Graphene Market Expected to Reach $1.4 Billion by 2028

According to a new report published by Allied Market Research, titled, “graphene market" was valued at $0.3 billion in 2023, and is projected to reach $1.4 billion by 2028, growing at a CAGR of 34.6% from 2024 to 2028.

Graphene is a single layer of carbon atoms arranged in a two-dimensional, hexagonal lattice, known for its exceptional properties. It is the thinnest yet one of the strongest materials ever discovered, possessing remarkable mechanical strength, electrical conductivity, and thermal conductivity. Its structure gives it unique qualities that make it a superior conductor of electricity and heat compared to other materials. Graphene is used in various applications due to its versatility and lightweight nature, ranging from electronics and energy storage to composites and medical devices, driving innovation across multiple industries. 

Market Dynamics

Graphene's exceptional electrical conductivity and flexibility make it an ideal material for enhancing the performance of various electronic components. In electronics, graphene is employed in transistors, sensors, and integrated circuits, where its high electron mobility and thermal conductivity enable faster and more efficient operation. The material's ability to conduct electricity with minimal resistance allows for the development of ultra-thin and flexible electronic devices, pushing the boundaries of current technology and paving the way for innovations in wearable electronics and flexible displays. 

Moreover, the integration of graphene into electrical gadgets contributes to the development of next-generation batteries and supercapacitors. Graphene's large surface area and high conductivity enhance the energy storage capacity and charge/discharge rates of these devices, leading to more efficient and long-lasting power sources. As consumer electronics continue to evolve, the demand for graphene-driven advancements in performance and miniaturization grows, further driving its adoption in the industry. This trend highlights the transformative potential of graphene in revolutionizing the electronics and electrical sectors. All these factors are expected to drive the demand for the graphene market. 

However, the growth of the graphene industry faces significant challenges due to high material costs and scalability issues. Despite its remarkable properties, the production of high-quality graphene remains expensive. The methods used to produce graphene, such as chemical vapor deposition (CVD) and mechanical exfoliation, involve complex processes and high costs, which contribute to the overall price of the material. These high production costs limit the widespread adoption of graphene in commercial applications, particularly in industries where cost-effectiveness is crucial. All these factors hamper graphene market growth. 

Advancements in production techniques create significant opportunities for graphene, addressing some of the material's previous limitations and paving the way for broader adoption. Innovations such as chemical vapor deposition (CVD) and liquid-phase exfoliation have made it possible to produce high-quality graphene more efficiently and cost-effectively. For instance, developments in CVD technology have improved the ability to create large-area graphene films with consistent properties, which is crucial for electronic applications and flexible displays. This progress is helping to lower production costs and increase the availability of graphene for various uses. All these factors are anticipated to offer new growth opportunities for the graphene market during the forecast period. 

Segment Highlights 

The graphene market is segmented into type, application, and region. By type, the market is classified into monolayer & bi-layer graphene, few layer graphene (FLG) , graphene oxide (GO) , and graphene nano platelets (GNP) . By application, the market is divided into electronics, composites, energy storage, paint, coatings and inks, tires, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The major players operating in the graphene market include ACS Material, Applied Graphene Materials, CVD Equipment Corporation, Directa Plus S.p.A., G6 Materials Corp, Graphenea, Grolltex Inc, NANOTEK INSTRUMENTS INC, NanoXplore Inc., and Vorbeck Materials Corp.