Due to the burgeoning requirement for graphene in electrical and electronics applications and the growing use of graphene in the healthcare sector, the global graphene market revenue is expected to rise from $84.7 million in 2020 to $1,188.8 million by 2030. Furthermore, the market will demonstrate a CAGR of 30.2% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. Because of its various beneficial traits, such as high strength and electrical conductivity, graphene is being increasingly used in print circuits, transistors, and microchips.
Moreover, the soaring utilization of flexible devices is further propelling the growth rate of the graphene market. In addition, the use of graphene in the healthcare sector is also surging, owing to the fact that it is ideal for use in the manufacturing of bioelectric sensory devices, because of its thinness and high strength. These devices are used for monitoring cholesterol, hemoglobin, and glucose levels and also in DNA testing procedures. Graphene is also useful for treating cancer cells and it is usually used in large volumes in therapeutic tools, prosthesis devices, and dental implants.
Amongst these, the biomedical category is predicted to register the fastest growth in the market throughout the forecast period. This will be because graphene is extensively used in the biomedical sector, including diagnostic tools, cancer therapies, tissue engineering, biomarker, deoxyribonucleic acid (DNA) sequencing, transfer of genetic material, and implants. In addition, graphene is also heavily used in the combined domain of neuroscience and biomedical imaging and production of glucose, cholesterol, and hemoglobin-measuring devices. Geographically, the Asia-Pacific (APAC) region dominated the graphene market in the years gone by, and this trend is expected to continue in the upcoming years as well.
This is credited to the surging use of graphene in composite materials, which are extensively used for manufacturing electrical and electronic devices, automobiles, and lightweight aircrafts, especially in emerging economies, such as India, China, and various Southeast Asian countries. Additionally, the surging investments being made in research and development (R&D) activities are also driving the progress of the regional market. Some of the major players operating in the graphene market are Angstron Materials Inc., The Sixth Element (Changzhou) Materials Technology Co. Ltd., Ningbo Moxi Technology Co. Ltd., Applied Graphene Materials plc., and Thomas Swan & Co. Ltd.
Thus, the demand for graphene will skyrocket in the upcoming years, primarily because of its extensive usage in the healthcare sector and the manufacturing of aircrafts, automobiles, and electrical and electronic devices across the world.
