It is 200 times stronger than steel, as transparent as glass, flexible and can conduct electricity more efficiently than copper.

Fundamentally, graphene is a single layer of graphite and is tipped to change the way we produce things like computers, mobile phones and aviation materials.

It was only discovered a decade ago, when two scientists used sticky tape to peel layers off a block of graphite.

Assistant Professor Amir Karton from the University of Western Australia is studying the material's potential.

"We come to work everyday and it is like looking at a plain sheet of canvas and we are thinking of how we can use this new and exciting material," he said.

"All of these chemical and physical properties make it a promising material for many applications, most of which have not been realised yet.

"It can be used to make flexible electronics, flexible batteries, touch screens, transparent conductive films, solar cells, fuel cells and the list goes on and on".

The discovery sparked a flurry of interest, with explorers heading out to find graphite deposits, but it still remains largely unexplored in Western Australia and the globe.

Lamboo Resources is exploring for graphite in the East Kimberley, with plans to export out of Wyndam Port in the future.

Executive director Tony Cormack said exploration is tipped to grow further.

"Going back three or four years, the exploration and development of graphite projects was quite small," he said.

"Over the last few years it has accelerated significantly and future growth in next five years is tipped to really, really expand.

"The graphite market has grown from the desire for successful battery storage and essentially it has only got traction over the last few years."

It is still early days for the company, which is working to expand its current resource base to make it economic enough to develop into a mine.

Mr Cormack said while the discovery of graphene opens more doors for potential producers, his company is primarily focused on shoring up the quality of its resource.

"Graphene, in my opinion, is the icing on the cake," he said.

"Our fundamental business that we want, our fundamental market, is the flake graphite market, targeting the large to jumbo flake that is used in battery storage."

Kibaran hopes to start production on Tanzanian mine

Perth-based company Kibaran Resources also has its eye on the ball.

It has snapped up three graphite deposits in Tanzania and hopes to start production at one of them by the end of next year.

The company's managing director Andrew Spinks said it would initially export graphite to be used for its traditional purposes in manufacturing, electronics and batteries.

"Our focus is bringing Epanko [deposit] into production; we have taken a view over the last two years to fast track the discovery of Epanko into production," he said.

"We are at the back end of completing a feasibility study, so we believe we are very well positioned to bring that deposit into production based on existing supply demand.

"We hope to have a feasibility study completed by the end of July, financing the second half of this year or the back end of this year, construction the first half of 2016 and commencing production mid 2016 to the end of 2016."

Kibaran is also making sure it is at the forefront of development of graphene products, teaming with CSIRO and the University of Western Australia.

"Graphene is a phenomenal discovery, the commercialisation of graphene as a product will revolutionise significant aspects of way things are produced in the future," Mr Spinks said.

"There is no doubt aligning ourselves with CSIRO as a strategic partner looking at graphite or graphene inks in 3D printing, but that is the level of our R and D [research and development].

"We are more interested and focused in participating in the downstream value add of manufacturing and processing purified graphite products."

Dr Karton said research into how graphene can be used in 3D printing is an exciting opportunity.

"Unlike other materials that are being used for 3D printing, this graphene-based wonder ink holds many new possibilities," he said.

"For example, it can be used for tissue design, can conduct electricity and also because of the non-toxicity of graphene it is very bio-compatable.

"It can be used for printing 3D electronic devices because it is a very good conductor of electricity, these are some of the possibilities for it."

Graphite price tipped to increase

Demand for graphite has greatly increased over the past decade, driven by the industrialisation of China and India.

While prices have dropped a bit in recent times, some analysts are predicting a tripling of its value within the next five years.

Mr Spinks said while his mine is being proposed on current prices, he is confident demand for graphite will greatly increase in the future.

"I think we are all going to be driving around in electric vehicles, bicycles, motorcycles, buses, transportation is radically going to change in the future," he said.

"So that is driving enormous interest and there is no doubt that is going to be a major consumer of graphite in the future."