Graphene Oxide Market Size

Graphene Oxide Market size was over USD 179.93 Million in 2023 and is anticipated to cross USD 6.85 Billion by the end of 2036, growing at more than 32.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of graphene oxide is estimated at USD 232.24 Million. The growth of the market can be attributed to the rising demand for electric vehicles and the batteries installed in them. Graphene boosts the lifespan of EV batteries, moreover, they provide higher energy, faster charging, and are far more sustainable than lithium-ion batteries. In 2020, the demand for batteries for the electric vehicle was nearly 110 gigawatt hours. Moreover, by 2030, around 3,500 GWh of EV batteries will be needed worldwide. Furthermore, it is expected that the demand is likely to increase 600 times and reach around 6500-gigawatt hours by the end of 2050.

In addition to these, with the use of graphene-made films, the contaminants and others substances are blocked during the filtration process. Moreover, graphene contributes in making sustainable, lighter, and energy-efficient water desalinators and filters.  Therefore, the factors that are believed to fuel the market growth of the graphene oxide market include the rising investment in treating wastewater from various industries. Large industrial wastewater treatment facilities require capital expenditures that range from USD 20,000 to USD 40,000 per cubic meter per hour (m3/h). Moreover, the use of graphene in biomedical technology is expected to boost market growth. For instance, in order to create transistors for diverse biological applications. Aran, an American biomedical entrepreneur collaborated with the Cardea Bio team, to develop a 15-transistor gadget that performs two COVID tests at home. The tool provides molecular and quantitative results and detects SARS-CoV-2 viral RNA or spike proteins.