Graphite Market Set to Reach US$ 26.8 Billion by 2025, with 8.5% CAGR
The global graphite market is on a growth trajectory, with a projected value of US$ 26.8 billion by the end of 2025, up from US$ 16.4 billion in 2017. Over the forecast period from 2021 to 2025, the market is expected to exhibit a strong CAGR of 8.5%. Key findings from recent reports shed light on the factors propelling this growth:
Renewable Energy Sector Fuels Graphite Market Expansion
The global demand for renewable energy sources, including solar panels and electric vehicle (EV) batteries, is driving the expansion of the graphite market. Graphite plays a vital role in these technologies, making it a sought-after material in the era of technological advancement.
Dominance of Synthetic Graphite, but Natural Graphite Gains Momentum
While synthetic graphite currently holds over 60% of the market share, natural graphite is rapidly gaining ground. Natural graphites growth is particularly significant in applications such as rechargeable batteries, where it is used in the production of anodes for Li-ion batteries.
Key Application Areas: Steelmaking and Li-ion Battery Manufacturing
The primary areas of application for graphite are steelmaking and Li-ion battery manufacturing. Steel production and related metallurgical activities account for over 65% of the total graphite market. High purity graphite electrodes are essential in electric arc furnaces (EAF) used in steel production. As demand for steel grows across industries such as automotive, aerospace, and electronics, the demand for graphite is expected to rise.
The Li-ion battery segment represents one of the fastest-growing applications, with a CAGR of 14.1% between 2021 and 2025. Factors such as vehicle electrification, electronic devices, and grid storage contribute to this growth.
Regional Analysis: Asia Pacific Leads, Western Markets Stable
Asia Pacific, led by China, is the largest consumer of graphite, accounting for more than 55% of the market volume in 2019. Chinas dominance in steel production and the growing demand for EAF-based steel mills are driving the graphite market in the region. Other Asian countries, including India and Southeast Asian nations, are also expected to contribute to market growth.
In developed Western markets, Europe and North America are establishing integrated supply chains for graphite to meet the increasing demand from the battery sector. Investments in e-mobility and grid-scale battery storage are further boosting graphite consumption. Traditional end-user industries like steelmaking and refractories are expected to remain stable in these regions.
Key Players in the Graphite Market
Leading companies in the graphite market include Shenzhen Showa Denko Materials Co. Ltd., Shanshan Technology, Qingdao Haida Graphite Co., Ltd., BTR New Materials, Nacional de Grafite, and Aoyu Graphite Group. These players collectively account for over 50% of the total graphite industry.
Browse Global Graphite Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2025 – [2023 UPDATE Available – Forecast 2023-2030*] (By Product Coverage, By Application Coverage, By Geography, Leading Companies): https://www.fairfieldmarketresearch.com/report/graphite-market
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COMTEX_440946119/2840/2023-09-26T01:54:35
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