TABLE OF CONTENTS 1 RESEARCH METHODOLOGY... 22 1.1 Investment analysis...... 22 1.2 Market impediment analysis... 24 2 EXECUTIVE SUMMARY... 27 2.1 Products...... 27 2.2 Production in 2017...... 29 2.3 Graphene investments 2016-2018... 30 2.4 Market outlook...... 31 3 TYPES OF COMMERCIALLY AVAILABLE GRAPHENE... 38 3.1 Properties...... 38 4 COMMERCIAL GRAPHENE PRODUCTION... 40 4.1 Large area graphene films production... 40 4.2 Graphene oxide flakes and graphene nanoplatelets production... 41 4.3 Production methods...... 42 o 4.3.1 Production directly from natural graphite ore... 44 o 4.3.2 Alternative starting materials... 44 o 4.3.3 Quality...... 44 4.4 Synthesis and production by types of graphene... 45
o 4.4.1 Graphene nanoplatelets (GNPs)... 46 o 4.4.2 Graphene nanoribbons...... 46 o 4.4.3 Large-area graphene films... 47 o 4.4.4 Graphene oxide (GO)..... 48 4.5 Pros and cons of graphene production methods... 49 4.6 Production methods by producer and products offered... 51 5 GRAPHENE MARKET STRUCTURE AND ROUTES TO COMMERCIALIZATION... 53 6 PRODUCTION VOLUMES IN METRIC TONS 2010-2027... 57 6.1 Global demand 2010-2027... 57 7 GRAPHENE PRICING... 58 7.1 Pristine Graphene Flakes pricing... 60 7.2 Few-Layer Graphene pricing... 61 7.3 Graphene Nanoplatelets pricing... 61 7.4 Reduced Graphene Oxide pricing... 62 7.5 Graphene Quantum Dots pricing... 63 7.6 Graphene Oxide Nanosheets pricing... 64 7.7 Multilayer Graphene (MLG) pricing... 65 7.8 Mass production of lower grade graphene materials... 65 7.9 High grade graphene difficult to mass produce... 66 7.10 Bulk supply...... 66
7.11 Commoditisation...... 67 8 GLOBAL GRAPHENE PRODUCERS AND PRODUCTION CAPACITIES, CURRENT AND PLANNED... 68 9 COMMERCIAL OPPORTUNITIES IN GRAPHENE... 69 9.1 Short-term growth...... 69 9.2 Medium-term growth...... 70 9.3 Adhesives...... 73 o 9.3.1 Applications...... 73 o 9.3.2 Current and planned commercial activity... 73 o 9.3.3 Graphene investment potential... 74 o 9.3.4 Market... 77 9.4 Aerospace...... 78 o 9.4.1 Applications...... 78 o 9.4.2 Current and planned commercial activity... 79 o 9.4.3 Graphene investment potential... 80 o 9.4.4 Market... 83 9.5 Automotive...... 84 o 9.5.1 Applications...... 84 o 9.5.2 Current and planned commercial activity... 85 o 9.5.3 Graphene investment potential... 86 o 9.5.4 Market... 89
9.6 Coatings...... 90 o 9.6.1 Applications...... 90 o 9.6.2 Current and planned commercial activity... 92 o 9.6.3 Graphene investment potential... 94 o 9.6.4 Market... 96 9.7 Composites...... 97 o 9.7.1 Applications...... 97 o 9.7.2 Current and planned commercial activity... 99 o 9.7.3 Graphene investment potential... 100 o 9.7.4 Market... 103 9.8 Conductive inks...... 104 o 9.8.1 Applications...... 104 o 9.8.2 Current and planned commercial activity... 106 o 9.8.3 Graphene investment potential... 107 o 9.8.4 Market... 111 9.9 Electronics...... 112 o 9.9.1 Applications...... 112 o 9.9.2 Current and planned commercial activity... 116 o 9.9.3 Graphene investment potential... 119 o 9.9.4 Market... 126 9.10 Energy...... 129
o 9.10.1 Applications...... 129 o 9.10.2 Current and planned commercial activity... 132 o 9.10.3 Graphene investment potential... 137 o 9.10.4 Market... 142 9.11 Filtration...... 143 o 9.11.1 Applications...... 143 o 9.11.2 Current and planned commercial activity... 144 o 9.11.3 Graphene investment potential... 145 o 9.11.4 Market... 147 9.12 Life sciences and healthcare... 148 o 9.12.1 Applications...... 148 o 9.12.2 Current and planned commercial activity... 151 o 9.12.3 Graphene investment potential... 152 o 9.12.4 Market... 155 9.13 Lighting...... 158 o 9.13.1 Applications...... 158 o 9.13.2 Current and planned commercial activity... 158 o 9.13.3 Graphene investment potential... 159 o 9.13.4 Market... 160 9.14 Lubricants...... 161 o 9.14.1 Applications...... 161
