The global graphene battery market size is projected to grow from USD 168 million in 2024 to USD 609 million by 2030, at a CAGR of 23.9% from 2024 to 2030. The market growth is driven by the advantages of graphene that is used as a battery material in graphene batteries and increasing demand for these batteries in consumer electronics and automotive industries.
Samsung SDI (South Korea), Huawei Technologies Co., Ltd. (China), Log 9 Materials Scientific Private Limited (India), Cabot Corporation (US), Grabat Graphenano Energy (Spain), Nanotech Energy (US), Nanotek Instruments, Inc. (US), XG Sciences, Inc. (US), ZEN Graphene Solutions Ltd. (Canada), Graphene NanoChem (Malaysia), Global Graphene Group (US), Vorbeck Materials Corp. (US), Graphenea Group (Spain), Hybrid Kinetic Group Ltd. (Hong Kong) and Targray Group (Canada) are some of the leading players operating in the graphene battery market. These players have adopted the strategies of expansion and joint-venture to enhance their position in the graphene battery industry.
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By type, the lithium-ion graphene battery segment is estimated to account for the largest share of the graphene battery industry in 2021. Graphene lithium-ion batteries are consumed by end-use industries such as consumer electronics, automotive, industrial, power and others due as they are light, durable and suitable for high capacity energy storage, as well as shortens the charging times. The lithium-ion graphene battery segment is forecasted to have the highest growth rate owing to the increasing demand for lithium-ion batteries compared to other batteries due to its various applications in the consumer electronics and automotive industries.
By end-use industry, the automotive segment is estimated to account for the largest share of the market in 2021. The need for high power and energy density has created a demand for reliable and safe batteries for industries such as automotive and consumer electronics, ultimately driving the growth of the graphene battery market. Graphene batteries are used in electric vehicles in the automotive industry. The automotive segment is forecasted to have the highest growth rate owing to the rise in the demand for electric vehicles due to environmental concerns and awareness about clean and sustainable fuel.
The Asia Pacific region is expected to account for the largest share of the market in 2021. China, Japan, and South Korea are key countries contributing to the increased demand for graphene batteries in this region. In China, Japan and South Korea along with electric vehicles, graphene batteries are used in consumer electronics. Europe is estimated to have the second-largest share of the global graphene battery market in 2021.
Recent Developments
- In December 2018, Log 9 Materials Scientific Private Limited (India) announced that they are working on graphene-based metal-air battery. The metal-air battery uses metal as the anode, oxygen as the cathode and water as an electrolyte. A graphene rod is used as the cathode of the battery. Since oxygen has to be used as the cathode, the cathode material has to be porous to let the air pass, a property in which graphene excels. According to Log 9 Materials, the graphene used in the electrode can increase the battery efficiency by five times at one-third the cost
- In November 2017, Samsung SDI (South Korea), in collaboration with Samsung Advanced Institute of Technology (SAIT), developed a unique “graphene ball” that could make lithium-ion batteries last longer and charge faster. Samsung Advanced Institute of Technology (SAIT) said that using the new graphene ball material to make batteries will increase their capacity by 45% and make their charging speed five times faster. It was also said that this battery would be able to maintain a temperature of 60 degrees Celsius that is required for use in electric cars.
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