The commercialisation of graphene, once hyped as a "wonder material," is steadily gaining traction with a projected market value of US$1.6 billion by 2034, according to a new report from IDTechEx.
The report, "Graphene Market and 2D Materials Assessment 2024-2034: Technologies, Markets, Players," provides a comprehensive analysis of the technological and commercial landscape of graphene and other 2D materials. It addresses the pressing question of which application areas will spearhead high-volume commercial adoption.
IDTechEx has had its eyes on the graphene market for over a decade, offering independent assessments of its technological and commercial progress.
A myriad of end-use markets
The report comprises a 10-year forecast based on the profiles of more than 80 key players and covers a myriad of end-use markets for graphene. According to IDTechEx technology analyst Dr Conor O’Brien, the issue of which grade of graphene is most suited for specific applications remains.
One major question that remains is which application areas will deliver success for graphene, and which grade of graphene material is suited for these applications. It should be noted that graphene-related materials take a wide range of types, grades and forms, each with its own commercial outlook.
Market drivers include the need for better thermal management, sustainability and product lifetime. Industries such as construction — most notably for reinforced concrete and asphalt — stand out as potential high-volume sectors for graphene adoption.
Recent industry consolidations indicate a maturing market. In August 2022, NanoXplore acquired a significant portion of XG Sciences' assets and Applied Graphene Materials was bought by Universal Matter in the first quarter of 2023 after facing trouble raising capital.
The IDTechEx report offers nuanced discussions on these varied topics and is poised to be an invaluable resource for stakeholders in the burgeoning graphene market.
A lot of uncertainties remain for the graphene industry, including what application areas will bring success, for which grades of graphene, and which companies will capitalise on the opportunities. These ideas are each covered in depth in the IDTechEx report.