According to Grand View Research, the global graphene market size was estimated at USD 78.7 million in 2019, and is expected to expand at a CAGR of 38.7% from 2020 to 2027. Increasing demand for renewable, lightweight, and flexible materials that offer durability is expected to drive the product demand. Excellent product characteristics, such as high electrical and thermal conductivity, coupled with high electron mobility and high permeability are anticipated to expand the application scope of graphene. Rising product penetration in various applications including energy storage, semiconductors, and sensors is anticipated to further fuel the market.
Graphene-based products market value worldwide from 2015 to 2025 (USD)
Global Market value of graphene-based products 2015-2025
Graphene nanoplatelets are expected to witness a significant rise in demand on account of their wide range of applications in various sectors including electronics, aerospace, medical, and energy storage and generation. The segment is estimated to reach USD 303.4 million by 2027 and is expected to witness significant growth over the forecast period.
Graphene oxide is an extremely critical product owing to its wide range of applications including transparent conductive films for various supercapacitors, smartphones, flexible electronic devices, optoelectronic devices, and medical devices. Superior product characteristics, such as a high thermal and electrical conductivity, permeability, transparency, and strength play a major role in boosting its demand.
In 2019, the electronics application segment accounted for 36.0% of the global graphene market volume. It is expected to exhibit significant growth over the forecast period, owing to its wide range of applications in semiconductors, transistors, capacitors, and sensors. The segment is expected to observe growth in emerging economies in Asia, owing to a rise in manufacturing activities.
Composites applications account for a significant demand for graphene-based products, as Graphene-based composites are employed in a wide range of applications, including construction, automotive, aerospace, batteries, coatings, metals, and plastics. It exhibits high potential as a replacement for carbon nanotubes owing to its enhanced capabilities.
Other graphene-based products include multi-layer graphene and reduced graphene oxide. These products are employed in various applications including inks, coatings, and different types of composites. Automotive and aerospace industries are expected to be key application sectors for graphene-based composites over the next few years owing to the superior product characteristics such as high strength and lightweight.
Electrochemical energy storage solutions are expected to drive the product in the energy sector in various storage solutions including electrochemical capacitors, lithium-ion batteries over the forecast period. Graphene coatings are used in various batteries, conductors, and generators to improve energy efficiency and the overall performance of the devices.
Other applications include graphene inks, coatings, catalysts smart packaging, and automotive. Graphene conductive inks and coatings are being increasingly used for manufacturing conductive paper for DNA analysis. Medical device coatings contain graphene to improve their performance and efficiency.