The global graphene market is prognosticated to witness a steady growth within the forecast period from 2015 to 2023. Savvy players in the market are banking upon cross-industry tie-up, especially in technologically forward nations. They are also seen working upon strengthening their positions by getting into mergers and acquisitions and improving their product portfolios.
Several new players are emerging in the market rapidly, owing to scope of expansion and good revenue growth in coming years. Graphenea S.A., Nano Material Tech, Applied Graphene Materials plc, Nanjing XFNANO Materials Tech Co., Ltd., ACS Material LLC, Advanced Graphene Products, Haydale Ltd., Applied Nanotech Inc., Grafoid Inc., and Graphene Frontiers are among the key firms leading graphene market. Rise in competition between the players to have maximum number of patents is likely to intensify the competition in the market.
According to Transparency Market Research, the global graphene market is anticipated to grow with a strengthening CAGR 33.5% within the forecast period from 2015 to 2023. In 2014, the market was valued to be around worth US$12.2 mn. This figure is expected to grow to US$159.2 mn by the end of 2023.
On the basis of geography, the market is dominated by North America. In 2014, the region accounted for around 40.2% of share in the entire market. Graphene oxide, trailed by graphene nanoplatelets are the major product segment in the region.
Light-Weight Nature of Graphene to Propel its Demand in Electronic Industry
Even though graphene is a newly discovered semi-metal, it has wide usage in various industries. Owing to its strength, light-weight, it is considered to be tougher than the most hard metals, including diamond. These properties make graphene most used in electronic industry for the manufacture of smartphones. Alongside electronic industry, the usage of graphene has also risen in telecom, automotive, and aerospace and defense. Moreover, graphene is used in making of several automobile parts, in order to make automobiles less heavy and fuel-effective in nature. This is likely to support the demand in graphene market.
Rising investments in research and development activities is another factor that is propelling the future market growth.
High Manufacturing Cost Foreseen to Hamper Market Growth
However, the high cost of manufacturing grapheme is expected to hinder the market growth in forthcoming times. Moreover, the development of this semi-metal needs in-depth research and development. Hence, the manufacturers are working on coming up with cost-effective technologies. This factor is also pulling back end-user sectors from using graphene products as it increases the output price as well.
This review is based on the findings of a TMR report, titled, "Graphene Market Graphene Market Size By Product (Graphene Oxide, Graphene Nanoplatelets, Mono-layer & Bi-layer Graphene), By End-user (Electronics, Aerospace & Defense, Energy, Automotive, Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."
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