Editorial Feature

Where is the Graphene Market Now?

Global Market ReportGraphene
In the two decades that have followed since its discovery, graphene has been pivotal in accelerating research into 2D materials, and it has already been leveraged into numerous applications across a broad range of sectors.
Graphene is the world’s first 2D material; made from a single layer of carbon atoms, the material is one million times thinner than the diameter of one single human hair. Discovered in 2004 by Andre Geim and Konstantin Novoselov, the material was so revolutionary that it earned the pair a Nobel Prize in Physics in 2010.

Here, we discuss how graphene is currently being used and what is currently trending in the field. We also explore what the current market looks like and how this may evolve over the coming decade.

Application Areas of Graphene

Graphene is a remarkable material. It is 200 times stronger than steel while being five times lighter than aluminum. It is highly flexible, elastic, and resistant. Graphene also has excellent thermal and electrical conductivity. Due to its impressive properties, the material has already found many important uses in a wide range of sectors, including biomedical, composites and coatings, electronics, energy, sensors, construction, health, and more. The possibilities of what can be achieved with graphene are vast, and the applications of graphene that have currently been established are just the beginning.

Graphene is making waves in the energy sector, and it has been used in solar cells, fuel cells, batteries, and in nuclear power plants to reduce the emissions associated with some of its processes. Graphene has also emerged as an important material for the medical sector. It is being leveraged in innovative drug delivery platforms, novel cancer treatments, diabetes monitoring, and in dentistry, among other applications. And of course, due to its desirable electrical properties, graphene has been enlisted into numerous electrical applications including in waterproof electronics, transistors, wearables, touchscreens, flexible screens, elastic robots, sensors, and as a superconductor.

Hot Topics in Graphene

Graphene is making the headlines frequently in the academic world. New applications of graphene are routinely emerging. One of the areas where it currently shows the most promise is in the field of healthcare, where scientists are using graphene to develop more sensitive diagnostic tools. Recently, a team of researchers at Leiden University and Jülich Research Centre delivered a proof-of-concept demonstration in a paper published in the journal Science Advances, where they described their next-generation graphene electronic biochemical sensor device able to detect HIV, marking a new chapter in biochemical sensor devices.

There is also currently a lot of activity exploring how graphene-based sensors can be developed for a number of health monitoring applications, such as wearables for monitoring chronic diseases like diabetes.

Current Global Market of Graphene

In 2022, the global graphene market was valued at $337 million, growing from 2021’s value of  $269.6 million. This follows from the -0.2% market decline of 2020 compared with 2019, caused by the Covid-19 pandemic. The market is expected to continue to strengthen following the unexpected downturn in graphene demand brought on by the pandemic. From 2022 to 2029, the market is expected to grow at an impressive CAGR of 30.5%, reaching a valuation of $2,172.2 million.

Asia Pacific currently holds the largest market share, and it is anticipated that this region will continue to dominate throughout the decade, although the North American market will experience significant growth over the coming years. Europe is another key region in the global graphene market, it is also predicted to experience rapid growth over the next decade.

Key players in the global graphene market include NanoXplore Inc (Canada), Graphenea SA (Spain), Avanzare Innovacion Tecnologia SL (Spain), Global Graphene Group (US), Directa Plus SPA (Italy), Changzhou Sixth Element Materials Technology Co Ltd (China), Ningbo Morsh Technology Co Ltd (China), ACS Material (US), XG Sciences (US), Applied Graphene Materials (UK), Thomas Swan & Co Ltd (UK), First Graphene (Australia), Talga Group (Australia), and Graphite Central (US).

There are a number of driving factors in the market. Given that graphene was only discovered in 2004, scientists are still working on exploring how the material can be used in different applications. Each year, more applications are added to the ever-expanding list. This intense research effort into exploring graphene is helping to propel the sector. As more useful applications of graphene emerge, more industries become invested in the material.

Image Credit: SkillUp/Shutterstock.com

Currently, the graphene market is facing increased demand from the automotive and transportation industry. At the end of 2021, graphene batteries for electric vehicles were established. Over the next decade there will be a push to move towards electric cars over fossil-fueled vehicles, many countries have legislation surrounding this in order to bring down global emissions. This shift towards electric will likely increase demand for graphene.

Given that the graphene market is still relatively new, it is unsurprising that it still faces a few considerable limitations. For example, the mass production of high-quality graphene is still not being implemented by many graphene manufacturers due to the costs and time involved. Additionally, the industry lacks sufficient standardization. This can be attributed to its relative newness and the speed at which the sector has advanced.

Future Directions of Graphene

The graphene market will continue to grow and develop at great speeds over the next decade. Continued research and development will likely generate numerous new applications for graphene across various fields, including medical, energy, and electronics. It is likely that demand will continue to increase across the globe, as the sector recovers from and surpasses the setback caused by the Covid-19 pandemic.

Final Thoughts

In ten years’ time, we will likely have many more applications of graphene commercially available as it comes closer to reaching its full potential as the world’s first 2D material. It has paved the way for the 2D materials sector, which will likely result in numerous scientific breakthroughs, importantly in healthcare and energy.

More from AZoM: Changing How We Think About Graphene with General Graphene Corp.

References and Further Reading

Fu, W. et al. (2017) Biosensing near the neutrality point of graphene,” Science Advances, 3(10). Available at: https://doi.org/10.1126/sciadv.1701247

Graphene Market Size, Share & COVID-19 Impact Analysis [online]. Fortune Business Insights. Available at: https://www.fortunebusinessinsights.com/graphene-market-102930 (Last accessed January 2023)

Huang, H. et al. (2019) Graphene-based sensors for human health monitoring,” Frontiers in Chemistry, 7. Available at: https://doi.org/10.3389/fchem.2019.00399

Wang, Y. et al. (2022) Graphene-based nanomaterials for cancer therapy and anti-infections,” Bioactive Materials, 14, pp. 335–349. Available at: https://doi.org/10.1016/j.bioactmat.2022.01.045

Disclaimer: The views expressed here are those of the author expressed in their private capacity and do not necessarily represent the views of AZoM.com Limited T/A AZoNetwork the owner and operator of this website. This disclaimer forms part of the Terms and conditions of use of this website.

Sarah Moore

Written by

Sarah Moore

After studying Psychology and then Neuroscience, Sarah quickly found her enjoyment for researching and writing research papers; turning to a passion to connect ideas with people through writing.


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