The global graphite market is projected to reach USD 29.05 Billion by 2022, at a CAGR of 5.2% from 2017 to 2022.
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The report "Graphite Market by Application (Refractory, Foundry, Battery, Friction Product, Lubricant), Type (Natural Graphite, Synthetic Graphite), Natural Graphite (Flake, Amorphous, Vein), Region - Global forecast to 2022",
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Growing demand for lithium-ion batteries and fuel cells, increasing use of graphite in the wind energy industry, and rising use of graphite for the manufacture of structural composite parts used in aircraft are the key factors driving the market.
Battery is the fastest-growing application in the global graphite market
Battery is expected to be the fastest-growing application in the global graphite market during the forecast period, 2017 to 2022.
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The use of storage batteries in an increasing number of consumer electronics and the rising adoption of the batteries in electric vehicles is projected to fuel the growth of the utility storage market. The growth of the utility storage industry is expected to lead to an increased production of fuel cells and lithium-ion batteries in the coming years.
This consequently is expected to result in the increased demand for graphite, as lithium-ion batteries require 20 to 30 times more graphite than lithium.
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Natural graphite is the fastest-growing segment in the global graphite market during the forecast period
Natural graphite is the fastest-growing type in the global graphite market during the forecast period, 2017 to 2022. Natural graphite is preferred by manufacturers across various end-use industries, owing to its low cost.
Increasing investments in research & development across the globe for technological advancements in natural graphite to meet the requirements for high end applications at low cost is a key factor expected to fuel the demand for natural graphite in the coming years.
Flake is the fastest-growing subtype of natural graphite in the global graphite market during the forecast period
Flake graphite is the fastest-growing subtype of natural graphite in the global graphite market during the forecast period, 2017 to 2022. It is superior in quality than amorphous graphite, thus has a high demand from end users, and is used in a number of applications, including refractories, and batteries, owing to its high purity and large crystals.
The Asia-Pacific region is expected to be the fastest-growing in the global graphite market during the forecast period
The Asia-Pacific is expected to be the fastest-growing region in the global graphite market during the period, 2017 to 2022.
China is the largest consumer of graphite-based composites in the wind energy industry in the Asia-Pacific. In recent years, several new graphite plants were established in the Asia-Pacific and various long-term agreements were signed between graphite manufacturers in the Asia-Pacific and companies operational in the automotive and wind energy industries in Europe.
These developments boosted the growth of the graphite market in the region.
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Key players in the graphite market include GrafTech International Holdings Inc.(U.S.), Graphite India Ltd. (India), Triton Minerals Ltd. (Australia), Mason Graphite, Inc.
(Canada), and SGL Group (Germany), among others. Major strategies adopted by key players to enhance their businesses include expansions, new product launches, and agreements.
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