The global graphite market is predicted to witness a 7.4% CAGR between 2020 and 2030 to reach $36,889.1 million in 2030 from $19,092.9 million in 2019. This would be a result of the increasing demand for lithium-ion (Li-ion) batteries, which is itself a result of the rising sales of electric vehicles (EVs). Due to the increasing awareness regarding carbon emissions and the depleting fossil fuel reserves, governments around the world are offering their support for EVs.
The increasing demand for Li-ion batteries is propelling the graphite market because the anode (negative terminal) of such energy storage devices is made of graphite. Compared to lithium, such batteries need up to 20 times more graphite, as more graphite means availability of more current to flow between the two terminals. Li-ion batteries for hybrid electric vehicles require 10 kg, while for a battery electric vehicle (BEV), 70 kg of graphite is required.
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In the past, the larger share in the graphite market was held by the synthetic bifurcation, on the basis of type. Synthetic graphite is widely used in the electrodes of electric arc furnaces, which are used for smelting purposes in the metallurgy industry. The reasons behind the preference for synthetic graphite over the natural variant are the former’s better thermal shock resistance, higher thermal expansion, and ability to withstand high temperatures.
Asia-Pacific generates the highest revenue in the graphite market presently, and the future scenario will be unchanged. APAC is the world’s manufacturing and EV powerhouse, where this material has a high significance. Additionally, even consumer electronics batteries contain graphite, and with the rising sale of laptops, tablets, and smartphones in Indi, China, Japan, and South Korea, the consumption of graphite is consistently rising here.
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Major players in the global graphite market include HEG Ltd., SGL Carbon SE, Showa Denko K.K., GrafTech International Ltd., Syrah Resources Ltd., Graphite India Ltd., Tokai Carbon Co. Ltd., Shanshan Corporation, Qingdao Guangxing Electronic Materials Co. Ltd., and Fangda Carbon New Material Technology Co. Ltd.
Graphite Market Size Breakdown by Segment
- Graphite electrode
- Carbon fiber
- Graphite Shapes
- Friction Products
By End-Use Industry
- North America
- South Korea
- Rest of the World
- Saudi Arabia
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