The global graphene market size was valued at USD 432.7 million in 2023 and is projected to grow from USD 570.3 million in 2024 to USD 5,193.2 million by 2032, exhibiting a CAGR of 31.8% during the forecast period. Graphene is a carbon allotrope made up of a monolayer of atoms arranged in a 2D honeycomb lattice nanostructure. Increasing number of R&D activities for sensors made from graphene is expected to drive the market growth. With high thermal and electrical conductivity, there has been an increase in demand for the product. Fortune Business Insights™ shares this information in its report titled “Graphene Market, 2024-2032.”

Graphene, a single layer of carbon atoms arranged in a two-dimensional honeycomb lattice, is often heralded as a "miracle material" due to its remarkable properties. Its exceptional mechanical strength, electrical conductivity, thermal conductivity, and lightweight structure have positioned it as a game-changer across various industries. As global demand for advanced materials continues to rise, the graphene market has emerged as a focal point for research, investment, and innovation.

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List of Key Players Profiled in the Report

• Haydale Graphene Industries plc (U.K.)

• Graphenea (U.S.)

• ACS Material (U.S.)

• XG Sciences (U.S.)

• Global Graphene Group (U.S.)

• Applied Graphene Materials (U.K.)

• Grolltex Inc (U.S.)

• Directa Plus S.p.A (Italy)

• NanoXplore Inc. (Canada)

• Thomas Swan & Co. Ltd. (K.)

• First Graphene (Australia)

• Talga Group (Australia)

• Graphite Central (U.S.)

Segments

GNP to Lead Due to Demand from Aerospace and Automotive Industries 

On the basis of product, the market is segmented into Graphene Oxide (GO), Graphene Nanoplatelets (GNP), and others. Graphene Nanoplatelets (GNP) held the majority part in 2022 owing to increasing demand for lightweight composite materials in the aerospace and automotive industries. Several R&D activities are being performed to commercialize GNP production. Graphene Oxide (GO) is also expected to show a significant growth due to growing demand for nanotechnology in the electronics and semiconductor industries. 

Aerospace & Defense Segment to Lead as the Product is Used to Improve the Functionality of Coatings

Based on end-use industry, the market is segmented into electronics, aerospace & defense, automotive, energy, and others. Graphene in the aerospace industry is used to improve the functionality of coatings and composites used in planes, drones, helicopters, and spaceship manufacturing. The automotive industry also requires improvement in vehicle dimensional stability.

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Growing Penetration of the Product in the Electronics Industry to Drive Market Growth

Growing penetration of the product in the electronics industry is expected to drive the graphene market growth. The product is known for its high thermal and electrical conductivity and lightweight nature and it is used in electronics applications. Owing to its high mechanical resilience, it has the capability to take on higher voltages. This is likely to influence growth as industries are embracing a greater degree of electrification. It is one of the strong alternatives for indium tin oxide, which is used in touch screens of smartphones and tablet computers as a transparent conductor and electrode in OLEDs and solar cells.

However, negative environmental impact of the product is anticipated to hinder market development.

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Regional Insights

Asia Pacific to Lead Market Due to the Presence of Large-scale Manufacturers and Consumers

Asia Pacific is also set to dominate the graphene market share during the forecast period due to favorable policies by the governments, academic research, and funding. The market was valued at USD 113.2 million in 2022 owing to the presence of large-scale manufacturers and consumers and the rise in production in various industries such as automobile, defense, marine, and aerospace. 

North America is expected to have prominent growth due to high demand from aerospace and energy industries. Demand for eco-friendly, strong, efficient, and lightweight goods is also expected to drive market growth. There is increasing installation of GO in batteries and solar cells for better performance.

The Latin America market is anticipated to have a moderate growth due to demand from the automotive sectors for products such as graphene-based batteries in anti-crash systems, vehicles, tires, and more.  

Competitive Landscape

Market Players are Competing with International and Regional Players with Extensive Distribution Networks

The key market players are Haydale Graphene Industries plc, NanoXplore Inc., Applied Graphene Materials, Graphenea, Directa Plus S.p.A, ACS Material, XG Sciences, Global Graphene Group, Grolltex Inc, and others. These players have been competing with international and regional players with extensive distribution networks, regulatory know-how, and suppliers. In July 2021, AGM launched a series of eco-friendly GNP dispersions enable coatings, paints, and composite material for developing sustainability in their various product formulations.    

Key Industry Development

• July 2021: Thomas Swan & Co. Ltd. completed a joint venture transaction with Mason Graphite Inc. to launch a new company called Black Swan Graphene (BSG) to establish a large-scale commercial production facility in Québec, Canada.