New research by IDTechEx in the report “Graphene Markets, Technologies and Opportunities 2014-2024” shows that graphene markets will grow from around $20 million in 2014 to more than $390 million in 2024, at the material level. The market will be split across many application sectors, each attracting a different type of graphene manufactured using different means. Today’s market remains dominated by research interests, but the composition will change as other sectors such as energy storage and composites grow. The value chain will also transform as companies move up the chain to offer intermediary products, capturing more value and cutting the time to market and uncertainty for end-users.

 

Interest in graphene remains strong. Companies on the market multiply every year and academic investment continues to pour in. For example, the European Union has committed €1 billion (approximately $1.4 billion) over a decade to research on graphene and other 2D materials, while the Korean and UK governments have each, respectively, committed at least $40 million and £24 million (~ $40.2 million) in the past two years. At the same time, several graphene companies have floated on the public markets, fetching large valuations and therefore demonstrating the continued appetite for investment in graphene. IDTechEx counts approximately $60 million of investment in private graphene companies over the years.

 

Graphene is still in search of an application that delivers a unique value proposition or a first mover advantage. In the absence of such applications, the commercialization process remains a substitution game. This is not meritless, as graphene can target a broad spectrum of applications, including energy storage, composites, functional inks and electronics. The value proposition of graphene, the competitive landscape, the technical requirements, and the likely graphene manufacturing techniques will be different for each sector, resulting in market fragmentation. Therefore, the graphene market will grow to consist of multiple subsets.

 

Functional inks are technologically the lowest hanging fruit for graphene suppliers. These inks offer low-temperature processing, compatibility with several printing process and ruggedness. However, they occupy an awkward position in the conductivity ladder, sitting many orders of magnitude below metallic inks and pastes (silver and copper) but just above carbon paste. They must therefore identify sectors where metallic inks/pastes grossly overshoot the market requirements or sectors where carbon pastes just undershoot.

 

Energy storage is a very attractive target market for graphene. Supercapacitors are a particularly high-growth sector that is expected to register a 30% compound annual growth rate (CAGR) over the coming decade. Graphene may deliver value here thanks to its high surface-to-volume ratio and early laboratory results, although technical hurdles that prevent utilization of the full surface and in-plane conductivity remain.

 

The transparent conductive film market is also a large and growing market. Indium tin oxide (ITO) films remain the dominant solution on the market, and leaders are ramping up the production capacity. The market is transforming due to new entrants and drivers, such as growing needs for ultra-low sheet resistance, mechanical robustness and lower prices.

 

The composites sector is also large and fragmented with many needs. Here, graphene nanoplatelets can deliver value as an additive, creating multi-functionality and increasing electrical conductivity, thermal conductivity, impermeability, mechanical strength, and more.

 

Sensors will also be a key R&D frontier as graphene can be highly sensitive due to its large surface area. Many other application ideas are also around, but most are either early stage or face substantial challenges. For example, graphene is still in a nascent state for use as a water purifier and liability concerns limit the condom market.

 

For additional information, visit www.IDTechEx.com.