ALBANY, New York, July 5, 2019 /PRNewswire/ -- The global synthetic graphite market is highly competitive and fragmented due to the predominance of several players in the market, states an upcoming report by Transparency Market Research (TMR). The key players in the global Synthetic Graphite Market include- Kaifeng Carbon Co., Ltd., Nippon Carbon Co., Ltd. Tokai Carbon Co., Ltd., Graphite India Limited, and HEG Limited. The companies are adopting various growth strategies such as mergers and acquisitions, and expansion of the production capacity, to penetrate into the global Synthetic Graphite Market. The competition is likely to highly intensify with increasing number of players. Several firms are pouring extensive money in the market to usher in development.
The market is projected to grow at a steady rate of 6.3% CAGR during the forecast period of 2018-2026 from an initial revenue valuation registered at US$4 bn in 2017.
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Regionally, North America and Asia Pacific is leading the global Synthetic Graphite Market. Asia Pacific is foretold to dominate the global Synthetic Graphite Market followed by North America. The growth is mainly from China which is a large producer of steel. Alternatively, Latin America is also projected to grow during the forecast period, owing to increasing demand for lithium –ion batteries.
On the basis of end users, the market is segmented into electronics, nuclear industry, chemical industry, mechanical engineering, metallurgy, and energy storage and transmission. Out of all these, the energy storage and transmission sector is expected to lead the global Synthetic Graphite Market.
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Electric Vehicles to Upheave Global Synthetic Graphite Market
Electric vehicles are gaining popularity for various reasons such as low carbon foot print, easy maintenance, etc. The electric vehicles need lithium ion batteries for smooth functioning. Thus, the rising demand for lithium batteries that contain graphite is expected to aid the growth of the global Synthetic Graphite Market in the next few years.
Additionally, the aerospace and consumer electronics sector boosts the demand for lithium ion batteries. In the aerospace sector, they help in easy movement of flaps and actuators, which may result in the expansion of the global Synthetic Graphite Market.
Further, the burgeoning demand for smart phones and tablets may increases demand for synthetic graphite. Lithium ion batteries are used in the making of smart phones, thus nudging the substantial growth in the global Synthetic Graphite Market during the forecast period.
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Battery Manufacturing Industry to Stimulate Synthetic Graphite Market
The battery manufacturing companies prefer synthetic graphite to make batteries due to constant supply of raw materials, contamination free, durability, and consistency of the product. Thus, surge is expected in the global synthetic graphite market in the upcoming years.
Additionally, the metallurgy industry is expected to provide better growth opportunities to the global synthetic graphite market. The growth can be primarily due to usage of synthetic graphite in smelting of iron in electric furnace, manufacturing of chemicals, and processing of ceramic, etc. In fact, it also includes other applications that involve high temperature and energy channel, leading to the growth of the global Synthetic Graphite Market.
The rising production of iron and steel acts as a catalyst in the expansion of the global Synthetic Graphite Market.
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High cost as compared to natural graphite and stringent regulations over the usage of synthetic graphite are projected to dampen the global synthetic graphite market in following years. However, regardless of the restraints, the high level of purity that the synthetic graphite offers is likely to surge the global Synthetic Graphite Market in the coming years.
This review is based on the findings of a TMR report titled, "Synthetic Graphite Market (Product - Electrode, Isostatic, Specialty Graphite, Carbon Fibers; End use Industry - Electronics, Nuclear Industry, Chemical Industry, Mechanical Engineering, Metallurgy, Energy Storage & Transmission)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026."
The global Synthetic Graphite Market is segmented into:
- Specialty Graphite
- Carbon Fibers
End use Industry
- Nuclear Industry
- Chemical Industry
- Mechanical Engineering
- Energy Storage & Transmission
- North America
- Rest of the Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa
- South Africa
- Rest of MEA
- GCC Countries
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