The global graphene market generated a revenue of $87.5 million in 2019 and is predicted to demonstrate a CAGR of 20.2% between 2020 and 2030. According to the forecast of P&S Intelligence, a market research firm based in India, the market would attain a value of $646.8 million in 2030. The prominent factors driving the progress of the market are the rising requirement for graphene in the electrical & electronics industry and the growing usage of the material in the medical sector.
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Composites, electrical & electronics, biomedical, energy, and others are the various categories when the industry is segmented on the basis of application. In 2019, the electrical & electronics category held the largest share in the graphene market, and it is expected to maintain its dominance till 2030. This is attributed to the rising usage of the material in the production flexible displays, touch screen coatings, and precise coatings, due to the fact that graphene offers high mechanical strength and electrical conductivity.
Graphene can be used in medical devices, electric vehicles, batteries, and flexible and foldable screens. A key opportunity area for industry players is the rising R&D investments to come up with new application areas for this material. For instance, the European Union (EU), as part of its Graphene Flagship initiative, announced a $50.4 million (EUR 45 million) investment in December 2019 in 11 projects being undertaken across the region for the commercialization of graphene. In the coming years, these projects are expected to garner an additional investment of $52.6 million (EUR 47 million).
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Market Size Breakdown by Segment
- Electrical & Electronics