o 9.14.2 Current and planned commercial activity... 161 o 9.14.3 Graphene investment potential... 162 o 9.14.4 Market... 163 9.15 Oil and gas...... 164 o 9.15.1 Applications...... 164 o 9.15.2 Current and planned commercial activity... 165 o 9.15.3 Graphene investment potential... 165 o 9.15.4 Market... 166 9.16 Rubber and tires.... 167 o 9.16.1 Applications...... 167 o 9.16.2 Current and planned commercial activity... 168 o 9.16.3 Graphene investment potential... 169 o 9.16.4 Market... 170 9.17 Sensors...... 171 o 9.17.1 Applications...... 171 o 9.17.2 Current and planned commercial activity... 173 o 9.17.3 Graphene investment potential... 175 o 9.17.4 Market... 178 9.18 Textiles...... 178 o 9.18.1 Applications...... 178
o 9.18.2 Current and planned commercial activity... 179 o 9.18.3 Graphene investment potential... 180 o 9.18.4 Market... 182 9.19 3D Printing...... 183 o 9.19.1 Applications...... 183 o 9.19.2 Current and planned commercial activity... 184 o 9.19.3 Graphene investment potential... 185 o 9.19.4 Market... 186 10 OTHER 2D MATERIALS... 187 10.1 Beyond moore s law... 189 10.2 Batteries...... 190 10.3 PHOSPHORENE...... 190 o 10.3.1 Properties...... 191 10.3.1.1 Fabrication methods...... 192 10.3.1.2 Challenges for the use of phosphorene in devices... 193 o 10.3.2 Applications...... 193 10.3.2.1 Electronics...... 193 10.3.2.2 Field effect transistors...... 193 10.3.2.3 Thermoelectrics...... 194 10.3.2.4 Batteries...... 194
10.3.2.5 Supercapacitors...... 195 10.3.2.6 Photodetectors...... 195 10.3.2.7 Sensors...... 195 o 10.3.3 Market opportunity assessment... 196 10.4 GRAPHITIC CARBON NITRIDE (g- C3N4)... 197 o 10.4.1 Properties...... 197 o 10.4.2 Synthesis...... 197 o 10.4.3 C2N...... 197 o 10.4.4 Applications...... 198 10.4.4.1 Electronics...... 198 10.4.4.2 Filtration membranes...... 198 10.4.4.3 Photocatalysts...... 198 10.4.4.4 Batteries (LIBs)...... 199 10.4.4.5 Sensors...... 199 o 10.4.5 Market opportunity assessment... 199 10.5 GERMANENE...... 200 o 10.5.1 Properties...... 200 o 10.5.2 Applications...... 201 o 10.5.2.1 Electronics...... 201 o 10.5.2.2 Batteries...... 201 o 10.5.3 Market opportunity assessment... 201 10.6 GRAPHDIYNE...... 202
o 10.6.1 Properties...... 202 o 10.6.2 Applications...... 203 10.6.2.1 Electronics...... 203 10.6.2.2 Batteries...... 203 10.6.2.3 Sodium ion batteries...... 203 10.6.2.4 Separation membranes...... 203 10.6.2.5 Water filtration...... 204 10.6.2.6 Photocatalysts...... 204 10.6.2.7 Photovoltaics...... 204 o 10.6.3 Market opportunity assessment... 204 10.7 GRAPHANE...... 205 o 10.7.1 Properties...... 206 o 10.7.2 Applications...... 206 10.7.2.1 Electronics...... 206 10.7.2.2 Hydrogen storage...... 206 o 10.7.3 Market opportunity assessment... 207 10.8 HEXAGONAL BORON- NITRIDE... 207 o 10.8.1 Properties...... 208 o 10.8.2 Applications...... 209 10.8.2.1 Electronics...... 209 10.8.2.2 Fuel cells...... 209
10.8.2.3 Adsorbents...... 209 10.8.2.4 Photodetectors...... 209 10.8.2.5 Textiles...... 209 10.8.2.6 Biomedical...... 210 o 10.8.3 Market opportunity assessment... 210 10.9 MOLYBDENUM DISULFIDE (MoS2)... 211 o 10.9.1 Properties...... 212 o 10.9.2 Applications...... 213 10.9.2.1 Electronics...... 213 10.9.2.2 Photovoltaics...... 214 10.9.2.3 Piezoelectrics...... 214 10.9.2.4 Sensors...... 214 10.9.2.5 Filtration...... 215 10.9.2.6 Batteries...... 215 10.9.2.7 Fiber lasers...... 215 o 10.9.3 Market opportunity assessment... 216 10.10 RHENIUM DISULFIDE (ReS2) AND DISELENIDE (ReSe2)... 216 o 10.10.1 Properties...... 217 o 10.10.2 Applications...... 217 10.10.2.1 Electronics...... 217 o 10.10.3 Market opportunity assessment... 218 10.11 SILICENE...... 218 o 10.11.1 Properties...... 219
