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Synthetic graphite is obtained from various hydrocarbon substances, such as petroleum coke and coal tar, at elevated temperatures. It has vital traits, such as thermal & electric-powered conductivity, resistance to corrosion, lightweight, and durability. These properties make it a suitable substance in OEMs. It is used as a constituent material in diverse end-use industries and products, including refractories, insulating substances, batteries, and carbon reinforced composite materials. It normally exists in two types such as natural and synthetic graphite. Synthetic graphite in the form of electrodes is used widely in metallurgical process. In addition, it is employed during the melting of scrap iron in electric furnace and during refinement of ceramic materials. Moreover, it is also utilized as a substitute during chemical manufacturing such as calcium carbide.
The global synthetic graphite market has witnessed significant growth previously. However, due to unexpected COVID-19 outbreak, the market is expected to witness reduced growth. Many manufacturing plants have been shut down to curb the spread of the virus. The novel coronavirus has reduced the global demand for the automobile and aerospace industry. This is expected to further reduce the demand for synthetic graphite over the forecast period. The international travel ban has reduced the demand for the aerospace industry. Many companies, such as Airbus, have halted their production process due to low demand. Similarly, the stay home policy has restrained the consumers to stay indoors to prevent the spread of the virus, which reduces the demand for automobiles. Various supply chain disruptions have further caused havoc among manufacturing industries.
Rising utilization of synthetic graphite as anode component in Li-ion batteries has enhanced the product demand. Lithium-ion batteries are widely adopted in electric cars, thus rising preference of electric vehicles has boosted the market growth. The product has its recognition specifically from the battery & power devices sector as synthetic graphite is more durable than its counterpart. Industries involving indirect use of synthetic graphite, including sports activities equipment, automobile, and aerospace act as a driver for the market growth. Moreover, increase in demand for electronics is also augmenting the synthetic graphite market. However, high charges in comparison to natural graphite and stringent environmental policies hinder the synthetic graphite market growth.
Synthetic graphite is used as an anode element in lithium-ion batteries. Battery anodes require covered spherical graphite at over 99.9% purity. The capabilities of graphite, such as high surface area and layered
crystal structure, make it appropriate to be used as an anode material into which the lithium ions are intercalated. Battery is one of the few applications; in which natural and synthetic graphite compete with each other. The battery producers are shifting their awareness closer to natural graphite over synthetic graphite, in an effort to bring down the production costs. The increase in sales of electronics and electric-powered automobiles is anticipated to drive the sales of lithium-ion batteries, which in turn, is predicted to drive the consumption of synthetic graphite over the forecast period.
Based on region, the synthetic graphite market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is anticipated to maintain the largest market share in the global market. China is the primary producer that caters to its large-sized domestic market and is also the top worldwide exporter. The market is presently witnessing low-demand and high supply pattern that is anticipated to change with respect to rise in demand from North American, South East Asian, & European industries.
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