Graphene has been touted as a ‘wonder material’ with the potential to disrupt and revolutionize technologies utilized in electronics, energy, and other high-tech industries. Applications with higher technology readiness levels, including graphene-based polymer composites, lithium-ion (Li-Ion) batteries, water filtration systems and oilfield chemicals, will drive initial commercial demand, according to new study fromThe Freedonia Group, a Cleveland-based industry research firm.

By 2035, the world graphene market is expected to reach over $2-billion, supported by a more significant wave of commercialized graphene products in applications such as supercapacitors, high-frequency transistors, sensors, and biomedical technologies. In the shorter term, the global market for graphene is forecast to grow more than sixfold through 2020 to $136 million, supported by improved manufacturing technologies and falling prices, as well as by the ongoing development of novel graphene-enhanced products.

Graphene’s thermal stability and impermeability are driving its use

Graphene-based composites feature the most promising near-term commercialization prospects of any market. Graphene’s thermal stability and impermeability are driving its use in food packaging, piping, and protective apparel applications, while its high mechanical strength and light weight make the material desirable for composites used in motor vehicles, aircraft, and military equipment. In the energy storage sector, producers of Li-Ion batteries are employing graphene materials to improve energy density. Graphene is also expected to find growing adoption in supercapacitors, as these technologies are increasingly used in electrical grids and renewable energy systems.

The US is forecast to remain the leading national market for graphene through 2035, bolstered by growing use in high-performance composites and energy storage devices, as well as by rising research and development (R&D) spending in advanced electronics fields (such as optoelectronics). The Asia/Pacific region will rank as the top regional consumer of graphene, driven by the advanced electronics and energy storage industries of Japan, China, and South Korea. Like the US, these countries will remain at the forefront of graphene R&D, funding nanotechnology projects to further explore graphene’s potential. Western Europe will also remain an important regional market for graphene, as Germany, the UK, France, and Spain help lead the drive for the development and commercialization of graphene, particularly in advanced energy sectors.