o 10.11.2 Applications...... 220 10.11.2.1 Electronics...... 220 10.11.2.2 Photovoltaics...... 220 10.11.2.3 Thermoelectrics...... 220 10.11.2.4 Batteries...... 221 10.11.2.5 Sensors...... 221 o 10.11.3 Market opportunity assessment... 221 10.12 STANENE/TINENE...... 222 o 10.12.1 Properties...... 222 o 10.12.2 Applications...... 223 10.12.2.1 Electronics...... 223 o 10.12.3 Market opportunity assessment... 224 10.13 TUNGSTEN DISELENIDE... 224 o 10.13.1 Properties...... 225 o 10.13.2 Applications...... 225 10.13.2.1 Electronics...... 225 o 10.13.3 Market opportunity assessment... 226 10.14 ANTIMONENE...... 226 o 10.14.1 Properties...... 226 o 10.14.2 Applications...... 226 10.15 DIAMENE...... 227 o 10.15.1 Properties...... 227 o 10.15.2 Applications...... 227
10.16 INDIUM SELENIDE...... 227 o 10.16.1 Properties...... 227 o 10.16.2 Applications...... 228 10.16.2.1 Electronics...... 228 10.17 COMPARATIVE ANALYSIS OF GRAPHENE AND OTHER 2D MATERIALS... 229 10.18 2D MATERIALS PRODUCERS... 230 11 GRAPHENE PRODUCERS... 235 11.1 Types of graphene produced, by producer... 235 11.2 Key players...... 239 o 11.2.1 Asia- Pacific...... 239 11.2.1.1 Australia...... 241 o 11.2.2 North America...... 242 o 11.2.3 Europe...... 243 11.3 Markets targeted, by producer... 243 12 GRAPHENE PRODUCT DEVELOPERS AND END USERS... 247 12.1 Industrial collaborations and licensing... 247 12.2 Markets targeted, by product developers and end users... 250 13 REFERENCES... 254 TABLES Table 1: Consumer products incorporating graphene... 27
Table 2: Graphene investments and financial agreements 2017... 29 Table 3: Market opportunity assessment matrix for graphene applications... 31 Table 4: Properties of graphene and competing materials... 38 Table 5: Large area graphene films-markets, applications and current global market... 39 Table 6: Graphene oxide flakes/graphene nanoplatelets-markets, applications and current global market...... 40 Table 7: Main production methods for graphene... 41 Table 8: Pros and cons of graphene synthesis/production methods... 48 Table 9: Graphene production methods, by producer... 51 Table 10: Graphene market structure... 53 Table 11: Global demand for graphene, 2010-2017 in tons/year. Base year for projections is 2016...... 57 Table 12: Types of graphene and prices... 59 Table 13: Pristine graphene flakes pricing by producer... 60 Table 14: Few-layer graphene pricing by producer... 61 Table 15: Graphene nanoplatelets pricing by producer... 62 Table 16: Reduced graphene oxide pricing, by producer... 62 Table 17: Graphene quantum dots pricing by producer... 64 Table 18: Graphene oxide nanosheets pricing by producer... 64 Table 19: Multi-layer graphene pricing by producer... 65 Table 20: Production capacities of graphene producers, current and planned, metric tons... 68 Table 21: Graphene target markets-applications and potential addressable market size... 71 Table 22: Applications of adhesives, by market... 73
Table 23: Companies developing graphene-based products in adhesives... 74 Table 24: Market summary and revenues for graphene in the adhesives market... 75 Table 25: Investment opportunity assessment for graphene in adhesives... 75 Table 26: Market impediments for graphene in the adhesives market... 77 Table 27: Applications of graphene in the aerospace market... 78 Table 28: Companies developing graphene-based products in aerospace... 79 Table 29: Market summary and revenues for graphene in the aerospace market... 80 Table 30: Investment opportunity assessment for graphene in aerospace... 81 Table 31: Market impediments for graphene in aerospace... 84 Table 32: Applications of graphene in the automotive market... 84 Table 33: Companies developing graphene-based products in the automotive industry... 85 Table 34: Market summary and revenues for graphene in the automotive market... 86 Table 35: Investment opportunity assessment for graphene in the automotive industry... 