Global graphene market is expected to reach USD 1606.18 million by 2030, at a CAGR of 36% from 2021 to 2030. Graphene, a two-dimensional form of carbon, has been identified as a material with superior electrical, mechanical, and thermal properties. It has a wide range of applications in electronics, energy storage, biomedical, nanotechnology, and other segments. This wide range of applications has enabled the graphene market to achieve significant growth.
The electronics segment is expected to dominate the global graphene market due to its superior electrical and thermal properties. It is used in the manufacturing of smartphones, laptops, televisions, and other consumer electronics. Furthermore, graphene is used in the making of sensors, batteries, and displays.
The biomaterials segment is expected to grow at a high CAGR during the forecast period. Graphene is used in the medical industry to manufacture implants, prosthetics, and artificial organs. It is also used to manufacture dressings, bandages, and other medical products.
The Asia Pacific region is expected to witness the highest growth in the global graphene market due to the increasing demand from the electronics and automotive sectors. The presence of a large number of manufacturers and suppliers in the region is also driving the market growth.
Major players in the global graphene market include XG Sciences, Inc., Graphene NanoChem Plc, Graphenea, Graphene Laboratories, Inc., Graphene Square, Inc., Haydale Graphene Industries Plc, and Vorbeck Materials Corp.
Restraints of Graphene Market
- High Production Cost: Graphene production is still very expensive and requires advanced technology, making it difficult for small businesses to enter the market.
- Limited Application Areas: Graphene is still a relatively new material and is not yet widely used in commercial products. Therefore, there is limited demand for graphene, which is restraining the growth of the market.
- Lack of Standardization: The lack of standardization for graphene production and processing is hindering the growth of the market.
- Stringent Regulatory Framework: Stringent regulations regarding the production and use of graphene are restricting the growth of the market.