Global Graphite Market Observes an Upward Growth Trend as Li-ion Battery Production Gains Momentum, Says Fairfield Market Research
LONDON, Sept. 15, 2021 /PRNewswire/ -- Being increasingly perceived as among the most promising materials in the world of next-generation energy, graphite is set to uphold a multi-billion-dollar market. Predominantly driven by the demand in green energy technologies, the global graphite market is projected for a robust CAGR of 8.5% during 2021 – 2025. A recent study of Fairfield Market Research forecasts that the global market valuation of graphite will exceed US$26 Bn toward the end of 2025. Besides high electrical conductivity, the other favourable attributes of graphite like superior mechanical strength, excellent lubricity, and desirable thermal shock resistance will account for the flourishing market outlook.
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Natural, and Synthetic Graphite Receive a Push from Li-ion Battery Sales for EVs
On the back of its superior conductivity, and purity, the synthetic variant continues to dominate in the global market, capturing over 60% of the total market value. The report indicates a broad range of its applications, including synthetic carbon, electrodes, Li-ion battery anodes, foundries, lubricants, refractory materials, graphite shapes, coatings, conductive fillers, and recarburisers. However, a majority of consumption is recorded by the application in electrodes that are utilised in melting furnaces, and electric arc furnaces (EAF) at silicon, as well as steel plants.
On the other hand, the natural variant of graphite has been garnering preference in flexible graphite production – ultimately to be used in rechargeable Li-ion batteries. With an expanding application base in battery storage, and thermal management, the demand for natural graphite is expected to see an upward trend in the near future. The rise of e-mobility, and consecutively exploding electric vehicle (EV) sales will continue to benefit market growth.
COVID-19 Impact on Graphite Market
Like a majority of metallurgy-related sectors, the graphite market also experienced the wrath of the global COVID-19 outbreak. The market growth was severely challenged throughout 2020 and beyond as all the key end-use industries, including EVs, electronics, and automotive, witnessed a heavy plunge amid the pandemic. With signs of revival visible in automotive, steel, and Li-ion battery production sectors, graphite sales are likely to gradually climb up in the near future.
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Asia Pacific Maintains Lead; China Remains Global Graphite Hub
Asia Pacific, with the volume share of more than 55% in the global graphite market, will continue to dominate throughout the forecast period. Being the world's largest steel, automobile, and rechargeable Li-ion battery manufacturer, China is expected to prevail its hegemony as the global hub for graphite. China, leading in term of both production capacity, and consumption of graphite electrodes, also registers more than 60% captive consumption. Steelmaking industry predominantly drives this consumption, upholding China's top rank in the global graphite landscape.
An increasing number of steel plants across the country, coupled with swelling steel consumption for niche application areas, point to a promising outlook for the graphite market in China. Significant growth in the ultra-high power (UHP) graphite electrodes is also expected to uplift the growth prospects of Chinese market. Ascending adoption of energy storage systems (ESS), and new energy vehicles (NEVs) further support the graphite market expansion in the country. Government support, and initiatives like New Energy Vehicle Subsidy Program that encourage EV production, and sales will remain crucial to the graphite market build-up here. India is also an important contributor to the market in Asia Pacific.
Key Market Players
Nacional de Grafite, Shanshan Technology, Shenzhen BTR New Materials, Showa Denko Materials Co. Ltd., Aoyu Graphite Group, and Qingdao Haida Graphite Co., Ltd.
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