Graphene Market Size, Share & Trends Analysis Report By Material (Graphene Oxide, Graphene Nanoplatelets), By Application (Electronics, Composites), By Region (APAC, Europe), And Segment Forecasts, 2021 - 2028

Report Overview

The global graphene market size was estimated at USD 94.4 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 43.2% from 2021 to 2028. Growing product demand in application industries including electronics, biomedical technologies, energy storage, composites & coatings, and water & wastewater treatment is likely to fuel the market growth. Graphene exhibits an ability to improve the charge rate and energy capacity of modern-day rechargeable batteries. In addition, graphene is highly beneficial in improving the lifespan of lithium-ion batteries and helps reduce the overall weight of the battery assembly. Thus, the growing use of graphene in the Electric Vehicle (EV) industry is expected to propel market growth.

The market in the U.S. is expected to exhibit significant growth and is one of the key exporters of graphene-based products to various countries, which do not have graphene production capabilities. In addition, the increasing popularity of graphene owing to its superior characteristics is anticipated to propel market growth over the forecast period. The aircraft parts manufacturing industry is anticipated to witness an upward trend in the U.S. owing to the presence of a number of manufacturers in the country.

Moreover, growing demand for low-density, low electrical conductivity, durability, and high strength of the materials used in the body of aircraft is anticipated to propel the demand for graphene-based composites. Supercapacitors are alternatives to batteries and have significantly higher power densities. In addition, they can work at extremely low temperatures.

Graphene-based supercapacitors exhibit a superior ability to provide short bursts of energy, which may prove useful in the development of electric supercars. Thus, the product demand is anticipated to witness exponential growth. The lack of uniform standards pertaining to the production and quality of graphene and graphene-based products is expected to be a major roadblock in meaningful product adoption on a commercial scale. In addition, product manufacturing incurs high costs restricting the market growth.

Material Insights

The graphene nanoplatelets material segment led the market in 2020 with a revenue share of more than 42%. The major properties of graphene nanoplatelets including lightweight, mechanical properties, and superior thermal and electrical conductivities, coupled with low cost and easy manufacturing process are likely to benefit the segment growth. Graphene nanoplatelets improve the mechanical and tribological behavior, increasing the barrier properties and thermal conductivity of the material. The graphene nanoplatelets are added to polymer matrices to enhance their mechanical behavior, chemical resistance, and their lifetime. Thus, the growing demand for graphene nanoplatelets is likely to fuel market growth.

Graphene oxide is widely used in a range of applications including transparent conductive films for various smartphones, supercapacitors, optoelectronic devices, flexible electronic devices, and medical devices. Its superior properties including superior thermal and electrical conductivity, transparency, permeability, and strength play a major role in boosting its demand. Reduced graphene oxide produced using thermal, chemical, or electrochemical methods is increasingly used when a large quantity of graphene is required for industrial applications, such as energy storage. The reduction process implemented to produce reduced graphene oxide is important, as it enhances the quality.

Application Insights

The composites application segment led the market and accounted for more than 41% of the global revenue share in 2020. Composite materials are formed by harnessing the potential of graphene with existing products. Graphene-based composites are used to enhance the quality and performance of sporting equipment in skiing, cycling, and others. Graphene is increasingly used as an additive in resin matrices and other materials to improve mechanical properties, such as thermal and electrical conductivity, durability, stiffness, flexibility, fire resistance, UV resistance, and weight reduction. In addition, it is used in aircraft wings to drastically reduce its weight, which, thereby, increases fuel efficiency.

The energy sector is another key application segment in this market owing to the wide scope of application of graphene-based components in energy storage and energy generation. Graphene coatings are used in various batteries, conductors, and generators to improve energy efficiency and the overall performance of the device. Product properties, such as thinness and conductivity, have promoted its use in semiconductors. Graphene-based devices have low manufacturing costs, which promotes their demand in IoT networks, wearable healthcare monitoring, Electric Vehicles (EVs), and others. It offers multiple benefits, which help in enhancing many existing technologies in the electronics industry.

Regional Insights

Asia Pacific dominated the market and accounted for over 35% share of global revenue in 2020 owing to the high product demand across industries, such as automotive, marine, defense, and aerospace. In addition, the booming industrial sector in the region is projected to fuel the market growth in Asia Pacific. The growth of the manufacturing sector in China is another major driving the regional market. Rising product demand from this sector will eventually lead to a better growth rate of the market. The North American region is characterized by the presence of a number of small- and medium-scale manufacturers.

These manufacturers have a wide distribution and supplier network, which plays an important role in the value chain owing to the responsibility of the distributors and suppliers to maintain a loyal customer base for their manufacturers. Companies operating in the Europe region are increasingly offering a number of cost-effective solutions to enable large-scale comprehensive production of graphene. In addition, growing investments by the government and manufacturers are anticipated to propel the demand for graphene-based products, thereby driving the market growth.

Key Companies & Market Share Insights

The global market is highly concentrated and is majorly consolidated in the developed regions, such as North America and Europe. The market has a large number of suppliers and manufacturers in China. Increasing efforts on R&D undertaken by several multinational corporations and research institutes are likely to boost the market growth. The primary customer base of companies includes research institutes. However, industrial sales of these companies are expected to increase over the next few years due to the high product demand from the electronic, automotive, aerospace, and other application industries. Some prominent players in the global graphene market include:

• Angstron Materials, Inc.

• ACS Material, LLC

• BGT Materials Ltd.

• CVD Equipment Corp.

• Directa Plus SpA

• Grafoid Inc.

• Graphenea

• Graphene NanoChem

• NanoXplore, Inc.

• G6 Materials Corp.

• XGSciences

• Thomas Swan & Co. Ltd.

• 2D Carbon Graphene Material Co., Ltd.

• Haydale Graphene Industries plc

• Applied Graphene Materials (AGM)

Graphene Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global graphene market report on the basis of material, application, and region:

• Material Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)

  • Graphene Nanoplatelets

  • Graphene Oxide

  • Reduced Graphene Oxide

  • Others

• Application Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)

  • Electronics

  • Composites

  • Energy

  • Others

• Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • Spain

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

  • Rest of the World