Graphene Market Size to Register a Robust CAGR of 24% in 2023-2031 Driven by Rising Demand for Graphene Composites

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Feb 10, 2025, 11:30 ET

NEW YORK, Feb. 10, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global Graphene market size is projected to reach US$ 8.58 billion by 2031 from US$ 1.53 billion in 2023. Growing demand for graphene in advanced coatings and protection and increasing adoption in energy storage are emerging trends in the global graphene industry.

Graphene market is observing significant growth due to its broad range of applications. The report analyzes market trends, key players, and future opportunities. The graphene market generally comprises a wide array of platforms and services that are expected to strengthen in the coming years.

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Overview of Report Findings

Market Growth: The graphene market is expected to reach US$ 8.58 billion by 2031 from US$ 1.53 billion in 2023, registering a CAGR of 24.0% during the forecast period. Graphene is a material consisting of carbon atoms arranged in a hexagonal manner. Properties of graphene, such as high thermal conductivity, electrical conductivity, elasticity, flexibility, transparency, resistance, and others, broaden its scope of application in many industries. Graphene is widely used in electronics, energy storage, paints and coatings, composites, and other applications. It is also used to enhance the performance efficiency of solar energy by adding it to solar panels. Graphene is a beneficial material without similar substitutes in the market, further leading to its consistent demand.

Wide Application Scope of Graphene: Graphene can be used in myriad applications in the automotive industry, including composite structural components, automotive batteries, and tires. The high conductivity and visual transparency of graphene make it a valuable material in several user interfaces, which generally consist of touchscreens and liquid-crystal displays. These interfaces are highly used in the vehicle dashboard. Furthermore, graphene can provide additional functionality to tires, such as sensors for autonomous vehicles. Sensors offer data about driving conditions through their contact with the road, enabling safer and more efficient vehicle control.

Rising Demand for Graphene Composites in End-Use Industries: Composites are materials formed by combining two or more materials with varying properties to produce an end material with unique characteristics. Graphene composites, which include graphene, are made similarly. The presence of graphene can create composites with excellent qualities and enhance the conductivity and strength of bulk materials. They enhance mechanical properties and dimensional stability and resist high temperatures, impacts, and flames. These composites are widely used in medical implants, engineering materials for aerospace, building & construction, and renewables. Graphene and its derivatives can be functionalized and modified with several bioactive molecules.

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Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share; the growing demand for graphene compounds from various end-use industries has contributed to the growth of the graphene market in the region.

Market Segmentation

Based on type, the graphene market is divided into monolayer and bilayer, graphene nano-platelets, graphene oxide, and others. The monolayer and bilayer segment held the largest market share in 2023.
By application, the market is segmented into composites, functional inks, paints & coatings, energy storage, electronics, polymer additives, RFID, and others. The electronics segment held the largest share of the market in 2023.
The graphene market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Competitive Strategy and Development

Key Players: A few major companies operating in the graphene market are The Sixth Element (Changzhou) Materials Technology Co., Ltd.; Global Graphene Group; NanoXplore Inc.; Graphenea; Directa Plus S.p.A.; AVANZARE INNOVACION TECNOLOGICA S.L.; Thomas Swan and Co. Ltd.; Perpetuus Advanced Materials PLC; 2D Carbon Graphene Material Co., Ltd.; and HAYDALE GRAPHENE INDUSTRIES PLC. These players engage in collaborations, acquisitions, expansions, and other strategic investments to strengthen their market position.
Trending Topics: Growing demand for graphene in advanced coatings and protection and increasing adoption in energy storage are emerging trends in the global graphene market.

Global Headlines on Graphene

Commercial launch of Edge-Oxidized Graphene
Continued expansion into China and Vietnam with new distribution agreements
TC Microchips announces on the brink of graphene-based chip breakthrough

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Conclusion

The graphene market is driven by factors such as a wide range of applications in various end-use industries. These industries include aerospace, automotive, coatings, additive manufacture, composites, concrete & cement, conductive ink, electrochemical, electronics, energy generation, energy storage, lubricants, magnets, and medical. Graphene is used to produce lighter and impact-resistant aircraft & helicopter structures. Due to the high electrical conductivity of graphene, it is possible to create deicing systems integrated into wings. Further, graphene is used to manufacture building materials, such as paints and coatings. Due to its superior electrical and thermal conductivity, graphene can help produce various conductive paints. Moreover, 2D graphene materials with an sp2 carbon atom structure possess exceptional electrical conductivity and can be used in light and electric energy storage and conversion applications. Further, graphene applications in biomedicine are categorized into several major areas, such as transport (delivery) systems, sensors, tissue engineering, and biological agents.

Increased use of graphene in energy storage applications is an emerging trend in the market. Graphene-based nanomaterials have many promising applications in energy-related areas. Graphene improves energy capacity and charge rate in rechargeable batteries. In pharmaceutical nanotechnology, graphene-based materials have recently received more attention due to their unique chemical structure and physicochemical properties. Many research projects focus on developing applications for graphene and scale-up manufacturing processes and methods. In addition, a growing number of businesses are investing in graphene application-focused developments.

The report from The Insight Partners provides several stakeholders—including raw material manufacturers, graphene manufacturers, distributors/suppliers, end-use industries, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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SOURCE The Insight Partners