Over the past two years, graphene has found massive application in a wide range of fields, from anticorrosive paint to energy storage. In 2017, there were 13,371 patent filings about graphene worldwide, an upsurge of 30.7% over the previous year, with a CAGR of 60.9% between 2010 and 2017. Although small in size, the graphene industry is progressing apace. In 2017, the global graphene market size stood at roughly USD85 million in 2017 at a production volume of 573 Tonnes, which increased by 84.8% to nearly USD200 million in 2018. The global graphene market size is expected to reach USD 552.3 million by 2025, according to a new report by Grand View Research, Inc. It is expected to attain a CAGR of 38.0% over the forecast period.
The race towards harnessing the commercial value of graphene has triggered a battle for supremacy among global economies. The product is still in its trial phase of development and has not been commercialized to its full potential in most of the application areas. There have been continuous efforts for research and development to enhance the quality of the materials produced and to develop superior graphene nanoplatelets and oxide films.
In the wake of these substantial advancements in R&D technologies and application, graphene application market value is expected to surpass USD1 billion in 2023. Growing demand for smart consumer electronics is anticipated to fuel the market over the forecast period.
The global graphene manufacturers cluster in UK, China and the United States.