The global graphene market generated a revenue of $87.5 million in 2019 and is predicted to demonstrate a CAGR of 20.2% between 2020 and 2030. According to the forecast of P&S Intelligence, a market research firm based in India, the market would attain a value of $646.8 million in 2030. The prominent factors driving the progress of the market are the rising requirement for graphene in the electrical & electronics industry and the growing usage of the material in the medical sector.
Due to its high strength and thinness, graphene is extensively used in the production of bioelectric sensors that track the glucose, cholesterol, and hemoglobin levels and the ones used for testing deoxyribonucleic acid (DNA). Apart from these devices, graphene is also widely used in dental implants, therapeutic tools, cancer treatment, and prosthesis devices. Moreover, extensive research and development (R&D) activities are being conducted for combining graphene nanomaterials with vaccine carriers, nano adjuvants, and medications.
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This is being done for making these materials highly compatible with the immune cells present in the human body. The other major factor fueling the growth of the graphene market is the ballooning usage of the material in various electrical & electronics applications. Based on form, the market is classified into dispersion and powder. Between them, the powder category is predicted to register the highest growth in the market in the future years.
The boom of the North American market would be caused because of the rising utilization of graphene in composites, that are extensively being used in the manufacturing processes of aircrafts, automobiles, and a plethora of electrical and electronics systems and devices. In addition to this, the region is witnessing a sharp surge in the requirement for graphene for the manufacturing of medical devices. This is predicted to cause huge expansion in the market in the region in the coming years.
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Hence, it can be said with surety that the market would exhibit rapid advancement all over the world in the upcoming years, mainly because of the rising usage of graphene in the electrical and electronics industry and the medical sector.
Market Size Breakdown by Segment
- Electrical & Electronics
- North America
- South Korea
- Rest of World
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