19-Dec-2022 | Zion Market Research
The global graphite industry size was nearly USD 176 million in 2021 and is set to increase to about USD 215 million by 2030 with a CAGR of nearly 2.3% between 2022 and 2030.
Graphite occurs naturally and is the most stable form of carbon. Moreover, it finds a slew of applications in pencils, electrodes, batteries, and lubricants. Moreover, graphite is a soft crystalline allotrope of carbon and is made up of graphene layers. The compound possesses key metallic features such as high stiffness, strength, and is a good conductor of heat & electricity.
Massive demand for graphite from the refractory sector will expand the scope of growth for the global graphite industry. Surging steel production through the use of the electric arc furnace process is set to enhance the popularity of graphite. As per World Steel Association, the overall steel production in 11 months in 2021 was estimated at nearly 1750 mt up, nearly over a 4% increase as compared to steel production witnessed in 2020 during the same time interval. In addition to this, massive demand for graphite in the production of aluminum is predicted to contribute majorly towards the revenue of the global graphite industry. For the record, as per the World Bureau of Metal Statistics, the overall production of aluminum increased by nearly 3% in 2019-2020. Reportedly, it was recorded at approximately 65 million metric tons in 2020.
However, a rise in export duties on graphite in countries such as China restricting the export of graphite to other countries can put brakes on the growth of the graphite market across the globe. Nevertheless, the rise in the use of green technologies for producing graphite is set to generate new growth avenues for the global graphite market.
The global graphite market is divided into type, application, and region.
On basis of type, the global graphite industry is sectored into natural graphite and synthetic graphite. Moreover, the synthetic graphite segment is set to contribute majorly towards the global market share during the forecast timespan. The segmental surge over the coming eight years is subject to increase in the application of synthetic graphite electrodes in electric arc steel furnaces due to its beneficial features such as high heat conductivity, good thermal resistance, and low electric resistance. Nonetheless, the natural graphite segment is set to register the highest CAGR of about 7.5% during the period from 2022 to 2030.
The segmental expansion over the forecast timespan can be attributed to the massive use of Li-Ion batteries in vehicles.
Based on application, the global graphite market is divided into refractories, lubrication, battery production, and foundry. Furthermore, the refractories segment is predicted to lead the global market share in the years ahead. The segmental growth over the forecast timeline can be credited to an escalation in graphite penetration in the refractories including high alumina and Al2O3-MgO-C. Apart from this, the rise in demand for graphite for producing crucibles and molds for holding molten metallic components will spur segmental growth. Nonetheless, the battery production segment is set to register the fastest growth rate of nearly 5.9% during the assessment period due to immense use of Li-Ion batteries in consumer electronic products and electric automotives.
The Asia-Pacific region is predicted to establish a leading position in the global market in the next eight years. The growth of the graphite market in the Asia-Pacific region over the forecast period can be attributed to the massive demand for graphite in the automotive, steel production, and consumer electronics sectors.
This review is based on a report by Zion Market Research, titled “Graphite Market By Type (Natural Graphite and Synthetic Graphite), By Application (Lubrication, Refractories, Foundry, and Battery Production), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/graphite-market
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