Increasing applications of graphene in the medical and the electrical and electronics sectors will lead to the growth of the graphene market at a CAGR of 20.2% during the forecast period of 2020–2030. The market stood at $87.5 million in 2019, which is projected to reach $646.8 million by 2030. This can be attributed to the current market trend of product commercialization. Due to the easy availability of graphene and considerable research and development (R&D) to widen its applications, the compound is being used for the production of sports goods, conductive inks, digital displays, and automotive coatings.
Nevertheless, it is the medical sector that generates the maximum demand for graphene. The compound is widely used in the production of bioelectric sensors that are used in testing for deoxyribonucleic acid (DNA) and for tracking cholesterol, glucose, and hemoglobin, due to its thinness and high strength. Besides, graphene also finds applications in prosthesis devices, therapeutic tools, cancer treatment devices, and dental implants. In addition to these, researchers are combining graphene nanomaterials with nano adjuvants, vaccine carriers, and medications to increase the compatibility of these products with human immune cells.
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To garner maximum profits from this expanding market, industry players are focusing on product launches to widen their customer base and gain a competitive edge. ZEN Graphene Solutions Ltd., one of the key players in the graphene market, launched Albany Pure line of graphene products, in March 2020, to broaden its portfolio by adding graphene quantum dots, graphene oxide, and reduced graphene oxide. Similarly, Applied Graphene Materials plc. launched graphene products under the umbrella of Alltimes Coatings Advantage brand, in July 2019, to provide new roofing solution to industrial and commercial customers.
Thus, the widened application of graphene will significantly boost the market size during the forecast period.
