Graphene Market Outlook
The global graphene market was valued at USD 98.4 Million in 2022 and is anticipated to reach USD 1,708.1 Million by 2031, expanding at a CAGR of 38.9% during the forecast period.
Graphene is a two-dimensional structure formed by a single layer of carbon atoms arranged in a hexagonal lattice. It is known for its extraordinary properties, which include high conductivity, mechanical strength, and flexibility. Its unique properties make it appropriate for a wide range of applications, including electronics, energy storage, composites, sensors, and medical devices. Mechanical exfoliation, chemical vapor deposition, and liquid-phase exfoliation are common methods of production.
Each atom in a graphene sheet is connected to its three near neighbors by σ-bonds and a delocalized π-bond, which contributes to a valence band that extends over the whole sheet. Graphene is a thin material, and also incredibly strong, about 200 times stronger than steel. Graphene is an excellent conductor of heat and electricity and has superior light absorption capabilities.
Macro-economic Factors
Global Economic Growth
A strong global economy with rising disposable incomes and increased investments across various industries, such as electrical & electronics, wastewater treatment, automotive, energy & power, aerospace & defense, and pharmaceutical, fuel the demand for advanced materials, including graphene, due to its unique properties and potential applications in these sectors. According to the US Geological Survey, in 2022, US natural graphite imports were an estimated 82,000 tons, consisting of about 77% flake and high-purity, 22% amorphous, and 1% lump and chip graphite. The spending power of consumers increases with economic growth. This leads to a high demand for consumer goods that potentially utilize graphene, which, in turn, boosts the market. A strong economy often encourages large investments in research and development (R&D) in various industries. This accelerates the exploration of new graphene applications and production methods, ultimately benefiting the market.
Industrialization
Industrialization influences the demand for graphene, which has various applications in energy storage, catalyst, tire, composite material, and paint that come under electrical & electronics, wastewater treatment, automotive, energy & power, aerospace & defense, and pharmaceutical industries. Graphene has excellent mechanical, electrical, and thermal properties. According to the Netherlands Bureau for Economic Policy Analysis (CPB), global industrial production increased by 3.3% in 2022. This reflects an increase in output to the 2.8% annual average for the previous 10 years. China, the US, Japan, Germany, India, South Korea, Italy, France, the UK, and Indonesia are the top 10 manufacturing nations across the globe. In advanced economies, industrial production exceeded pre-pandemic levels in 2022. Industrial production in the European Union went up 8% in 2021 as compared to 2020 and has continued its upward trend with a 5% increase in 2022 as compared to 2021. The global industrial production has increased by 4% in 2022 as compared to 2021. Rapid industrialization is expected to influence the graphene market in the coming years.
Fluctuations in Raw Material Prices
Graphene production relies on various raw materials, including graphite, catalysts, and solvents. If the prices of these materials rise, it directly impacts the manufacturing costs for graphene. This squeezes profit margins and potentially leads to price hikes for the final product. Unpredictable fluctuations in raw material prices create instability in the graphene market. Manufacturers struggle to accurately forecast their production costs, making it difficult to set stable prices for their products. This discourages potential customers and hinders the graphene market.
Graphene Market Dynamics
Market Driver- Growing product penetration in the electronics industry
Graphene is ideal for electronics applications due to its exceptionally high electrical and thermal conductivity, as well as its lightweight nature. The electrons in this allotrope of carbon have higher mobility and speed when applied electric field as compared to semiconductors, including silicon, that are extensively employed in electronic devices. These characteristics provide more efficient devices that operate quicker than older alternatives while consuming less power. This material withstands high voltages due to its excellent mechanical resilience. This influences growth, as industries embrace a superior degree of electrification. Graphene film is one of the strong alternatives for indium tin oxide. The growing demand for touchscreen technologies is expected to drive the global graphene market.
Market Driver- Increasing demand for graphene from the automotive industry
The automotive industry is one of the key end-use industries of graphene. It is used in various applications in the automotive industry, such as in composite structural components, automotive batteries, tires, and anti-braking systems. Thus, the increased adoption of graphene in these applications is expected to drive the market during the forecasted period.
Market Restraint- Difficulty in mass production is a major restraint
The mass production of high-quality, defect-free graphene remains a challenge for graphene manufacturers, as the process of manufacturing is costly and time-consuming. Maintaining quality while increasing graphene manufacturing capacity is difficult. Any imperfections in the graphene monolayer carbon network affect graphene attributes, such as electrical conductivity, transparency, thermal conductivity, and impermeability, reducing graphene quality. The CVD method is used to produce high-quality monolayer and few-layer graphene; however, it is difficult to scale up for industrial manufacturing. These constraints limit the mass manufacturing of graphene and increase the cost of production.
Market Opportunity- Increasing R&D activities of graphene-based sensors
Graphene is an active chemical sensor in electrolyte-gated systems. Graphene-based top-gate insulators are produced with a thickness of 1 to 5 nm in an electrolyte at a concentration of a few millimolar, which the best top-gate Field-Effect Transistors (FETs) with Atomic Layer Deposition (ALD) cannot equal. The market for photoelectric sensors is similar to that of indium-tin-oxide (ITO) alternatives in transparent conductors. Its high electrical conductivity and transparency make it an appealing choice for creating transparent electrodes in photovoltaic cells and photoconductive sensors.
