Graphite Market is Expected to Witness Rapid Growth With a CAGR Pegged at 5.4% Through 2022 – Allied Market Research
Graphite Market Size Report, published by Allied Market Research, forecasts that the global market was valued at $13,004 million in 2015, and is expected to reach $18,769 million by 2022, supported by a CAGR of 5.4% during the forecast period 2014 to 2022. The refractories segment held nearly three-fourths of the total market in 2015.
The global graphite market is expected to witness a lot of opportunities, on account of rise in demand for lightweight materials such as carbon fiber reinforced plastic (CFRP) to be used in automobiles and manufacturing components of aircraft. Moreover, different applications of graphite in lubrication and refractories is anticipated to propel the growth of the market during the forecast period. In addition, rise in need for cost-effective raw metal material and increase in demand for lithium ion batteries drive the market growth. However, strict government regulations on the extraction of natural graphite might hinder the market growth.
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Similar to diamond, graphite is an allotrope of carbon that portrays a hexagonal crystalline form and is black or gray in color. Graphite furnishes high thermal resistance with a melting point of around 3,930 C. It is the most electrically and thermally conductive nonmetal and an efficient lubricant. Graphite is chemically inert in nature and has a high resistance to corrosion. Furthermore, graphite offers several advantages such as higher operating reliability, high conductivity, higher strength, and higher lubrication.
Graphite is expected to register the highest growth in the battery production application, owing to rise in use of lithium ion batteries, especially in smartphones and tablets.
In terms of volume, refractories segment accounted for around two-fifths share in 2015. In response to the perennial modifications in the refractories, efficient and lightweight graphite products are in high demand globally. Moreover, increase in requirement of cost-effective battery anodes and rise in adoption of graphite in lubrication of foundries drive the global graphite market.
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In 2015, Asia-Pacific and LAMEA collectively accounted for around 47% of the total graphite market and are expected to continue this trend, owing to increase in the growth of steel refractories, specifically in China, India, Brazil, and other developing countries. Moreover, rise in the use of graphite in lubrication applications and changes in preference to different battery manufacturers to set up their manufacturing facilities boost the market growth.
Leading market players:-
Leading market players analyzed in the research include Northern Graphite Corporation, Asbury Graphite Mills, Inc., Energizer Resources Inc., Mason Graphite, Flinders Resources Ltd., Focus Graphite Inc., Showa Denko K.K., SGL Carbon SE, SEC Carbon Limited, and Graphite India Limited.
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