The global graphene market size is expected to gain momentum by reaching USD 2,864.1 million by 2027 while exhibiting an astounding CAGR of 39% between 2020 and 2027. This is attributable to the increasing demand for sustainability solutions and the rising aviation sectors across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Graphene Market Size, Share & COVID-19 Impact Analysis, By Product (Graphene Oxide (GO), Graphene Nanoplatelets (GNP), Others), By End-Use (Electronics, Aerospace & Defense, Automotive, Energy, Others), and Geography Forecast, 2020-2027.” The report further mentions that the market stood at USD 225.1 million in 2019 and is projected to rise in the forthcoming years.
Increasing Adoption of Graphene Products amid COVID-19 to Favor Growth
The novel coronavirus has led to disruptions amongst several global economies owing to a complete halt in operations and activities to contain the spread of the disease. There has been a spike in the demand for antibody-conjugated graphene sheets that accurately detect the virus and are adopted for population screening. Owing to multiple benefits provided by the product, it is being extensively adopted across several industrial applications that are expected to contribute to the growth of the market.
Rising Aviation Sector to Promote Growth
The increasing global population and high disposable income are expected to propel the demand for air travel. The increasing air leisure activities are surging the demand for travel through private jets, planes, and helicopters. Owing to its ability to improve the composites and coatings adopted in planes, spaceships, and drone manufacturing, graphene is revolutionizing the aerospace industry. Additionally, the growing concerns on reducing carbon emissions are propelling aircraft manufacturers to adopt graphite products largely. For instance, the government in the U.K has developed a long-term Aviation 2020 strategy that aims to achieve a secure, safe, and sustainable aviation sector. Therefore, the increasing focus to provide sustainable solutions in the rising aviation sector will favor the growth of the global market during the forecast period.
Aerospace & Defense Segment Held a Market Share of 22.87% Backed by Increasing Focus on Fuel Efficiency in Aircraft
The aerospace & defense segment, based on end-use, held a market share of 22.87% in 2019 and is expected to showcase significant growth owing to the increasing adoption of the product to reduce carbon emissions and improve fuel efficiency in aircraft.
Europe to Remain at the Forefront; Increasing Demand for Electric Vehicles to Aid Growth
Among all the regions, the market in Europe is expected to remain dominant and hold the highest position in the global market during the forecast period. This dominance is attributable to the increasing demand for electric vehicles owing to stringent environmental regulations in the region. North America stood at USD 63.2 million in 2019 and is expected to experience exponential growth in the forthcoming years. This is ascribable to factors such as the presence of several small and medium scale manufacturers in countries such as the U.S. between 2020 and 2027.
Information source: https://www.fortunebusinessinsights.com/graphene-market-102930