With new applications and methods of synthesizing graphene discovered all the time, the material has seen skyrocketing demand. With massive industries like aerospace, automotive, and telecommunications incorporating the material into their products, the market is exploding, set to grow from $51.41 million in 2018 to $310.79 million in the next 5 years.
The Asia-Pacific region is expected to account for most of the market’s growth, as major auto and mobile device manufacturers are looking to graphene to improve their devices’ performance. North America is poised to have the highest share of the graphene market over the next few years, thanks to the rise in manufacturing and plentiful raw materials. The European market will also play a big part in the market’s growth, having made considerably R&D investments into products using graphene.
One of the biggest impediments preventing more commercial-scale graphene production is the high manufacturing cost. There have been numerous advances in producing graphene sheets more cheaply and cost-effectively over previous methods, but producing high quality graphene at a scale large enough to support the needs of massive industries like electronics and robotics remains a challenge to be overcome.