Advanced Materials and Chemicals

Graphene Market is Expected to Reach USD 2,585.2 Million by 2031

May 2024

Advanced Materials and Chemicals

As per the report published by Kings Research, the global Graphene Market was valued at USD 720.7 million in 2023 and is projected to reach USD 2,585.2 million by 2031, growing at a CAGR of 17.58% from 2024 to 2031.

The global graphene market is growing rapidly due to ongoing advancements in graphene production technologies, which enhance scalability and reduce costs. Increasing awareness of graphene's exceptional properties, including its strength, conductivity, and flexibility, is driving demand across diverse industries such as electronics, aerospace, automotive, and healthcare. Additionally, government initiatives and funding support for graphene research and development are stimulating innovation and fostering market growth. Moreover, strategic collaborations and partnerships between industry players and research institutions are facilitating the commercialization of graphene-based products.

Key Insights

  • Based on type, the graphene nanoplatelets segment accounted for the largest market share of 40.25% in 2023
  • Based on end use, the military segment is estimated to register a CAGR of 22.81% between 2024 and 2031
  • Based on application, the electronic components segment garnered the highest revenue of USD 285.8 million in 2023
  • On the basis of region, Middle East & Africa is anticipated to reach the valuation of USD 209.4 million by 2031

GC and Khalifa University Forge Strategic Partnership to Drive Graphene Innovation

July 2023: GC (Graphene Composites) partnered with Khalifa University of Science and Technology’s Research & Innovation Center for Graphene and 2D Materials (RIC2D). Their collaboration aimed to push scientific development and commercial deployment of cutting-edge graphene-based technologies. By combining expertise and resources, both partners accelerated the development and commercialization of graphene-based solutions. The collaboration influenced the trajectory of materials engineering and identified opportunities for joint implementation, leading to innovative solutions addressing key challenges across multiple industries. This partnership represented a significant step toward utilizing graphene's unique properties for transformative advancements in various sectors.

Ongoing Research and Government Support to Propel Graphene Market Growth

The graphene market is experiencing significant growth driven by increasing research and development activities. Ongoing efforts are focused on discovering new applications and enhancing production techniques, thereby fostering innovation and expanding market reach. Additionally, government support and funding initiatives play a crucial role, with numerous governments investing heavily in graphene research to bolster technological capabilities and stimulate innovation. This backing facilitates the pace of discovery and provides essential resources for scaling up production and commercialization efforts. These factors are creating a favorable environment for the graphene market, fueling its expansion and facilitating its integration across various industries.

Graphene's Biocompatibility Fuels Expansion into Healthcare and Biomedical Applications

The burgeoning applications of graphene in healthcare and biomedical fields can be attributed to its exceptional biocompatibility and unique properties. Due to its inert nature and ability to interact with biological systems without causing adverse reactions, graphene is increasingly employed across various medical domains. Its versatility enables the development of advanced drug delivery systems, highly sensitive biosensors, innovative tissue engineering scaffolds, and cutting-edge medical imaging technologies. As research progresses, graphene's significance in healthcare is expanding, offering promising solutions for improved diagnosis, treatment, and patient care.

Middle East & Africa to Record a Staggering CAGR of 19.31% Over the Forecast Period

Based on region, the global graphene market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Middle East & Africa is poised to record a CAGR of 19.31% between 2024-2031. The region's burgeoning industrial sector, particularly in the construction and automotive industries, is driving the demand for advanced materials, such as graphene. Additionally, increasing government initiatives toward diversifying economies and promoting technological innovation are fostering the adoption of graphene-based solutions. Moreover, rising investments in research and development, coupled with strategic partnerships between regional and international players, are accelerating the development and commercialization of graphene technologies.

Market Leaders Concentrate on Collaborations and Acquisitions for Sustained Growth

The global graphene market reveals a fragmented landscape, featuring prominent companies including Graphenea, Haydale Graphene Industries, NanoXplore, Versarien, Directa Plus, Applied Graphene Materials, XG Sciences, ACS Material, Angstron Materials, Applied Nanotech Inc. (ANI), and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.

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