Graphene Market Evolving Industry Trends 2023

The burgeoning automotive and telecom industry have spurred a remarkable demand for graphene, citing its unique properties. Graphene was developed in 2004 and is known for being light in weight, strong, excellent conductor or both heat and electricity. Its increasing usage in various end-user industries is likely to propel the market in the coming years. Transparency Market Research states that the opportunity in the global graphene market was worth US$12.2 mn in 2014 and is expected to reach US$159.2 mn by 2023, expanding at a robust CAGR of 33.5% between 2015 and 2023.

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North America Leads Thanks to Manufacturing Expertise of U.S.

North America is the key region in the global graphene market. As of 2014, North America held a 40.2% share in the global market. By the end of 2023, this share is expected to reach 42.1%. The key product segment in North America is graphene oxide followed by graphene nanoplatelets.

The aerospace and defense segment is also expected to make a significant contribution in the near future. The manufacturing expertise of this region along with the availability of raw materials is expected to boost the graphene market in North America. Europe will also follow the lead as the region is seen to be making significant investments to develop the wonder material.

Electronics Segment Stands as the Leading User of Graphene

The electronics segment is leading the global graphene market. As of 2014 this segment held a leading share of 32.5% in the overall market, which is expected to reach 34.7% by the end of 2023. As electronic companies are investing in materializing potential benefits graphene into actual ones, this segment does offer graphene market several chances to grow. For instance, several phone making companies are using graphene to manufacture memory chips as this material expands the capacity of the storage capacity of the phones. Graphene is also being used to make touchscreens are the material is exceptionally light and flexible, thus resulting in an excellent alternative for silicon.

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Investments Play a Crucial Role in Shaping the Overall Graphene Market

The global graphene market will also grow with the increasing investments in research and developments in the coming years. Several governments are making hefty investments in developing graphene for using in a wide range of end-user industries. For instance, European Commission declared an investment of US$1.3 bn for research and development of graphene in 2013. This budget will be spent over a span of 10 years for devising cost-effective technologies to produce graphene. The chances of smartphone makers using graphene to manufacture memory chips to increase the storage capacity are also going to augment the demand for this material during the forecast period.

The key participants in the global graphene market are Nano Material Tech, Graphenea S.A., Applied Graphene Materials plc, ACS Material LLC, Nanjing XFNANO Materials Tech Co., Ltd., Advanced Graphene Products, Applied Nanotech Inc., Haydale Ltd., Graphene Frontiers, and Grafoid Inc. The market is currently fragmented due to the presence of a large number of players in the market. However, the competition is tough as the majority of them is trying to win bigger market shares through mergers and acquisitions and increasing their product portfolios. New entrants also have a chance to creating indelible impressions as the market is still a budding one.

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