For Now, Growth of Graphene Market will be Largely Restricted to Developed Regions

There is considerable excitement regarding the use of graphene globally today. Termed the wonder material, graphene is one of the lightest and thinnest compounds ever discovered. Despite many industries racing toward finding breakthrough applications using graphene, the global graphene market has not taken off with full force just yet.

Market analysts estimate that the global graphene market was worth US$12.3 mn in 2014 and will rise at a CAGR of 33.5% to touch US$159.2 mn by 2023. The phenomenal growth of the graphene market is expected to continue over the next few years fueled mainly by the discovery of new applications.

Commercialized mostly in developed regions, graphene will soon make its way into non-traditional markets

Despite its many wondrous capabilities, graphene is yet to be commercialized across the world. Awareness about graphene and the means to use it in milestone applications exist mainly in the developed countries. Much of the research about how graphene can positively influence operations in industries such as energy, aerospace and defense, electronics, automotive, and healthcare is currently limited to the developed countries in the western world.

Transparency Market Research projects the use of graphene to be the highest in the electronics industry. Graphene electronics are a promising area of growth, and one that could hold a billion-dollar opportunity in the coming years. Besides electronics, the telecom and automotive industry will impel the graphene market globally in the next seven years.

Hindrances to the growth of the graphene market

Whilst the prospects of the global graphene market look strong, there are a few factors that will stand in the way of its growth. The complexity in manufacturing graphene, for one, is expected to deter investments. The cost of raw materials, too, will place a drag on the market’s growth. 

North America will show the fastest rate of growth in the global graphene market and Europe will follow. However, developing countries will be slow to join this growth.

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