Market Scope
The Graphite Market is projected to be worth USD 30.56 Billion by 2030, registering a CAGR of 9.35% during the forecast period (2021 - 2030), The market was valued at USD 16 billion in 2021.
Top Boosters and Challenges
Graphite’s excellent characteristics, such as high thermal and electrical conductivity, along with high electron mobility and permeability have boosted its application scope across industries. Graphite is used extensively in clutch materials, gaskets, exhaust systems, cylinder heads and motors of automobiles. Its demand in the construction industry is also anticipated to rise significantly over the coming years. The escalating steel production across the world could also work in the graphite market’s favor, while the mounting aircraft production as well as sales can bolster the demand for graphite that are lightweight. Another key application of graphite is in the production of nuclear moderator; an aspect that holds a lot of promise for the global market.
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Substantial use of graphite in the refractory lining during steel production, and the soaring demand for fuel efficient aircrafts can be favorable for the global market as well. In light of the surging vehicular carbon gas emissions, there has been a notable shift towards electric vehicles that use lithium ion powered batteries, wherein graphite is a highly crucial component. Therefore, the increasing uptake of electrical vehicles that use lithium ion batteries is projected to benefit the graphite market in the ensuing years.
The global market is extremely dynamic and is rife with a large number of small and medium manufacturers. Most of the renowned participants allocate sufficient funds for R&D activities as well as technical innovations to boost graphite’s application scope while gain an edge over their rivals. To illustrate, in October 2020, a researchers’ team from the University of Arkansas successfully created a circuit that can capture graphite’s thermal motion and then convert it into electrical current. This helps offer limitless, low-voltage and clean power for compact sensors or devices.
Top Competitors
The top competitors outlined in the MRFR study include Hexagon Resources Limited (Australia), HEG Limited (India), NextSource Materials Inc. (Canada), Focus Graphite Inc. (Canada), SGL Carbon SE (Germany), Graphite India Limited (India), GrafTech International Ltd. (U.S.), Mersen S.A. (France), Triton Minerals Limited (Australia), Mason Graphite Inc. (Canada), to name a few.
Market Segmentation
The graphite industry can be categorized with respect to form and application by form type.
The different forms of graphite are synthetic and amorphous.
Depending on application by form type, the top segments are amorphous (pencil production, metallurgy, coatings, lubricants and refractories) as well as synthetic (batteries, aerospace, electrodes, moderator rods and carbon brushes).
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Regional Study
The graphite market is split into five key regions, namely Europe, APAC/Asia Pacific, North America, MEA/Middle East & Africa and Latin America.
APAC can advance at the fastest rate between 2017 and 2023, thanks to the booming steelmaking industry and the surge in government spending on new construction projects. The rising urbanization rate and expanding middle class populace along with the increasing spending power for lodging have led to a higher number of steelmaking facilities in the region, which has fostered the market demand for graphite in the region. Escalating production in sectors such as defense, automobile, aerospace and marine also accounts for the significant growth of the APAC market.
North America can be a formidable market in the coming years, as a result of the high production and consumption of nuclear energy, and the robust industrial base in the region. The US is slated to be the biggest gainer in the North American market, followed by Canada, due to the high production of automobile parts and vehicular batteries and the heightened demand for light weight graphite in the aerospace sector.
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Graphite has become an essential commodity across various European countries like Germany, Italy, U.K, Spain, Russia and France, given the high spending on innovations and the stable financial status of the consumers. The extensive presence of renowned automobile manufacturers, particularly in Germany, gives a major leeway to the regional market.
Many of the Middle East nations have become a tourism hub over the past few years, leading to higher number of construction projects that demand large-scale amounts of graphite. On the other hand, Latin America can observe significant growth, with Colombia, Brazil and Argentina in the lead owing to the rising sales of passenger cars and the growing uptake of latest technologies during the manufacturing of graphite.
Latest Updates
October 2020
Renascor Resources has entered a MOU with one of China’s renowned battery material vendors, Shanxi Minguang New Material Technology Co. Ltd, which ensures supply of close to 10,000 tons of PSG/Purified Spherical Graphite annually for the duration of ten years.
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