Significant Demand in Refractory Industry to Present Graphite Sector with US$ 43,357.6 Mn Market Opportunity by 2032. Rising Electric Vehicle Production to Push Sales of Graphite Blocks in the U.S. Synthetic graphite is anticipated to account for about 92% of the overall graphite market.
NEWARK, Del., Sept. 23, 2022 /PRNewswire/ -- The global graphite market is anticipated to reach a value of US$ 43,357.6 Mn by 2032, with the market expanding at a positive CAGR of 6.5% during the forecast period of 2022 and 2032. Valued at US$ 21,609.2 Mn in 2021, the graphite market will likely reach an estimated US$ 23,097.7 Mn in 2022. The escalating application of graphite in various end-use industries like batteries, foundry facing, lubricants & crucible, refractories and others drive the graphite market to grow over this period of observation.
The advantages of using graphite such as good thermal and electrical conductivity, lubricity, chemical resistance, and others propel the adoption of graphite in various industries. One of the primary market drivers of graphite is the expanding electric vehicles sector. Graphite is used in the production of anodes that are needed in batteries, particularly of electric vehicles. Also, rising concerns for the environment coupled with increasing awareness about pollution and such foster growth for the electric and hybrid electric vehicles. Hence, the advancing electric vehicles sector will fuel the sales of the graphite market during this period of observation.
The refractory industry, too, is predicted to promote the market expansion of graphite. Graphite is used in this industry for creating goods in high-temperature conditions like linings for kilns, incinerators, and furnaces. This is expected to bode well for the graphite market through the forecast period. In addition to this, escalating demand for solar panels all over the world along with an increase in the need for Li-ion batteries in electric vehicles will further propel the target market. Usage of graphite in solar panels lessens the cost and optimizes the efficiency. In the automotive sector, the high thermal resistance, chemical inertness, and the porous nature of graphite makes it the most preferred material for the production of anode in Li-ion batteries. All of these factors promote an environment of growth for the graphite market over the projected period.
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"Expanding electric vehicle sector along with an elevated demand for solar panels are expected to fuel the graphite market over the forecast period," says an FMI analyst.
- Huge demand in various end-use industries to present lucrative opportunities.
- Expensive graphite purification process can dampen the market growth.
- In 2022, the U.S. graphite market is expected to hold about 13.2% of the revenue share.
- China is predicted to account for 70% of graphite consumption in East Asia in 2022.
- In terms of application, the refractories segment is predicted to dominate the market.
- High demand for electric vehicles boost the sales of synthetic graphite lubricants.
Showa Denko K.K., Toyo Tanso Co., Ltd., SGL Carbon SE, Tokai Carbon Co., Ltd, Graphite India Limited, Nippon Carbon Co., Ltd., HEG Limited, SEC Carbon, Limited, Imerys S.A., GrafTech International Ltd., Mersen Group, Fangda Carbon New Material Co., Ltd., Dongguan Kaijin New Energy Technology Co., Ltd., Pingdingshan Oriental Carbon Co., Ltd., Advanced Biopolymers AS, Mahtani Chitosan Pvt. Ltd Vardhman Acrylics Ltd., and others are some of the major players in the graphite market profiled in the full version of the report.
Leading market players are keen on entering and expanding their businesses in emerging economies. Other players are concentrating on the integration of advanced manufacturing technology to produce high-purity graphite to comply with the escalating demand.
Graphite Market Outlook by Category
By Product Type:
- Natural Graphite
- Synthetic Graphite
- Graphite Electrode
- Carbon Fiber
- Graphite Blocks
- Graphite Powder
- Lubricants & Crucible
- Foundry Facing
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitation
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Key Success Factors
4.1. Strategic Promotional Strategies
5. Global Graphite Market Demand Analysis 2012-2021 and Forecast, 2022-2032
More Insights into Graphite Market Report
In its latest report, FMI offers an unbiased analysis of the global graphite market, providing historical data from 2012 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (natural graphite (flake, amorphous, vein), synthetic graphite (graphite electrode, carbon fiber, graphite blocks, graphite powder, others)), application (refractories, lubricants & crucible, foundry facing, batteries, others), and region.
According to the latest FMI reports, based on region, the graphite market in the United States is expected to display significant growth over the forecast period. The market in this country is predicted to account for about US$ 3,057.7 Mn demand by the end of 2022. This growth can be attributed to the massive presence of the automotive sector and the expanding electric vehicle sector. Apart from the U.S., China is expected to offer several profitable opportunities to the target market owing to to the fact that the country is one of the prominent consumer and producer of graphite.
Based on segmentation, the synthetic graphite segment is likely to dominate the market while the refractory application segment will lead the market growth through 2032.
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