CHICAGO, Oct. 27, 2022 /PRNewswire/ -- The report "Black Phosphorus Market by Form (Crystal, Powder), Application (Electronic Devices, Energy Storage, Sensors), and Region (North America, Asia Pacific, Europe, South America, Middle East & Africa) - Global Forecast to 2027", will grow to USD 83 million by 2027, at a CAGR of 43.1% from USD 13 million in 2022.
This growth is primarily triggered by the growing demand for black phosphorus in energy storage and sensors application. Refineries emit several gases, such as sulfur dioxide, VOCs, nitrogen oxide, chlorine, and benzene. Black phosphorus sensors give increased conduction on nitrogen dioxide exposure and great sensitivity in detecting NO2 at levels as low as five parts per billion. Excess inhaling of VOCs by humans may impact their ability to breathe. Some of these gases can also cause respiratory problems, skin irritation, nausea, eye problems, headache, congenital disabilities, leukemia, and cancer. Thus, it is required to monitor and detect these harmful gases, which consequently is increasing the demand for gas sensors in refineries. All these factors are driving the demand for gas sensors, which in turn, is driving the demand for black phosphorus.
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Crystal is estimated to be the largest form of black phosphorus market in 2021
The crystal form of black phosphorus is estimated to be the largest form of black phosphorus market, in terms of value, in 2021. Crystal black phosphorus is used to produce single-or few-layer phosphorene through mechanical or liquid exfoliation. Phosphorene is at the center of various fundamental studies and applications, including electronics, optoelectronics, spintronic devices, sensors, actuators, and thermoelectric as well as energy conversion and storage devices.
Electronic Devices is estimated to be the largest application of black phosphorus market in 2021
The electronic devices application accounted for the largest share of the global black phosphorus market, in 2021. Due to the growing demand and integration of optoelectronic components with various consumer devices, manufacturers and various R&D communities have become more focused on R&D to develop new technologies. They are investing in optical and optoelectronic technologies for next-generation communication networks and high-speed optical computing. This is expected to drive the market for black phosphorus used in electronic devices.
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Asia Pacific is projected to be the fastest-growing market for black phosphorus during the forecast period.
Asia Pacific is projected to witness the highest CAGR due to the rapid economic expansion in the region. The growth is mainly attributed to a high economic growth rate, followed by heavy investment in the healthcare, safety, electronics, and automotive industries. With economic constraints and saturation in the European and North American markets, the demand is shifting to the Asia Pacific region. This region not only serves as a manufacturing hub but also has key R&D facilities. The automotive industry in the emerging economies of Asia Pacific is expected to grow because of improving lifestyles, economic conditions, and the booming manufacturing sector.
The key market players profiled in the report include ACS Material LLC (US), 2D Semiconductors (US), Nanochemazone (Canada), American Elements LLC (US), Merck (Germany), HQ Graphene (Netherlands), Hunan Azeal Materials Co. Ltd. (China), Ossila Ltd. (UK), Stanford Advanced Materials (US) and Manchester Nanomaterials (UK) among others.
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