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As graphene is a recent product, with a discovery dated by in 2004, the players have a great chance to entering into the market and tap into lucrative opportunities. Some of the major players in 2014, namely XG Sciences, Inc., Graphenea S.A., and Applied Graphene Materials plc, collectively accounted for the share of 26.7% in the global graphene market. The global market scenario is likely to be highly fragmented with the emergence of various players. The major firms are heavily investing in the research and development activities of graphene. Recently, in order to upgrade its technological ability, Graphenea S.A. invested in a San Sebastian's CIC nanoGUNE nanotechnology research center. Some of the key players in the market are Nano Material Tech, Grafoid Inc., Graphenea S.A., and Advanced Graphene Products. The analysts of the recent report on graphene market state that firms are foreseen to get into mergers and acquisitions to improve their position in the market, upgrade their product portfolios, and enhance their brand presence.
According to a recent report by Transparency Market Research, the global graphene market is anticipated to expand at an amazing CAGR of 33.5% within the forecast period from 2015 to 2023. In 2014, the global graphene market was valued to be of worth $12.2 million and is likely to reach a value of over $159.2 million by the end of forecast period.
In the graphene market, electronic segment leads the race. The segment in 2014 held the maximum share of near about 32.5% in the entire market. This figure is likely to reach around 34.7% by the end of forecast period. Geographically, North America region is estimated to propel the growth in graphene market, by leading it globally.
Increased Usage in Smartphones Industry to Fuel Demand
Despite graphene being discovered recently, around 10 years back, the allotrope has various usage in the industries. As it is strong and yet light-weight, it is considered to be tougher than the metal, diamond also. These are the certain properties possessed by graphene that makes it very popular in the electronics industry, which especially manufacture smartphones. The other industries responsible for the growth in global graphene market are automobiles, telecom, defense, and aerospace.
Surging demand in innovative work of graphene are additionally liable to support the market in the coming years. For example, the European Commission declared an astounding venture of US$1.3 bn in innovative work of graphene that will be utilized for the following 10 years. Moreover use of graphene in making of different car parts to make vehicles lighter and eco-friendly is additionally prone to improve this market.
High Manufacturing Cost to Hinder Market Growth
The greatest hindrance in the global graphene market is the staggering expense of manufacturing. In the first place, improvement of graphene requires broad innovative work and makers are as yet working on to devise cost-efficient innovations. Along these lines, the related and the actual expense of manufacturing is limiting the development of this market. This factor is likewise preventing end-client enterprises from utilizing graphene to make their items as it raises the possible yield cost.