The global graphene market size is anticipated to reach USD 1.08 billion by 2027, exhibiting a revenue-based CAGR of 38.7% over the forecast period, according to a new report published by Grand View Research, Inc. Rise in awareness regarding superior characteristics of graphene, such as excellent electrical conductivity and heat resistance is expected to aid the growth.
Rise in demand for consumer electronics in emerging economies in Asia Pacific, including China, India, and Thailand is expected to positively affect the market growth. Ability of bilayer graphene to open a band gap is expected to provide a huge growth potential for adoption in infrared and terahertz radiation detection, which is expected to fuel the demand for graphene.
The market has observed a rise in number start-ups solely focused on experimental research and product development for commercializing the use of graphene. Paragraf, a U.K.-based start-up is focusing on developing graphene-based sensors. The company is also investing in research activities to replace indium in electronic devices with graphene, which is expected to drive the market growth.
Although still in nascent stage of commercialization, the product is expected to exhibit a huge growth potential over the forecast period, owing to its wide range of applications including sensors, composites, energy storage, and RFID. Increasing investments in development of enhanced quality of oxide films and graphene nanoplatelets is anticipated to drive the graphene market growth.
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Further key findings from the report suggest:
- Graphene nanoplatelets dominated the market in 2019, accounting for 51.1% of the total revenue share and is estimated to witness substantial CAGR over the forecast period, owing to superior characteristics of the product including high strength and permeability
- The demand from electronics sector is estimated to reach USD 391.7 million by 2027, on account of increasing product application in optoelectronics, communication, and defense electronics systems
- North America accounted for the largest market share and is expected to expand at a revenue-based CAGR of 37.1% over the next eight years, attributed to advanced technological capability for electronics manufacturing
- China is expected to emerge as a promising market for graphene over the forecast period on account of favorable government support to promote investments in manufacturing sector
- The graphene market is highly concentrated, with majority of suppliers and manufacturers located in China. Key participants are focusing in developing strategic partnerships with end users and research institutes