87 Table 36: Market impediments for graphene in automotive... 90 Table 37: Applications of graphene in coatings... 90 Table 38: Companies developing graphene-based products in the coatings industry... 92 Table 39: Market summary and revenues for graphene in the coatings market... 94 Table 40: Investment opportunity assessment for graphene in the coatings market... 94 Table 41: Market impediments for graphene in coatings... 97 Table 42: Applications of graphene in composites... 97 Table 43: Companies developing graphene-based products in composites... 99 Table 44: Market summary and revenues for graphene in the composites market... 100 Table 45: Potential addressable market for graphene in composites... 101
Table 46: Investment opportunity assessment for graphene in the composites market... 102 Table 47: Market impediments for graphene in composites... 104 Table 48: Companies developing graphene-based products in conductive inks... 106 Table 49: Opportunities for graphene in printed electronics... 108 Table 50: Potential addressable market for graphene in conductive inks... 109 Table 51: Market opportunity assessment for graphene in conductive inks... 111 Table 52: Market impediments for graphene in conductive inks... 111 Table 53: Applications of graphene in electronics... 113 Table 54: Companies developing graphene-based products in electronics... 116 Table 55: Market summary and revenues for graphene in electronics... 119 Table 56: Investment opportunity assessment for graphene in electronics... 125 Table 57: Market impediments for graphene in electronics... 126 Table 58: Applications of graphene in energy storage and generation... 130 Table 59: Companies developing graphene-based products in energy... 133 Table 60: Market summary and revenues for graphene in energy... 137 Table 61: Potential addressable market for thin film, flexible and printed batteries... 140 Table 62: Potential addressable market for photovoltaics... 141 Table 63: Investment opportunity assessment for graphene in the energy market... 141 Table 64: Market impediments for graphene in energy... 142 Table 65: Applications of graphene in filtration... 143 Table 66: Companies developing graphene-based products in filtration... 144 Table 67: Market summary and revenues for graphene in filtration... 145 Table 68: Investment opportunity assessment for graphene in the filtration market... 147
Table 69: Market impediments for graphene in filtration... 148 Table 70: Applications of graphene in life sciences and healthcare... 149 Table 71: Companies developing graphene-based products in life sciences and healthcare... 151 Table 72: Market summary and revenues for graphene in life sciences and healthcare... 152 Table 73: Potential addressable market for graphene in biomedical & healthcare markets... 153 Table 74: Market opportunity assessment for graphene in biomedical & healthcare markets... 154 Table 75: Market impediments for graphene in the biomedical and healthcare market... 156 Table 76: Market impediments for graphene in life sciences and healthcare... 157 Table 77: Applications of graphene in lighting... 158 Table 78: Companies developing graphene-based products in lighting... 158 Table 79: Market summary and revenues for graphene in lighting... 159 Table 80: Investment opportunity assessment for graphene in the lighting market... 160 Table 81: Market impediments for graphene in lighting... 160 Table 82: Applications of graphene in the lubricants market... 161 Table 83: Companies developing graphene-based products in lubricants... 161 Table 84: Market summary and revenues for graphene in the lubricants market... 162 Table 85: Investment opportunity assessment for graphene in the lubricants market... 162 Table 86: Market impediments for graphene in lubricants... 163 Table 87: Applications of graphene in the oil and gas market... 164 Table 88: Companies developing graphene-based products in oil and gas... 165 Table 89: Market summary and revenues for graphene in the oil and gas market... 165 Table 90: Investment opportunity assessment for graphene in the oil and gas market... 166 Table 91: Market impediments for graphene in oil and gas... 167
