NEW YORK, Feb. 24, 2021 /PRNewswire/ -- 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, according to P&S Intelligence. 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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Due to the hampering of automotive production and construction activities, the graphite market has witnessed a slowdown during the COVID-19 pandemic. This allotrope of carbon is widely consumed during the production of automotive Li-ion batteries and construction machinery. Additionally, due to the partial closure of the metallurgy industry, the demand for graphite refractories and electrodes has also dropped.
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.
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The electrodes category is projected to continue dominating the graphite market in the coming years, based on application. Electrodes made of this material find widespread usage in arc furnaces in the iron and steel industry. Scrap from discarded appliances and automobiles is melted in these furnaces to recover crude steel. Graphite electrodes can easily withstand high temperatures and offer better electrical conductivity, which is why their usage in arc furnaces is rising.
During the next decade, the highest value CAGR in the graphite market, of 7.9%, will be experienced by the automotive division, under the end-use industry segment. Owing to the high amounts of greenhouse gases (GHG) being released into the atmosphere by gasoline, gas, and diesel automobiles, the popularity of EVs is rising. This is driving the demand for Li-ion batteries, which are rapidly replacing sealed lead–acid batteries as the primary source of power. With the high demand for graphite in Li-ion battery anodes, the consumption of this carbon allotrope in the automotive industry will burgeon.
Asia-Pacific (APAC) 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.
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Green Chemicals Market
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SOURCE P&S Intelligence