A new report by Allied Market Research shows the graphene market is set to explode over the next seven years, growing from a $91.3 million market in 2019 to a projected $1.36 billion by 2027, with a 40.2% CAGR in that same time period.
Allied Market Research attributed the tremendous growth to the increase in graphene producers, and high demand for graphene composites, coatings, and other electronics applications.
The single largest share of the 2019 market was held by the graphene nano platelets segment, accounting for more than three-fifths of the market, according to Allied Market Research. This is due to their wide variety of applications in segments like aerospace, electronics, energy storage, and medical.
However, the graphene market segment expected to account for most of the growth over the next seven years is in mono- and bi-layer graphene. That growth is anticipated to increase alongside the proliferation of microelectronics applications like nano-electromechanical systems, conductive coatings, flexible batteries, and biological & chemical sensors.
Energy storage is expected to make up the largest annual growth during the seven-year forecast period, largely due to graphene’s rise in storage solutions like lithium-ion batteries.