Graphite Market Poised to Expand at a Robust Pace Over 2028
The global graphite market size was USD 13.60 billion in 2020. Based on our analysis, the market is projected to grow from USD 14.83 billion in 2021 to USD 25.70 billion in 2028 at a CAGR of 8.2% during the 2021-2028 period. This information is published by Fortune Business Insights™ in its report, titled, “Graphite Market, 2021-2028.” The increasing utilization of this mineral in the production of lithium-ion batteries used in automobiles is estimated to enhance the demand eventually. The major players, as well as the governments, are enormously endorsing the utilization of EVs.
For instance, in early 2019, the Indian government revealed its strategies to enhance its national battery production and value-adding abilities to encounter its electric vehicle (EV) adoption objectives. It further plans on introducing tenders to establish a USD 50 billion 50 GW battery manufacturing base. Likewise, the government is focusing on providing zero duty on the import of lithium-ion. This will enable the producers to create novel progressive cell chemistry.
Get a Sample PDF Brochure:
List of Top Players Covered in the Graphite Market Report:
- AMG (Hauzenberg, Germany)
- Asbury Carbons (New Jersey, U.S.)
- Eagle Graphite (Canada)
- EPM Group (Moscow, Russia)
- Grafitbergbau Kaisersberg GmbH (Kaisersberg, Austria)
- Graphite India Limited (GIL) (India)
- Imerys (Paris, France)
- Nacional de Grafite (Brazil)
- SGL Carbon (Wiesbaden, Germany)
- Other Key Players
The report brings a precise study of the market segments and thorough analysis of the market overview to our clients. A considerate evaluation of the existing market trends as well as the approaching opportunities is presented in the report. It moreover shares a complete analysis of the regional perceptions and how they impact the market growth. We have also added the COVID-19 effects to the report to assist stakeholders and commercial business owners to comprehend the risks easily. It also focuses on the crucial players and their prime strategies to stay in the chief position.
By product, the market is divided into synthetic and natural. In terms of region, the market is globally segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Based on application, the market is categorized into refractories, foundries, batteries, friction products, lubricants, and others. The speedy industrial expansion and the augmented demand for the native mineral from industries such as automobile, construction, aerospace, and metal production, among others, is responsible for the development of the refractories segment. It held 43.4% in 2020 in terms of the graphite market share.
Ask for Customization:
Drivers and Restraints
Growing Demand for Refractory Industry Likely to Thrust Market Growth
Natural and synthetic are the two kinds of graphite mainly utilized in the market. They are essentially two distinct materials with diverse properties. The steel industry is the main consumer of natural minerals, in which the refractory industry is the uppermost end-use, responsible for nearly half of worldwide demand.
The refractory industry, which uses graphite to create goods for high-temperature environments such as linings for kilns, incinerators, furnaces, and reactors, remains to be the principal market. Refractory supplies are frequently made of large crystals, with numerous minor flake sizes and amorphous minerals flung in for decent measure. Steel is so far the foremost producer of refractory products, trailed by non-ferrous metals and non-metallic producing industries such as cement and glass. As per the World Steel Association AISBL, world crude steel production in 2019 turned out to be 1,869 million tons, from which China was responsible for 53.3%, whereas the EU only contributed as much as 8.5%. This is anticipated to impede graphite market growth in the near future.
Asia Pacific to Dominate the Market Stoked by Booming Demand for Graphite Electrodes
The market in Asia Pacific was worth USD 8.24 billion in 2020. Asia Pacific dominated the market share of 60.6% in 2020 and is anticipated to continue its supremacy during the forecast period. Augmented demand for conductors, graphite electrodes, and batteries, along with carbon fiber-protected plastic, is projected to stimulate market growth.
Europe holds the second-largest share in the global market. Rising demand for batteries and other electrical devices that include graphite from European countries is estimated to bolster the demand. The renowned automotive industry in leading countries such as Germany, UK is now concentrating on emerging EVs that are powered by Li-ion batteries that necessitate graphite.
North America is expected to showcase decent growth owing to the factor that Canada is one of the major producers. Moreover, increased demand for the native mineral and battery-powered appliances from numerous end-use sectors such as electronics, defense, aerospace, automobile, and others is likely to spike regional growth.
Key Players to Utilize Grants for Betterment in the Respective Sector
The leading players in the market are always looking out for opportunities to extend their business. With enormous opportunities floating in the market, there is competition among these companies to ace their job and stay ahead of everyone in terms of revenue, esteem, and brand value. Companies also seek funds to support their expansion strategy. For instance, in March 2021, SGL Carbon was rewarded with €42.9 million in IPCEI grants under Graphite Anode Products (GAM) in lithium-ion batteries. This SGL Carbon mission targets to make innovatory anode supplies in Europe a vital value-added step in electromobility.
Inquire Before Buying This Research Report:
Key Industry Development
November 2020: The Talga project, which is a collective extension of the Vittangi graphite mine and battery anode source, has been confirmed by Talga, Mitsui, and LKAB. The former aims to create a European supply of low-CO2 anode supplies for lithium-ion batteries utilizing its 100% possessed Swedish mineral stashes and battery substituent technology.
Read Related posts:
Petrochemicals Market Forecast
Petrochemicals Market Analysis
Petrochemicals Market Opportunities
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]