Wilmington, Delaware, United States, March 01, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global expanded graphite market is projected to grow at a CAGR of 9.8% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 567.2 million is anticipated for the market in 2031. As of 2023, the demand for expanded graphite is expected to close at US$ 246.9 million.
Expanded graphite finds extensive applications across various end-use industries such as automotive, aerospace, electronics, and energy storage due to its unique properties like thermal conductivity, chemical inertness, and lightweight nature.
With the rise in renewable energy sources and the need for efficient energy storage solutions, expanded graphite is being increasingly used in batteries and supercapacitors, driving market growth.
Continuous advancements in manufacturing processes have led to the development of cost-effective and high-quality expanded graphite products, which in turn, is fueling market expansion.
Industries, particularly automotive and aerospace, are increasingly focusing on lightweight materials to improve fuel efficiency and reduce emissions. Expanded graphite, being lightweight and possessing a high strength-to-weight ratio, is gaining traction in these sectors.
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Expanded graphite is integral to various applications within the automotive industry, serving purposes such as enhancing battery and energy storage systems, providing heat shields and insulation, supporting fuel cells, and aiding in vibration damping. Its presence significantly contributes to the improvement of performance, efficiency, and safety standards across automotive applications.
The expanding electronics industry, driven by technological advancements and increasing consumer demand for electronic devices, is creating a significant demand for expanded graphite in applications such as thermal management solutions and conductive coatings.
The expanded graphite market is witnessing a surge in demand driven by a growing emphasis on fire safety in residential, commercial, and industrial settings. Companies in the construction industry are investing in fire safety measures to comply with government regulations and standards. The increase in construction activities globally, fueled by industrialization and urbanization, is contributing to the dynamics of the expanded graphite market.
Key Takeaways from the Market Study
- As of 2022, the expanded graphite market was valued at US$ 224.9 million
- Based on end-users, the energy storage segment is expected to dominate the global market during the forecast period.
Expanded Graphite Market: Key Trends and Opportunistic Frontiers
- With the escalating demand for renewable energy solutions, there's a surge in the adoption of expanded graphite in energy storage systems such as batteries and supercapacitors.
- Innovations in exfoliation methods, surface modification technologies, and product formulations are enabling manufacturers to cater to diverse industry requirements and expand their market presence.
- Expanded graphite, renowned for its lightweight properties and strength, is gaining traction as a preferred material for lightweight applications, presenting significant growth opportunities for market players.
Expanded Graphite Market – Regional Analysis
- In North America, the expanded graphite market is driven by the presence of key industries such as automotive, aerospace, and electronics. The region's focus on technological innovation and sustainability further fuels the demand for expanded graphite in various applications Stringent environmental regulations and increasing investments in renewable energy sectors contribute to market growth.
- Asia-Pacific is the fastest-growing market for expanded graphite, driven by rapid industrialization, urbanization, and infrastructure development in countries like China, India, and Japan. The region's burgeoning electronics industry, coupled with the expanding automotive and aerospace sectors, fuels the demand for expanded graphite in thermal management solutions, conductive coatings, and battery applications. Government initiatives to promote electric vehicles and renewable energy technologies contribute to the market's growth trajectory in the region.
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Competitive Landscape
Industry leaders prioritize expanding their businesses by enhancing production capacities and introducing new products. They employ diverse strategies, such as mergers and acquisitions, to bolster their brand presence on a global scale.
- GrafTech International
- Nippon Kokuen Group
- Yichang Xincheng Graphite Co., Ltd.
- Nacional de Grafite
- Asbury Carbons
- Triton Minerals
- SGL Carbon
- NeoGraf.
- Shijiazhuang ADT Carbonic Material Factory
- ACS Material
- LKAB Minerals
- Graphex Group
- Qingdao Braide Graphite Co. Ltd.
- HPMS Graphite
Key developments in the market
- In April 2023, Mill Rock Advanced Materials, a prominent company in the chemicals, materials, and packaging sector, completed the acquisition of Asbury Carbons, a top-tier global producer and supplier of graphite and carbon-based materials. This acquisition, from both the Riddle family and the Asbury Carbons, Inc. Employee Stock Ownership Plan (ESOP), marks a strategic move for Mill Rock Advanced Materials, enabling them to expand their business reach to a global scale and enhance their existing product offerings.
- SGL Carbon - a German multinational company specializing in carbon-based products, including graphite electrodes, carbon fibers, and composite materials.
- NeoGraf - manufacturer of specialty graphite products, including thermal interface materials, for applications in electronics, automotive, and industrial sectors.
Expanded Graphite Market – Key Segments
Form
- Powder
- Others
End-user
- Chemicals & Petrochemicals
- Foundry
- Energy Storage
- Construction
- Others
Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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