Graphene Market Size Report | analysis & Forecast 2028

Graphene Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Monolayer and Bilayer, Graphene Nano-Platelets, Graphene Oxide, and Others) and Application (Composites; Functional Inks, Paints and Coatings; Energy Storage; Electronics; Polymer Additives; RFID; and Others)

Publication Month : Mar 2022

  • Report Code : TIPRE00014359
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 149
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[Research Report] The graphene market size is projected to grow from US$ 821.2 million in 2021 to US$ 7,555.8 million by 2028; it is expected to register a CAGR of 37.3% from 2021 to 2028.

Graphene Market Insights and Analyst View:

Graphene is a material consisting of carbon atoms arranged in hexagonal manner. The properties of graphene such as high thermal conductivity, electrical conductivity, elasticity, flexibility, transparency, resistance, and others broadens its scope of application in many industries. Graphene is widely used in electronics, energy storage, paints and coatings, composites and other application. Graphene is also used to enhance the performance efficiency of solar energy by adding it to solar panels. Graphene is a highly useful material without similar substitutes in the market, further leading to the consistent demand for the material over the future.

Growth Drivers and Challenges:

Graphene is a material composed of pure carbon, identical to graphite but with characteristics that make it incredibly light and strong. Its wide range of applications includes 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 the 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, numerous graphene applications in biomedicine are categorized into several major areas, such as transport (delivery) systems, sensors, tissue engineering, and biological agents.

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 increasingly showing up in the dashboards of new vehicles. Furthermore, graphene can provide additional functionality to tires, such as sensors for autonomous vehicles. The sensors can offer data about driving conditions through their contact with the road, enabling safer and more efficient vehicle control. Moreover, the government's support for developing a metal-free dashboard, improving automotive functionality, reducing production costs for manufacturers, and decreasing fuel consumption for end-users is anticipated to drive the demand for graphene in the automotive industry during the forecast period. For instance, G+BOARD is a newly launched Spearhead Project by the Graphene Flagship, which aims to include a unique graphene-based dashboard. The dashboard will feature conductive patterns, sensors, and devices based on multifunctional graphene or reduced graphene oxide. The project will replace the copper wiring and buttons presently used in car dashboards, reducing the number of production steps and vehicle weight while enhancing aesthetics and recyclability. Therefore, the wide application scope of graphene and the rising government support are driving the global graphene market during the forecast period.

Graphene is durable, lightweight, and has excellent electric & thermal conductivity. Due to its unique properties, the application of graphene is rapidly growing in various industries, such as electronics, optometry, airplane designing. However, increased graphene usage is severely impacting humans and the environment. Microparticles of graphene can lead to severe respiratory problems, such as lung cancer. Further, as per research by the University of California Riverside laboratory, there are differences in movement and stability of graphene nanoparticles when they are in groundwater and surface water. According to the study, graphene particles become less stable in groundwater. Groundwater generally has more hardness and less natural organic matter in it. It may cause the graphene nanoplatelets to settle or get removed entirely. Thus, the adverse effects of graphene on humans and the environment is hindering the graphene market growth during the forecast period.

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Graphene Market: Strategic Insights

Market Size Value inUS$ 821.2 Million in 2021
Market Size Value byUS$ 7,555.8 Million by 2028
Growth rateCAGR of 37.3% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
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Report Segmentation and Scope:

The “Global Graphene Market” is segmented based on type, application, and geography. Based on type, the graphene market is segmented into monolayer and bilayer, graphene nano-platelets, graphene oxide, and others. Based on application, the graphene market is classified into composites; functional inks, paints & coatings; energy storage; electronics; polymer additives; RFID; and others. The graphene market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)

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Segmental Analysis:

Based on type, the graphene market is segmented into monolayer and bilayer, graphene nano-platelets, graphene oxide, and others. The monolayer and bilayer segment held the significant share in the graphene market. Monolayer graphene is the single layer sheet of carbon atoms bonded together in a repeating pattern of hexagons. It is highly inert and can act as a corrosion barrier between oxygen and water diffusion. It provides excellent mechanical strength, thermal and electrical conductivity, and compactness. It has high electronic mobility, structural flexibility, and the capability of being tuned from p-type to n-type. It is used in various applications in many areas such as membranes, coatings, sensors, photocatalysis, and solar cells. Bilayer graphene is a material consisting of two layers of graphene. Bilayer graphene can be made by graphite exfoliation or chemical vapor deposition (CVD). Also, bilayer graphene has a zero bandgap and behaves like a semimetal. Bilayer graphene can be used to construct field effect transistors or tunneling field effect transistors, exploiting the small energy gap. Moreover, due to its special features such as electrical, physical, and optical properties, it is used in nanotechnology, especially in the sensor area.

