Graphene was once marketed as a breakthrough material capable of improving almost everything. As the industry moves from laboratory testing into commercial deployment, a different challenge is emerging: not whether graphene works, but how best to use it.
According to First Graphene Ltd (ASX:FGR, OTCQB:FGPHF, FRA:M11) managing director Michael Bell, that means a shift towards tailoring graphene materials to the needs of individual industries and manufacturing processes.
"The question is no longer whether graphene can enhance materials, but rather which form of graphene is best suited to each application," Bell wrote in a recent industry commentary, “Beyond Platelet Size: Why the Future of Graphene Commercialisation Demands a Full Materials Portfolio.”
“Each industry, formulation and manufacturing process demands subtle variations in morphology, chemistry, surface functionality and delivery format in order to achieve optimal enhancement,” he explained. A narrower product offering could limit a company's ability to reach the widest range of commercial opportunities.
“By contrast, those able to provide a broad and tuneable portfolio will be positioned to capture the widest range of opportunities as the market matures.”
One material, many forms
Graphene is a single layer of carbon atoms arranged in a hexagonal lattice and is known for its strength, conductivity and lightweight properties. But not all graphene-based materials are the same: different forms can be modified, processed or combined with other materials to emphasise particular characteristics depending on the intended application.
Bell argues that this diversity is often overlooked. He says graphene is best understood not as a single product but as a broader family of advanced carbon nanomaterials with distinct physical and chemical properties suited to different industrial uses.
He points to several examples:
- Pristine graphene platelets are typically used to improve strength and conductivity;
- Graphene oxide offers greater dispersibility and chemical reactivity, making it useful in coatings, membranes and composite materials;
- Functionalised graphene materials can be tailored to bond more effectively with polymers, resins and other industrial formulations; and
- Dispersions, liquid concentrates and masterbatches help manufacturers incorporate graphene into existing production processes without major changes to equipment or workflows.
A corrosion-resistant coating may require a different graphene architecture from an aerospace composite. A defence application focused on thermal management may need a different material again from a sporting goods manufacturer seeking improved strength-to-weight performance.
"Importantly, these materials are not competing technologies; they are complementary," Bell said. "Each occupies a different position within the broader advanced materials ecosystem, and each solves a different challenge."
The commercialisation challenge
That reality helps explain why graphene commercialisation has often proven more complex than early industry forecasts suggested. Different sectors demand different combinations of conductivity, durability, flexibility, weight reduction and cost, while small variations in graphene chemistry can materially affect performance outcomes.
Bell argues that long-term industry leaders are more likely to be businesses capable of offering multiple graphene chemistries, delivery formats and functionalisation approaches across a range of sectors.
Customers are increasingly looking for suppliers capable of adapting graphene technologies to existing industrial processes rather than forcing manufacturers to redesign systems around a single material offering.
"Offering powders, dispersions, concentrates, masterbatches and functionalised derivatives significantly lowers barriers to adoption and shortens commercialisation timelines," he wrote.
The result is a gradual shift away from selling graphene as a standalone material and towards providing application-specific solutions designed for particular manufacturing environments and performance requirements.
Building a full graphene platform
First Graphene's acquisition of US-based MITO Material Solutions, announced on Thursday, reflects the broader shift Bell describes in his commentary.
The deal expands the company's portfolio beyond its existing PureGRAPH® range into graphene oxide, functionalised graphene products, advanced resin systems and other nanomaterial technologies. Bell says the two portfolios are largely complementary, creating a broader suite of materials that could serve customers across composites, coatings, thermoplastics, defence, aerospace, energy systems and advanced manufacturing.
The acquisition also extends First Graphene's reach into the United States, adding an established customer base and commercial opportunities in sectors including sporting goods, aerospace, transportation and defence.
Bell argues that assembling a wider range of graphene technologies under a single platform should make it easier to match materials to specific customer requirements — an approach he believes will become increasingly important as graphene adoption broadens across industries.
The next phase of the industry
Bell believes the industry's next stage of development will be defined by an increasing level of customisation. Future customers are likely to demand materials optimised not only for performance but also for specific processing requirements, regulatory frameworks and cost structures.
“Different raw materials and production methods naturally produce variations in platelet structure, chemistry and morphology. Rather than viewing this as a limitation, it creates the opportunity to engineer products uniquely tailored for highly specific applications,” he wrote.
"The future of graphene commercialisation will not be determined by a single material, a single platelet size or a single technology platform," he added. Instead, success will increasingly depend on a company's ability to deliver “fully engineered material solutions” rather than graphene products alone.
"The commercial future of graphene belongs to companies capable of delivering the right graphene material, in the right form, for the right application,” Bell concluded. “That is the platform First Graphene is now building.”