By the University of Manchester’s estimates, $2.4 billion has been invested in graphene research. In 2014, Lux Research projected a 2025 global market of $349 million for the material; however, in 2013, sales of graphene totaled only $12 million. Manufacture of the material has accelerated, with total production capacity of graphene nanoplatelets in the Americas; Asia; and Europe, the Middle East and Africa more than tripling from 2012 to 2015, to 909 t. Production has been especially high in China, promoted by government investment. Although some graphene products have been developed, demand is lacking. This may be due in part to its benefits being minor compared with materials currently used in its intended applications. Furthermore, no applications for graphene have taken off. Manufacturing costs are also about twice as high as required to compete with and replace iridium tin oxide in electrodes for touchscreens and other goods.