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Global Graphene Market to Reach $159.2M by 2023
February 12, 2016 | Transparency Market ResearchEstimated reading time: 1 minute
The global graphene market was valued at $12.3 million in 2014 and is anticipated to reach $159.2 million by 2023, expanding at a CAGR of 33.5% from 2015 to 2023, according to Transparency Market Research.
Graphene, also called as wonder material is one-atom-thick sheet of carbon atoms in a honeycomb crystal lattice. Graphene is the building block of graphite. It is the first two-dimensional material in the world. It is also the strongest and flexible compound known. Currently, graphene is mostly commercialized in developed regions. It is still in the nascent stage. Significant research is being carried out regarding its usage in various end-use industries such as electronics, aerospace and defense, energy, automotive, and health care due to the large number of unique properties it exhibits. Electronics is estimated to be one of the major end-use industries for graphene. However, complexity in manufacturing and high cost of raw materials are projected to hamper market growth during the forecast period. Rising demand for graphene in the automotive industry and telecom industry is likely to offer growth opportunities to the graphene market from 2015 to 2023.
In terms of revenue, graphene oxide was the largest product segment of the global graphene market, accounting for more than 40% share in 2014. Wide application of graphene oxide is the key reason for the dominance of the segment. Graphene oxide is expected to be the fastest-growing segment during the forecast period.
Graphene exhibits multiple properties. This makes it suitable for usage in various end-user industries. Electronics was the largest end-user segment of the graphene market, accounting for more than 30% share in 2014. Graphene is employed in the manufacture of memory chips with storage capacity in smartphones. Touchscreens of smartphones made with graphene as their conductive element could be printed on thin plastic instead of glass, so they would be light and flexible providing an alternative to silicon, which is brittle and could break when bent. Increase in usage of graphene in the electronics end-user industry, especially in the semiconductor segment, is anticipated to augment the demand for graphene in the near future.
Developed regions are estimated to dominate the graphene market in the next few years, owing to considerable manufacturing expertise and easy availability of raw materials in these regions. North America is projected to be the largest market for graphene, followed by Europe, during the forecast period. The global market for graphene is likely to expand significantly in the near future.
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