Graphite Application in Batteries and Electrodes Rises to Grow by 9.1% through 2031
Fact.MR's extensive study on graphite market offers unbiased analysis of factors enabling growth in the market through 2031. This report sheds light on key aspects such as the drivers, restraints, and opportunities that are expected to shape growth opportunities for the market players.
NEW YORK , Oct. 13, 2021 /PRNewswire/ -- As per Fact.MR, the global graphite market will surpass US$ 21 Bn through 2021. The market is forecast to register growth at 8.5% CAGR between 2021 and 2031.
Increasing use of graphite in the production of lithium-ion batteries will improve its demand over the coming years. Demand for electric vehicles batteries also will result in higher adoption of graphite in the production of electrodes and refractories & foundries. This will create attractive prospects for sales in the market through the course of the assessment period.
Investment towards integration of advanced technologies that support electric vehicle manufacturing will give impetus to the market. Despite exponential growth in electric vehicle sales, demand in the graphite market plummeted to an extent as COVID-19 outbreak resulted in supply chain disruption and suspended automotive production.
With global shutdown and disruption of export-import activities, sales of graphite declined in the FQ-20. Nevertheless, the market is expected to witness rapid recovery owing to the greenfield and brownfield investments within automotive, manufacturing, and other end-use industries.
As per Fact.MR, increasing application of graphite in the production of electrodes and refractories will spur the sales. The electrodes and refractories segment will register impressive growth at 9.1% CAGR during the forecast period.
Besides this, graphite application in the production of steel is accelerating. Rising use of graphite in steel moulding for casting ware and to cover foundry facings will boost growth opportunities in the market. As per Fact.MR, over 65% of the graphite sales are expected to be contributed by steel production, refractories & foundries, friction products, and recarburizers.
"Increasing need for sustainable and eco-friendly transportation facilities have created opportunities for the graphite market growth. In order to gain competitive edge, leading players are investing heavily in developing sustainable synthetic graphite. This is expected to help in growth of the market in the coming years," says a Fact.MR analyst.
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Key Takeaways from Graphite Market Survey
In terms of application, batteries segment will register growth at 14.1% CAGR during the forecast period
Synthetic graphite is expected to emerge as the top-selling product, accounting for nearly 60% of market share
In terms of product, flake graphite segment will account for 50% of natural graphite market share
With nearly 500 KT of graphite electrodes production in China , the market will witness positive growth across East Asia
The U.S. and the U.K. are expected to emerge as the most lucrative markets in North America and Europe owing to the increasing investments in e-mobility and battery grid storage
China will lead the East Asia market, with sales of graphite reaching over US$ 7.1 Bn in East Asia
Surging application in the production of lithium-ion batteries and fuel cells will accelerate the sales
Growing use of graphite in the wind energy industry will improve growth in the market
Increasing application of graphite for manufacturing structural and frictional composite parts of aircrafts will boost the market
Increased production of low-cost and low-quality graphite will act as challenge for market players
Insufficient production capacity in emerging economies is likely to restraint the market growth
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Key players are adopting organic strategies such as research and development activities to expand their product portfolio. Inorganic strategies such as collaborations and mergers are also on the card for leading players to increase their revenue. For instance,
In July 2021 , Ceylon Graphite Corp., announced the incorporation of its wholly-owned subsidiary, Ceylon Graphite Technologies Ltd., to develop innovative applications for value graphite and graphene in multiple market segments, focusing on battery anode graphite into vehicle electrification.
In January 2021 , Tirupati Graphite, Tirupati Graphene, and Mintech Research Centre, received its first contact, which is focused on graphene manufacturing, graphene applications development, and minerals processing technology development.
In September 2021 , Mason Graphite Inc., received its final TSX Venture Exchange acceptance for its acquisition of Black Swan Graphene Inc. for its strategic assets related to a patented graphene processing technology from Thomas Swan & Co. Ltd.
Some of the leading market players operating in the graphite market profiled by Fact.MR are:
Showa Denko Materials Co. Ltd.
Hunan Zhongke Shinzoom Technology Co., Ltd.
Qingdao Haida Graphite Co., Ltd.
More Valuable Insights on Graphite Market
In its latest report, Fact.MR report on global graphite market offers unbiased analysis, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021 and 2031. The study also provides detailed analysis on the market which is segmented on the basis of:
Key Questions Covered in the Graphite Market Report
The market survey also highlights projected sales growth for graphite market between 2021 and 2031
The report offers insight into graphite demand outlook for 2021-2031
Graphite market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
Graphite market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Explore Fact.MR's Coverage on the Chemical & Materials Domain
Graphite Coatings Market - The automotive industry has been a significant contributor to the increased demand for graphite coatings. This is because the automobile industry is associated with numerous material-handling operations and material-utilization practises. As a result, graphite coatings are always in high demand for preventing rust and corrosion in metal bodies. In 2020, the automobile industry will account for more than 34% of demand for graphite coatings.
Refractories Market - Clay-based refractories in the form of bricks are used to line portions of the interiors of blast furnaces, blast-furnace stoves, and coke ovens, allowing the refractories market to grow. Non-clay refractories, on the other hand, are expected to grow at a potential CAGR during the forecast period. Steel industries account for roughly three-quarters of global refractory demand and are expected to maintain their dominance throughout the forecast period.
Metallurgical Grade Silicon Market - Technological advancements have also provided a foundation for the growth of the electronics industry, which will in turn aid the growth of the metallurgical grade silicon market. Silicones and silanes have numerous applications in a variety of industries; thus, the use of metallurgical grade silicon in the production of silicones and silanes will drive the metallurgical grade silicon market forward. North America's electronics industry is also experiencing moderate growth, which is driving up sales of metallurgical grade silicon in the region.
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