The high-profile TV presenter and University of Manchester physicist made his comments as the city unveiled plans to host the ninth international conference on the science of graphene, dubbed Graphene Week.
Graphene was isolated back in 2004 by University of Manchester researchers Andre Geim and Kostya Novoselov who would go on to win the Nobel Prize in Physics in 2010. But more than a decade on, the material has yet to make its commercial debut, although a super-efficient graphene-based lightbulb was demonstrated to Chancellor George Osborne in March 2015 and is expected to go on sale later this year.
Following a keynote speech at the new global technology conference TMRW in Manchester Central, Cox told Insider that it was positive to see the lightbulbs nearing release but stressed that far greater opportunities lie ahead.
He said: "Graphene's so important when you think that it's a potentially multibillion- or even multitrillion-pound industry with almost limitless potential. It's a gold mine.
"The real money is going to be in semiconductors. We're inventing a completely new manufacturing industry and that's really exciting."
Cox said that graphene-based semiconductors have the potential to revolutionise sectors such as computing and aerospace, helping to build the next generation of super-efficient computers, smartphones, planes and more.
Some media reports have suggested that the UK is falling behind countries such as South Korea, China and the US in the race to obtain graphene patents and develop market-ready applications. While admitting the reports are concerning, Cox is confident that the UK has secured the most important patents.
However, he has called on politicians to learn the lessons of the past and help the scientific community realise graphene's potential.
He said: "Historically, Britain is very good at generating knowledge but it's not so good at exploiting knowledge. In the National Graphene Institute, we have the world's leading experts. We have the real expertise when it comes to graphene.
"The government is right to invest in the National Graphene Institute and we need more of that."
The £61m National Graphene Institute at the University of Manchester opened in March 2015 with £31m provided by the government via the Engineering and Physical Sciences Research Council and the remaining £23m from the European Regional Development Fund. It will be followed shortly by the Graphene Engineering Innovation Centre and the Sir Henry Royce Institute for Advanced Materials.
This week, fresh details emerged about Manchester's plans to host the ninth international conference on the fundamental science of graphene, better known as Graphene Week, between 22 and 26 June 2015. Up until now, Graphene Week has been staged in locations across Europe and the US.
The events programme is backed by organisations including Business Growth Hub, Innovate UK, the Knowledge Transfer Network, Business Growth Service incorporating Manufacturing Advisory Service, Manchester City Council, Marketing Manchester, MSI, MIDAS, and UK Trade & Investment.
Sir Richard Leese, leader of Manchester City Council, said: "Graphene is the latest chapter in Manchester's long history of being in the forefront of industrial, scientific and technological innovation.
"Hosting Graphene Week, during our tenure as European City of Science, presents a unique opportunity not only to stimulate academic debate but also to encourage businesses and entrepreneurs to put their creative skills to the test and explore the potential for developing new graphene-based applications.
"The recent opening of the National Graphene Institute, which will be followed by the Graphene Engineering Innovation Centre and the Sir Henry Royce Institute for Advanced Materials, can only reinforce Manchester's position in the vanguard of leading international research and development.
"These new resources will provide the UK with the facilities required to accelerate new materials to market, resulting in significant inward investment and long-term job creation."