Global Graphene Market Expands with Increasing Research and Development Activities
Graphene is an allotrope of carbon made up of closely packed carbon atoms in a hexagonal honeycomb lattice. It is a crucial component of graphite and is known to be the first two-dimensional material of the world. Popular for being flexible and strong, graphene is used for several purposes in developed regions. Researchers are investing time, effort, and money to research the possible ways in which graphene can be used. Currently, this material is being used in automotive design, electronics, energy, aerospace and defense, and healthcare due to its unique properties.
Increasing Applications of Graphene Oxide Boost Global Graphene Market
The global graphene market is segmented on the basis of product, end user, and region. On the basis of product, the market is segmented into mono-layer and bi-layer graphene, graphene oxide, graphene nanoplatelets, and others such as graphene multilayer. Of all the product segments, graphene oxide held a dominating of more than 40% of the global graphene market in 2014. The increasing number of applications of graphene oxide is the prime growth driver for this market. Analysts predict that this trend is expected to continue in the coming years as well.
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Electronics Segment Leads Global Graphene Market
The end users in the global graphene market are the electronics industry, the automotive industry, the energy industry, the aerospace and defense industry, the healthcare industry, and others such as the paints and coatings industry. Amongst the end users, the electronics industry was the largest consumer of graphene, accounting for a share of over 30% in the global graphene market in 2014. This material is widely used by the electronics industry to make memory chips, which bring in the data storage capacity in smartphones. Smartphone touchscreens are also made of graphene, as these materials are known to be better than glass in several aspects. According to analysts, the electronics industry is expected to augment the overall graphene industry due to its increasing usage in the semiconductor segment in the coming years.
Developed Nations to Have a Stronger Foothold in the Overall Graphene Market
Geographically, the global graphene market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Research suggests that developed regions across the world will have a stronger foothold in the overall graphene market due to the availability of raw materials and manufacturing expertise. North America will hold the largest share in the overall graphene market and will be closely trailed by Europe by the end of 2023.
Some of the top players in the global graphene market are ACS Material LLC, Nanjing XFNANO Materials Tech Co., Ltd., Graphenea S.A., Nano Material Tech, Applied Graphene Materials plc, Advanced Graphene Products, Applied Nanotech Inc., Haydale Ltd., Graphene Frontiers, and Grafoid Inc. Analysts indicate that the high cost of raw materials and complicated manufacturing process are likely to hamper the growth of this market in the coming years. However, the growing demand for graphene in the telecom and automotive industries will provide new opportunities for the growth of this market through 2023.
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