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Regional Analysis:

Based on geography, the graphene market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The global graphene market was dominated by Asia Pacific which accounted for approximately US$ 256 Million in 2020. North America is a second major contributor holding more than 23.8% share in the global graphene market. Asia Pacific is expected to register the considerable growth at a CAGR of over 39% over the forecast period. The Asia Pacific graphene market is further segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Australia, Japan, India, China, South Korea, Singapore, Taiwan, and Indonesia have large manufacturing industries in diverse sectors, including chemical, construction, automotive, and electronics. The growing demand for graphene compounds from various end-use industries has contributed to the growth of the graphene market in the region. The advanced electronics & energy storage sectors of Japan, China, and South Korea will continue to boost graphene consumption in Asia Pacific. China will play an important role in the graphene industry in the future due to the rapid development of technologies, supportive policies and investment. For example, Tianneng battery, Xupai Power Co, and Chaowei Power Co in China launched graphene-enhanced lead-acid batteries. Furthermore, many countries are strong competitors in the automotive sector. Japan, China, and South Korea have well-established car manufacturing industries. Japan’s Toyota Motor Corporation was ranked the second-best car manufacturer globally by market capitalization. Moreover, as per Kearney's report, India’s auto industry is the world's sixth-largest producer of automobiles in terms of volume and value. Hence, the growth in the automotive industry in the region drives the graphene market.

Covid-19 Impact:

The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the chemicals and materials industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Due to the pandemic-induced economic recession, consumers became more cautious and selective in their purchasing decisions. Non-essential purchases were significantly reduced by consumers due to lower incomes and uncertain earning prospects, especially in developing regions. Many manufacturers of graphene faced decline in profits due to reduced demand during the initial phase of pandemic. However, by the end of 2021, many countries were fully vaccinated, and governments announced relaxation in certain regulations including lockdowns and travel bans. Moreover, graphene and graphene-related materials (GRMs) for healthcare applications are among the fastest-growing fields of science and technology, hence its demand surged. This factors had a positive impact in the growth of graphene market across different regions.

Competitive Landscape and Key Companies:

Some of the prominent players operating in the global graphene market include XG Sciences; The Sixth Element Materials Technology Co.,Ltd; Global Graphene Group; NanoXplore Inc.; Graphenea, Inc.; Directa Plus S.p.A; AVANZARE INNOVACION TECNOLOGICA S.L.; Thomas Swan & Co. Ltd.; Morsh; Perpetuus Advanced Materials PLC.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

Can you list some of the major players operating in the global graphene market?

Major market players operating in the global graphene market include XG Sciences; The Sixth Element Materials Technology Co.,Ltd; Global Graphene Group; NanoXplore Inc.; Graphenea; Directa Plus S.p.A; AVANZARE INNOVACION TECNOLOGICA S.L.; Thomas Swan & Co. Ltd.; Morsh; Perpetuus Advanced Materials PLC among few others.

Which region held the largest share of the global graphene market?

In 2021, Asia Pacific held the largest share of the global graphene market. China has high volumes of graphene manufacturing as well as consumption. The massive electronics production in Japan and South Korea by major players such as Panasonic, Samsung, and LG plays a vital role in increasing consumption of graphene in the region.

Based on type, which segment is leading the global graphene market during the forecast period?

The monolayer and bilayer segment held the largest share of the global graphene market in 2021. Monolayer graphene provides excellent mechanical strength, thermal and electrical conductivity, and compactness. Bilayer graphene can be used to construct field effect transistors or tunneling field effect transistors, exploiting the small energy gap.

Based on application, which segment is leading the global graphene market during the forecast period?

The electronics segment held the largest share of the global graphene market in 2021. Graphene has been used as coatings in touch screens for tablets and phones, for building circuits in computers. Graphene is highly recommended material for next generation technology such as chips and interconnects for data communication and flexible screen for wearable technology.

What are the key factors influencing market growth?

The global graphene market is primarily driven by wide application scope of grapheme and rising demand for graphene composites in end-use industries.

Which region held the fastest CAGR in the global graphene market?

Asia Pacific is estimated to register the fastest CAGR in the global graphene market over the forecast period. Asia Pacific region is leading in the consumption of graphene. In the region, China will play an important role in the graphene industry in the future due to the rapid development of technologies, supportive policies and investments.

The List of Ccompanies - Graphene Market

  1. XG Sciences
  2. The Sixth Element Materials Technology Co.,Ltd
  3. Global Graphene Group
  4. NanoXplore Inc.
  5. Graphenea
  6. Directa Plus S.p.A
  8. Thomas Swan & Co. Ltd.
  9. Morsh
  10. Perpetuus Advanced Materials PLC

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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