The global graphite market is predicted to witness a 7.4% CAGR between 2020 and 2030 to reach $36,889.1 million in 2030 from $19,092.9 million in 2019. This would be a result of the increasing demand for lithium-ion batteries, which is itself a result of the rising sales of electric vehicles (EVs). Due to the increasing awareness regarding carbon emissions and the depleting fossil fuel reserves, governments around the world are offering their support for EVs.
Due to the hampering of automotive production and construction activities, the graphite market has witnessed a slowdown during the COVID-19 pandemic. This allotrope of carbon is widely consumed during the production of automotive Li-ion batteries and construction machinery. Additionally, due to the partial closure of the metallurgy industry, the demand for graphite refractories and electrodes has also dropped.
In the past, the larger share in the graphite market was held by the synthetic bifurcation, on the basis of type. Synthetic graphite is widely used in the electrodes of electric arc furnaces, which are used for smelting purposes in the metallurgy industry. The reasons behind the preference for synthetic graphite over the natural variant are the former’s better thermal shock resistance, higher thermal expansion, and ability to withstand high temperatures.
Asia-Pacific generates the highest revenue in the graphite market presently, and the future scenario will be unchanged. APAC is the world’s manufacturing and EV powerhouse, where this material has a high significance. Additionally, even consumer electronics batteries contain graphite, and with the rising sale of laptops, tablets, and smartphones in India, China, Japan, and South Korea, the consumption of graphite is consistently rising here.
Key Findings of Global Graphite Market Report
• Growing steel production driving graphite usage
• Synthetic form of material more popular than natural form
• Graphite use in pebble-bed nuclear reactors is key industry trend
• Automotive sector displaying highest potential for graphite adoption
• Seeing fragmented market nature, players engaging in acquisitions
• Highest graphite consumption being witnessed in Asia-Pacific
Read More: https://www.psmarketresearch.com/market-analysis/graphite-market
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