ROCKVILLE, Md., Feb. 16, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Graphite Market is projected to grow at a compound annual rate (CAGR) of 8.5% between 2021 and 2031.
The demand for graphite is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 50 Bn by the end of 2022.
Fact.MR, a market research and competitive intelligence provider, predicts that the market is set to witness high-end growth on the back of rising demand for electric vehicles and inclination of people towards environmental stability and safety, as graphite is an important cathode material used in EV batteries.
The market for graphite is dominated by key players such as Mitsubishi Chemical, Nacional de Grafite, Nippon Graphite Industries, Ltd., Superior Graphite Co., and a few others. The product offering of these players are spread across a wide spectrum, and are designed in unique manner, serving various end-use applications.
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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.
What is the Role of the Metallurgy Segment in the Market?
Electrodes and refractories, casting, and foundries are all included in the metallurgy area of the market analysed. For steel manufacturing, ferroalloy production, silicon metal manufacture, and smelting, graphite electrodes are used in electric arc furnaces (EAFs) and ladle furnaces (LFs).
The need for graphite is predicted to rise as steel production using electric arc furnaces is on the rise. Natural graphite is used in the production of crucibles and mag-carbon bricks in refractories. Steel converters and electric arc furnaces both use graphite as a liner. Owing to these factors, the metallurgy segment is anticipated to grow 1.3X by the end of 2031.
How is the Market Performing in North America and Europe?
Because of the growing need for graphite anodes in the battery industry, companies in Europe and North America are building an integrated graphite supply chain.
Increasing investments in e-mobility and battery grid storage are expected to boost graphite use in these areas. In addition, traditional end users such as steelmaking and refractories are likely to maintain their demand over the next few years.
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Key Segments Covered in the Graphite Industry Survey
By Product Type
- Natural Graphite
- Flakes
- Amorphous
- Veins
- Synthetic Graphite
By Application
- Electrodes
- Refractories & Foundries
- Batteries
- Recarburisers
- Lubricants
- Friction Products
- Others
Market Competition
Key actors in the market are using the organic approach to take advantage of opportunities by investing in the research & development of new technologies. Future objectives of economies worldwide are to develop emission-free vehicles and equipment where petroleum products are used for combustion and to produce energy.
Market players are focusing on strengthening their position owing to legislations being favorable and the availability of technological vigor. Few players are even inclining their interests to adopt strategies such as forming collaborations and JVs to increase their revenue generation capacity and involvement in the value chain.
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Key players in the Graphite Market
- Shenzhen BTR New Materials
- Shanshan Technology
- Showa Denko Materials Co. Ltd.
- Mitsubishi Chemical
- Nacional de Grafite
- Hunan Zhongke Shinzoom Technology Co., Ltd.
- Hensen Graphite
- Aoyu Graphite Group
- Qingdao Haida Graphite Co., Ltd.
- Nippon Graphite Industries, Ltd.
- Superior Graphite Co.
Key Takeaways from Market Study
- The global graphite market is anticipated to add 2.3X value by 2031.
- Investment by Phillips 66 to increase existing production capacity of graphite by 30 KT each year by 2025.
- East Asia to capture major chunk of the market and set to create an absolute $ opportunity of around US$ 14 Bn over 2021-2031.
- Among the applications, electrodes and refractories is projected to be the fastest-growing segment globally at a CAGR of 9.1% through 2031.
Explore Fact.MR's Coverage on the Chemical & Materials Domain
Graphite Coatings Market Analysis - 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 Trends - 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 Forecast - 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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