The global graphene market is expected to reach USD 74.8 million by 2022, according to a new report by Grand View Research, Inc. Rising consumer awareness regarding the unique properties of graphene, which are likely to open new opportunities for technological advancement, is expected to drive demand. Emerging economies including China and India are expected to witness a significant growth over the forecast period on account of growing demand from multinational companies for the purpose of research and development.
Graphene nanoplatelets are expected to witness significant gains on account of their wide use in various industries including electronics, aerospace, medical and energy storage & generation. Over the past few years, the market has witnessed a sudden increase in demand from various companies and institutions for the purpose of research and development of the product.Demand is likely to reach 1,321.1 tons by 2022, growing at a CAGR exceeding 22.0% from 2015 to 2022.
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Further key findings from the report suggest:
· Energy is a high potential sector for graphene and continuous innovation in development of the product will help in generating energy from renewable sources. The segment is anticipated to generate revenues worth USD 10.2 million in 2022.
· Europe graphene oxide market was valued at USD 4.8 million in 2014. The region is expected to witness a strong demand for these products owing to its applications in sensors, touch screens and displays. Growing demand for advanced electronics, particularly for academic and research purposes, is expected to propel growth.
· North America dominated the global market accounting for 34.2% of the overall volume in 2014. Positive manufacturing industry outlook in the U.S. in light of increasing focus on research &development coupled with favourable government initiatives to attract investments is expected to have augment market.
· Electronics was the largest application segment in 2014 and accounted for over 40% of global market volume. The market is expected to witness significant growth at a CAGR of 23.1% in terms of volume from 2015 to 2022, owing to increasing demand from optoelectronics, communication and defence electronics systems.
· Key industry players including XG Sciences, Inc., Vorbeck Materials, Haydale Graphene Industries PLC, Graphene Laboratories, Inc., Graphenea SA, Grafoid Inc., Graphensic AB, Graphene Square, and Directa Plus are expected to expand their business presence over the forecast period. Other key industry participants including Graphene Technologies, Thomas Swan & Co., Ltd., Angstron Materials, Inc., ACS Material, LLC, CVD Equipment Corporation, and BGT Materials Limited are investing heavily in research and development for graphene based products.In November 2015, Angstron Materials, Inc. increased its annual production capacity from 300 tons to 1,000 tons.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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