The global market for graphene had a valuation of $87.5 million in 2019 and it is predicted to generate a revenue of $646.8 million by 2030. Furthermore, the market will advance at a CAGR of 20.2% from 2020 to 2030, as per the forecast of the market research firm, P&S Intelligence. The market is being driven by the burgeoning requirement for graphene in the electrical and electronics industry and the growing usage of the compound in the healthcare sector.
Because of its high strength and thinness, graphene is being extensively used for manufacturing bioelectric sensors that track and monitor the cholesterol, glucose, and hemoglobin levels and also the ones used for testing the deoxyribonucleic acid (DNA) level in the human body. In addition to this, graphene is also utilized heavily in dental implants, therapeutic tools, cancer treatment, and prosthesis devices. Moreover, many healthcare organizations are conducting exhaustive research aimed at combining graphene nanomaterials with medications and vaccine carriers.
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Globally, the Asia-Pacific market accounted for the largest share during the historical period (2014–2019). This was due to the increased consumption of graphene in the energy, medical, and electrical and electronics industries in China and other regional countries. Additionally, graphene is also finding application in the aerospace and automotive industries in India, South Korea, and China. Whereas, the European graphene market is expected to demonstrate the fastest growth during the forecast period, due to the rising application of graphene composites in the automobile, electrical and electronics, and aerospace industries.
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.
Read More: https://www.psmarketresearch.com/market-analysis/graphene-market
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