Scope of Graphene Market Report
The report on the global graphene market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Graphene Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 and 2021
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Forecast Period
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2023–2031
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Segmentation
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Form (Flake, Powder, and Paste), Type (Natural and Synthetic), Product Type (Monolayer Graphene, Multi-layer Graphene, and Others), End-use Industry (Electrical & Electronics, Wastewater Treatment, Automotive, Energy & Power, Aerospace & Defense, Pharmaceutical, and Others), and Distribution Channel (Manufacturers and Wholesalers/Distributors)
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Regional Scope
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North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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First Graphene; Global Graphene Group; NanoXplore Inc; Grafoid Inc; ACS Material; Talga Group; The Sixth Element (Changzhou) Materials Technology Co.,Ltd; and Modern Synthesis Technology
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Graphene Market Segmental Outlook
Based on form, the graphene market is divided into flake, powder, and paste.
The flake segment held XX% market share in 2022 and is expected to hold XX% share by 2031. The flake form of graphene enables strong adsorption and interaction with other materials, making them suitable for applications such as sensors, catalysts, and energy storage. It has exceptional mechanical, thermal, and electrical properties, contributing to increased demand for graphene in flake form. The increasing use of graphene in flake form is propelling the segment.
On the basis of type, the graphene market is bifurcated into natural and synthetic.
The synthetic segment held XX% share of the market in 2022 and is expected to hold XX% share by 2031. Synthetic graphene encompasses various methods to artificially create graphene, distinct from naturally occurring graphite. These methods offer advantages such as great control over the properties of material and potentially lower production costs compared to traditional methods of extracting graphene from graphite. The growing demand for synthetic graphene due to its low production costs and wide applications is expected to propel the segment.
In terms of product type, the market is segregated into monolayer graphene, multi-layer graphene, and others.
The monolayer graphene segment held XX% market share in 2022 and is expected to hold XX% share of the market by 2031. Monolayer graphene is a flat, one-atom-thick sheet of sp2 carbon atoms densely packed in a honeycomb crystal structure. Monolayer graphene has applications in supercapacitors, catalysts, solar energy, graphene optoelectronics, plasmonics and nanophotonics, graphene semiconductor chips, conductive graphene film, and graphene computer memory. The rising demand for monolayer graphene due to its wide applications in various industries is expected to propel the segment.
Based on the end-use industry, the market is segregated into electrical & electronics, wastewater treatment, automotive, energy & power, aerospace & defense, pharmaceutical, and others.
The electrical & electronics segment held XX% share of the market in 2022 and is expected to hold XX% share of the market by 2031. Graphene has a range of applications in the electrical & electronics industry, such as batteries, capacitors, solar cells, computers, microchips, smartphones, and laptops. It is widely preferred in electronics due to its excellent properties, which include electrical conductivity, thermal conductivity, lightweight, and mechanical resilience, allowing it to withstand high voltages. These properties make it an incredibly essential material in the electronics industry, and it is projected to be a direct substitute for carbon nanotubes and silicon in a variety of applications.
On the basis of distribution channels, the market is fragmented into manufacturers and wholesalers/distributors.
The manufacturers segment held XX% market share in 2022 and is expected to hold XX% share by 2031. The direct distribution channel of graphene does not use any intermediaries. Manufacturers sell products directly to the end consumers. The direct distribution channel is used by manufacturers to build trust with customers and to create a brand image. A significant amount of graphene gets distributed through distributors.
Regional Outlook
On the basis of region, the Graphene Market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific is expected to hold a large market share in the coming years. The increasing R&D activities in the region and the increasing demand for graphene from the automotive and electronics industries are driving the market in the region. Asia Pacific is a combination of both emerging markets and developed economies; the growth potential in the region is unlike anything seen before.
The market in North America is expected to register significant growth in the coming years owing to the growing demand for graphene from the aerospace and energy industries and the high product demand for efficient, strong, and lightweight goods are driving the market in the region. The increasing installation of graphene in batteries and solar cells for superior performance further fuels the graphene market.
Key Benefits for Industry Participants & Stakeholders
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In-depth Analysis of the Global Graphene Market
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Historical, Current, and Projected Market Size in terms of Value
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Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
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Industry Drivers, Restraints, and Opportunities Covered in the Study
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Recent Industry Trends and Developments
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Competitive Landscape & Strategies of Key Players
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Neutral Perspective on Global Graphene Market Performance
Segments
Form
Type
Product Type
- Monolayer Graphene
- Multi-Layer Graphene
- Others
End-use Industry
- Electrical & Electronics
- Wastewater Treatment
- Automotive
- Energy & Power
- Aerospace & Defense
- Pharmaceutical
- Others
Distribution Channel
- Manufacturers
- Wholesalers/Distributors
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Market Players Profiled in the Report
- First Graphene
- Global Graphene Group
- NanoXplore Inc
- Grafoid Inc
- ACS Material
- Talga Group
- The Sixth Element (Changzhou) Materials Technology Co.,Ltd
- Modern Synthesis Technology
Competitive Landscape
Key Developments
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In July 2022, Thomas Swan & Co. Ltd. signed a contract with Concrene Ltd. Thomas Swan & Co. Ltd. intended to employ graphene nanoplatelets in various concrete dispersions handled by Concrene Ltd. to produce high-compressive strength concrete. The agreement sought to increase product application of Thomas Swan & Co. Ltd. on a global scale.
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