The healthcare industry is witnessing various technological advancements, one which is the growing utilization of graphene in the manufacturing of bioelectric sensors. A sheet of carbon atoms that has an atom-thick honeycomb structure is referred to as graphene. The material is harder than diamond, but has more elasticity then rubber; is tougher than steel, but is lighter than aluminum. Due to such attributes, graphene is the strongest known metal. In the healthcare industry, graphene is also being utilized in dental implants, therapeutic tools, treatment of cancer, and prosthesis devices. This growing utilization of this material in the healthcare industry is contributing to the growth of the graphene market.
Owing to the enhanced properties of this material, several companies in the domain are investing in research development activities, which are primarily aimed at increasing the application areas of graphene. These activities are increasing because of graphene’s potential to be used in flexible and foldable screen, improved batteries, electric vehicles, and medical devices. The European Union invested $50.4 million, via its Graphene Flagship initiatives, in 11 commercialization projects that are being pursued by various leading manufacturing enterprises, including Siemens AG, ABB Ltd., in December 2019.
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This growing research and development regarding the material, along with its wide availability, has further led to its commercialization. Attributed to this, the demand for graphene has further been increasing since the past few years. While before, flakes and sheets of graphene were primarily being utilized in laboratories, with commercialization, their adoption in the production of digital displays, sports goods, conductive inks, and automotive coatings has been growing as well. The global graphene market is predicted to reach a value of $646.8 million by 2030, rising from $87.5 million in 2019, and is projected to progress at a 20.2% CAGR during the forecast period (2020–2030).
Asia-Pacific (APAC) was the largest region in the graphene market throughout the historical period (2014–2019), as the consumption of the compound in the medical, electrical electronics, and energy sectors of China is quite high. Further, the application of graphene in the automotive and aerospace industries of regional countries, including India, China, and South Korea, is rising.
