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.

The major factors helping in the advance of the graphene market are the growing demand for this material in the electrical & electronics industry and its rising number of applications in the medical sector. Resultingly, the revenue generated from the sale of this product will increase from $87.5 million in 2019 to $646.8 million by 2030, at a CAGR of 20.2% during the forecast period (2020–2030). A single layer of carbon atoms bound tightly in a honeycomb lattice structure is known as graphene.

The graphene market is divided into dispersion, powder, and others, under segmentation by form. Among these, the powder division dominated the market, in terms of value, during the historical period (2014–2019), as graphene in its powder form is widely preferred for batteries, sensors, and printing purposes. In addition, compared to dispersion and flakes, the powder form is easier to handle, which is why this division is also predicted to witness the fastest growth in the industry during the forecast period.

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One of the major trends being witnessed in the market is the commercialization of this material. Not only is a larger amount of this material available now, but extensive research and development (R&D) has also led to the discovery of new application areas for graphene. For instance, earlier, the major use of sheets and flakes of this material was in laboratories, for experiments and testing. But now, graphene flakes and sheets have become preferred materials for the manufacturing of sports goods, digital displays, automotive coatings, and conductive inks.

The largest region in the graphene market during the historical period was Asia-Pacific (APAC), as the material witnesses high-volume consumption in the Chinese electrical & electronics, energy, and medical device industries. In addition, the aerospace and automotive sectors of India, China, and South Korea are making increasing use of this material, which is driving the regional market. During the forecast period, North America is projected to experience the highest industry CAGR, owing to the wide usage of graphene in the composites required for the production of electrical and electronic devices, automobiles, and aircraft.

Therefore, as more new applications are found for graphene, its consumption will witness a continuous surge.