoning electric vehicle market and shifting focus towards renewable energy have amplified the need for advanced energy storage solutions. Graphene is poised to play a bigger role here given its unparalleled properties. The rising demand from the energy sector continues to work in favor of market growth.
High price of graphene hinders widespread commercial use
One of the major constraints in the global graphene market is its relatively high price, especially for pristine high-quality types of graphene. Mass production of graphene is still a challenge since common synthesis methods tend to be complex, labor-intensive and non-scalable. This hampers the affordability factor which is crucial for commercialization. Unless production costs come down significantly, applications of graphene will remain limited to specialty areas. Furthermore, the price is a deterrent for its usage in applications that target the masses like consumer products. Overcoming this economic restraint is important to tap the market’s full potential.
Lack of standardization restricts graphene product development
Another problem plaguing the graphene industry is the current lack of standards for characterization and quality control of graphene materials. There are variances in physical and chemical properties of graphene based on the production methods used. This lack of standardization in quality assessment creates issues in consistent performance and commercial scale up of applications. It is difficult for manufacturers to reliably develop new products using graphene as its exact properties are ambiguous. The formulation of universally accepted characterization protocols and quality certifications can help address this issue to a large extent. It will encourage more graphene product development and industrial adoption.
Rising investments in R&D to spur new opportunities
One significant opportunity for market growth lies in extensive investments happening in graphene research and development globally. Both public and private organizations are funding cutting-edge projects focused on discovering new production techniques, device applications and commercialization strategies for graphene. This level of funding has intensified R&D activities leading to many patent fillings and publications. New disruptive applications of graphene are emerging from research labs. As some of these concepts translate into viable commercial products, it will open up fresh revenue channels for market players. Continued support for innovation will breed new growth drivers for the industry in the coming decade.
Growing demand for composite materials to augment market prospects
Finally, the rising usage of graphene-based composite materials is another key growth avenue. Graphene enhances mechanical properties, electrical conductivity and barrier effects when added to polymers, cement and other materials. This has increased its profile in construction, automotive, aerospace and packaging sectors. It is being evaluated as a reinforcement additive instead of carbon fibers to make lighter yet stronger materials. The expanding market for composites will generate significant adoption of graphene fillers and coatings. Major material manufacturers are actively pursuing graphene composites R&D. Successful commercialization of next-gen composites will open new revenue streams and markets for global graphene producers.
Link - https://www.coherentmarketinsights.com/market-insight/graphene-market-275
Key Developments
- 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
Key Players
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., and Applied Graphene Materials Ltd
