According to a new report published by Allied Market Research titled, “Graphite Market by Type and Application:Opportunity Analysis and Industry Forecast, 2020-2027,” the graphite market was valued at $14.3 billion in 2019, and is projected to reach $21.6 billion by 2027, growing at a CAGR of 5.3% from 2020 to 2027.Similar to diamond, graphite is an allotrope of carbon that portrays a hexagonal crystalline form and is black or gray in color. Graphite furnishes high thermal resistance with a melting point of around 3,930°C. It is the most electrically and thermally conductive non‐metal and an efficient lubricant. Graphite is chemically inert in nature and has a high resistance to corrosion. Furthermore, graphite offers several advantages such as higher operating reliability, high conductivity, higher strength, and higher lubrication.
The global graphite market is primarily driven by high demand for Lithium ion battery across the globe to promote the adoption of electric vehicles. Moreover, significant steel production through electric arc furnace, which is made up of graphite electrode fuels the growth of the graphite market during the forecast period. However, increased export duty on graphite in China and decreasing price trend of natural graphite are expected to hinder the market growth. Moreover, growing usage in green technologies and mergers & acquisitions in the market are anticipated to create lucrative opportunities for the key players during the forecast period.
On the basis of type, synthetic graphite was the major revenue contributor in 2019 and is expected to continue its dominance during the forecast period. This is attributed to increase in demand from the steel and battery industry.
On the basis of application, the refractories segment dominated the global graphite market by accounting for the highest revenue in the year 2019. This is attributed to increase in demand from the steel industry as graphite electrode is increasingly used in the electric arc furnace steel making.
On the basis of region, the graphite market size is analyzed across four major regions, which include North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the dominant graphite market share in 2019 and is anticipated to maintain its dominance during the forecast period. This is attributed to numerous factors such as huge consumer base and presence of key players in the region. In addition, more than 40% of the total market share in terms of value is from the highest graphite production countries such as China, India, and Japan.
The graphite market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the global graphite market includeTriton Minerals Limited, Showa Denko K.K., Graf tech international Holding, Nippon Graphite Industries Co., Ltd., Tokai Carbon Co., Ltd., Focus Graphite, Inc., West water Resources, Inc., Next source Materials, Inc., Northern Graphite Corporation, and Mason Graphite, Inc.
Other players in the value chain of the graphitemarket include Graphite India Limited, CM Carbon, Huarui Carbon New Material Co. Ltd., Beijing Great Wall Co. Ltd., Hebbel Rubang Carbon Products Co. Ltd., and others.
Key Findings Of The Study:
By type, the synthetic graphite segment emerged as the global leader by acquiring around 90.0% market share in 2019 in terms of revenue, and is anticipated to be the largest market during the forecast period.
By application, the refractories segment emerged as the global leader, registering 35.0% market share in 2019 in terms of revenue, and is anticipated to continue its dominance during the forecast period.
Asia-Pacific is the major consumer of graphite among other regions. It accounted for around 54.2% of the global market share in 2019 as a result of rapid growth in the steel industry and battery production industry across the region.
The battery production segment is expected to grow at a CAGR of 5.8% in terms of revenue during the forecast period, owing to its increasing use in Li-ion battery, which is further increasingly used in the emerged electric vehicle industry and in other energy storage applications.