The mounting need for graphene in the medical and electrical and electronics industries and increasing research and development (R&D) activities in expanding the application base of the compound will fuel the graphene market at a CAGR of 20.2% during the forecast period (2020–2030). The market revenue stood at $87.5 million in 2019 and it is expected to reach $646.8 million by 2030. In recent years, product commercialization has become a prominent market trend, owing to the extensive R&D activities in widening the application base of graphene.
The increasing use of graphene in the medical sector, owing to its high strength and thinness, has become a key growth driver of the market. The compound is used in the production of bioelectric sensors that track glucose, hemoglobin, and cholesterol levels in the blood and test deoxyribonucleic acid (DNA). Additionally, graphene is also used for manufacturing dental implants, prosthetic devices, and therapeutic tools. Apart from this, large quantities of the compound are also being used in cancer treatment by medical professionals.
According to P&S Intelligence, Asia-Pacific accounted for the largest share in the graphene market during the historical period (2014–2019). This was due to the high-volume consumption of this carbon derivative in the medical, electrical and electronics, and energy sectors, particularly in China. Moreover, the increasing use of the compound in the automotive and aerospace industries in India, South Korea, and China also acts as a catalyst for the market in the region.
Whereas, the North American region is projected to exhibit the fastest growth in the graphene market during the forecast period. This can be credited to the surging use of the compound in composites, which are widely used in the production of aircrafts, automobiles, and electrical and electronic devices. Besides, the large-scale consumption of this form of carbon in the medical devices industry will also facilitate the market growth in the region in the coming years.
Thus, the growing usage of graphene in the medical industry and rising R&D and investments being made in exploring the application areas of the compound will augment the market growth in the foreseeable future.
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