Table 92: Applications of graphene in rubber and tires... 167 Table 93: Companies developing graphene-based products in rubber and tires... 168 Table 94: Market summary and revenues for graphene in the rubber and tires market... 169 Table 95: Investment opportunity assessment for graphene in the rubber and tires market... 170 Table 96: Market impediments for graphene in rubber and tires... 170 Table 97: Applications of graphene in sensors... 172 Table 98: Companies developing graphene-based products in sensors... 173 Table 99: Market size for graphene in sensors... 175 Table 100: Market opportunity assessment for graphene in the filtration market... 176 Table 101: Market impediments for graphene in sensors... 178 Table 102: Applications of graphene in textiles... 179 Table 103: Companies developing graphene-based products in textiles... 179 Table 104: Market summary and revenues for graphene in the textiles market... 180 Table 105: Global market for smart clothing and apparel, 2014-2021, units and revenues (US$). 181 Table 106: Market opportunity assessment for graphene in textiles... 181 Table 107: Market impediments for graphene in textiles... 182 Table 108: Applications of graphene in 3D printing... 183 Table 109: Companies developing graphene-based products in the 3D printing industry... 184 Table 110: Market summary and revenues for graphene in the 3D printing market... 185 Table 111: Investment opportunity assessment for graphene in the 3D printing market... 185 Table 112: Market impediments for graphene in 3D printing... 186 Table 113: 2D materials types... 187 Table 114: Electronic and mechanical properties of monolayer phosphorene, graphene and
MoS2...... 192 Table 115: Market opportunity assessment for phosphorene applications... 196 Table 116: Market opportunity assessment for graphitic carbon nitride applications... 199 Table 117: Market opportunity assessment for germanene applications... 201 Table 118: Market opportunity assessment for graphdiyne applications... 204 Table 119: Market opportunity assessment for graphane applications... 207 Table 120: Market opportunity assessment for hexagonal boron nitride applications... 210 Table 121: Market opportunity assessment for molybdenum disulfide applications... 216 Table 122: Market opportunity assessment for Rhenium disulfide (ReS2) and diselenide (ReSe2) applications...... 218 Table 123: Market opportunity assessment for silicene applications... 221 Table 124: Market opportunity assessment for stanine/tinene applications... 224 Table 125: Market opportunity assessment for tungsten diselenide applications... 226 Table 126: Comparative analysis of graphene and other 2-D nanomaterials... 229 Table 127: Graphene producers and types produced matrix... 235 Table 128: Graphene producers target market matrix... 243 Table 129: Graphene industrial collaborations, licence agreements and target markets... 247 Table 130: Graphene product developers and end users target market matrix... 250 FIGURES Figure 1: Global market for graphene 2010-2027 in tons/year... 28 Figure 2: Graphene production capacity, current and planned... 29 Figure 3: Graphene and its descendants: top right: graphene; top left: graphite = stacked graphene; bottom right: nanotube=rolled graphene; bottom left: fullerene=wrapped graphene.... 38
