Increasing demand for lightweight and durable materials for manufacturing various components including composites is expected to fuel the product demand over the forecast period.
Graphene is the world’s thinnest and strongest material with high thermal and electrical conductivity. These characteristics coupled with other properties including high permeability and high electron mobility have resulted in creating a huge interest in this material and its applications. The material is at the introductory stage of product lifecycle and is expected to witness significant development in terms of its applications over the forecast period.
The product is expected to witness increased penetration in various existing products including semiconductors, energy storage and generation devices, and sensors. Demand for graphene films is expected to gain momentum owing to the growing need for protective coatings on smartphones and flexible electronic devices. This has resulted in an increase in production capacity of graphene-based products over the past few years.
These composites are employed in a wide range of applications including construction, automotive, and aerospace.
Graphene nanoplatelets accounted for a major market share of 51% in terms of revenue, in 2017. High electrical and thermal conductivity, strength, and enhanced barrier properties are likely to fuel its utilization in polymeric materials such as composites, rubber, thermoplastic elastomers, paints and coatings, and adhesives.
Graphene oxide is expected to witness considerable growth over the forecast period on account of its wide application scope in biomedical, solar cells, composites, batteries, supercapacitors, and biosensors among others.
Electronics was the major application segment, accounting for a market share of 42.1% in terms of revenue, in 2017. The graphene market is expected to witness significant growth owing to increasing demand from optoelectronics, communication, and defense electronics systems.
Graphene is being increasingly used as a replacement of silicon in various applications. It finds applications in batteries, electrodes for touch screens, transparent memory technology, and transistors among other components of electronics industry.
Composites application is expected to witness a revenue-based CAGR of 40.4% from 2018 to 2025. Increasing penetration in aerospace, automotive, and medical applications is expected to fuel the growth over the forecast period. The material is also used for energy generation and storage applications. Graphene coatings are being used in various batteries, conductors, and generators to improve energy efficiency and overall performance of devices. It is also used to enhance their power conversion efficiency of solar cells.
North America led, in terms of revenue, with a 32.8% market share in 2017. Presence of numerous manufacturers with strong research and development capabilities is likely to develop new growth opportunities over the years to come. Asia Pacific is expected to witness the fastest growth in demand over the forecast period.
China is expected to emerge as a promising market over the forecast period in light of favorable government support to promote investments in the manufacturing sector. The government of China has put forward strong policies to ensure support for research and development. The government has established a graphene national park, which is contributing to increasing the production volume of the material in the region.
Jan. 7, 2018