In the ever-expanding semiconductor market, wafer materials play a critical role. Worth $630.5bn in 2024 (according to WSTS), the semiconductor market is expected to reach c $1,000bn by 2030 (McKinsey) and the industry is continually looking for materials that can shrink semiconductor sizes and lead to more energy-efficient chips. Currently, the most widely used base material for semiconductors continues to be silicon (Si). In this report, we highlight key market developments and outline the industry’s main suppliers, focusing on equipment manufacturers. We also explore other potential wafer materials, such as gallium nitride (GaN), gallium arsenide (GaAs) and silicon carbide (SiC).

The built environment (over the full construction cycle) is a significant contributor to global greenhouse gas (GHG) emissions, accounting for approximately 37% of global energy-related CO2 emissions. The challenge of decarbonising the built environment is less visible than that of transportation and electric vehicles, but companies focused on building materials, construction and infrastructure will need to adapt to regulatory pressures and find solutions to meet climate goals. In the UK, buildings are responsible for around 25% of national emissions, and 80% of the buildings that will exist in 2050 are already constructed. Decarbonising the built environment is therefore critical to achieving net-zero targets and will affect firms across the value chain. In this note we focus on the strategies of European companies primarily involved in building materials.

There is little doubt that Metlen’s inaugural capital markets day (CMD) at the London Stock Exchange marked a new strategic chapter for the company. Led by executive chairman and CEO, Evangelos Mytilineos, management delivered a clear message: Metlen is now a focused energy and metals business targeting €2bn in EBITDA in the medium term.

ICL Group is a global specialties-driven minerals company. It targets leadership in the bromine, phosphate and fertiliser markets, and is recognised as having a highly competitive potash business. It was founded more than 100 years ago, has over 12,000 employees worldwide, a market cap of around $6.3bn and last year reported revenues of $7.5bn. If its latest profits make ICL sound potentially attractive – $1.8bn in adjusted EBITDA with a 4.7% dividend yield – there are seven more things Edison believes every investor needs to know about the dual-listed stock.