Figure 4: Graphene synthesis methods... 43 Figure 5: TEM micrographs of: A) HR-CNFs; B) GANF HR-CNF, it can be observed its high graphitic structure; C) Unravelled ribbon from the HR-CNF; D) Detail of the ribbon; E) Scheme of the structure of the HR-CNFs; F) Large single graphene oxide sheets derived from GANF. 44 Figure 6: Graphene nanoribbons grown on germanium... 47 Figure 7: Schematic of typical commercialization route for graphene producer... 53 Figure 8: Global demand for graphene 2010-2017 in tons/year... 58 Figure 9: Demand for graphene, by market, 2017... 70 Figure 10: Demand for graphene, by market, 2027... 71 Figure 11: Graphene epoxy adhesive... 74 Figure 12: Investment opportunity for graphene in adhesives... 77 Figure 13: Investment opportunity assessment for graphene in aerospace... 83 Figure 14: Investment opportunity assessment for graphene in the automotive sector... 89 Figure 15: Investment opportunity for graphene in the coatings market... 96 Figure 16: Investment opportunity for graphene in the composites market... 103 Figure 17: Graphene printed antenna... 105 Figure 18: BGT Materials graphene ink product... 106 Figure 19: Vorbeck Materials Vor-inkTM conductive electronics printed through flexographic techniques...... 108 Figure 20: Potential addressable market for graphene in the conductive ink market... 111 Figure 21: Moxi flexible film developed for smartphone application... 112 Figure 22: Galapad Settler smartphone... 113 Figure 23:Flexible graphene touchscreen... 116 Figure 24: Potential addressable market for graphene in electronics... 122
Figure 25: Potential addressable market for graphene in the flexible electronics, wearables, conductive films and displays market... 123 Figure 26: Potential addressable market for graphene in the transistors and integrated circuits market...... 124 Figure 27: The SkelStart Engine Start Module 2.0 based on the graphenebased SkelCap ultracapacitors...... 130 Figure 28: H600 concept car... 132 Figure 29: Anion concept car... 133 Figure 30: Graphene anti-smog mask... 144 Figure 31: Graphene-based E-skin patch... 150 Figure 32: Potential addressable market for graphene-enabled applications in the biomedical and healthcare market...... 155 Figure 33: Directa-Plus Grafysorber... 164 Figure 34: Antistatic graphene tire... 169 Figure 35: Potential addressable market for graphene in the sensors market... 178 Figure 36: Schematic of 2-D materials... 189 Figure 37: Black phosphorus structure... 191 Figure 38: Black Phosphorus crystal... 192 Figure 39: Bottom gated flexible few-layer phosphorene transistors with the hydrophobic dielectric encapsulation...... 194 Figure 40: Graphitic carbon nitride... 197 Figure 41: Structural difference between graphene and C2N-h2D crystal: (a) graphene; (b) C2N-h2D crystal. Credit: Ulsan National Institute of Science and Technology... 198
Figure 42: Schematic of germanene... 200 Figure 43: Graphdiyne structure... 202 Figure 44: Schematic of Graphane crystal... 206 Figure 45: Structure of hexagonal boron nitride... 208 Figure 46: BN nanosheet textiles application... 210 Figure 47: Structure of 2D molybdenum disulfide... 212 Figure 48: SEM image of MoS2... 213 Figure 49: Atomic force microscopy image of a representative MoS2 thin-film transistor... 214 Figure 50: Schematic of the molybdenum disulfide (MoS2) thin-film sensor with the deposited molecules that create additional charge... 215 Figure 51: Schematic of a monolayer of rhenium disulfide... 217 Figure 52: Silicene structure...... 219 Figure 53: Monolayer silicene on a silver (111) substrate... 219 Figure 54: Silicene transistor...... 220 Figure 55: Crystal structure for stanene... 222 Figure 56: Atomic structure model for the 2D stanene on Bi2Te3(111)... 223 Figure 57: Schematic of tungsten diselenide... 225 Figure 58: Schematic of Indium Selenide (InSe)... 228 Figure 59: 15-inch single-layer graphene sheet being prepared in the Chongqing Institute of Green and Intelligent Technology, Chinese Academy of Sciences... 240