Why Is Graphene Subject of Rising Research and Development Activities?

 

Graphene, an allotrope of carbon, is the thinnest compound known to mankind. It is a monolayer of atoms of carbon that are tightly bound to each other in the form of a hexagonal honeycomb lattice. It is the lightest yet the strongest compound yet discovered. It is one of the best conductors of electricity and heat at room temperature, and it can absorb light across a wide range of the spectrum. Because of varied advantages, it can be used in ultra-wide-bandwidth photodetectors, energy storage and generation sectors, and high-frequency magnetic, bio, chemical, and electronic sensors.

 

Owing to the large-scale application of this carbon allotrope in the medical industry and growing demand for it from the electrical and electronics sector, the graphene market is expected to witness a 20.2% CAGR during the forecast period of 2020–2030. At this rate, the market revenue is projected to grow from $87.5 million in 2019 to $646.8 million by 2030. The medical industry uses graphene in cancer treatment, prosthetic devices, dental implants, and therapeutic tools.

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Stakeholders in the industry are investing large sums in R&D to explore the application potential of graphene in electric vehicles, enhanced batteries, medical devices, and flexible and foldable screens. For instance, the European Union (EU), under its Graphene Flagship initiative, granted $50.4 million to 11 commercialization projects in December 2019. These projects are being pursued by ABB Ltd., Siemens AG, and other leading manufacturers, who are expected to invest $52.6 million soon, to develop advanced graphene-based materials.

 

The Asia-Pacific (APAC) region accounted for the largest share in the global graphene market during the historical period of 2014–2019. China has emerged as the largest consumer of graphene in the worldwide energy, medical, and electrical and electronics sectors. Even during the forecast period, the consumption of the compound is set to increase in this region quickly because of its growing significance in the aerospace and automotive industry of India, South Korea, and China.