Global Graphite Market Report, published by Variant Market Research, forecast that the global market is expected to reach $21.4 Billion by 2024 from $13.9 Billion in 2016; growing at a CAGR of 5.6% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 5.8% and 5.5%, respectively, during the forecast period.Graphite is a crystalline allotrope of carbon, a form of coal, partially metal, and a natural mineral element. Rising demand for electric vehicles and other electronic device has led to surge in demand for batteries supplementing the growth of the graphite market globally.
“Graphite Market (By Product Type: Natural Graphite, and Synthetic Graphite; By End-User: Electrode, Refractory, Lubricants, Foundry, Battery, and Other End-Users; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024”
The global graphite market is primarily driven by growth in demand for batteries
Growth in demand for batteries due to rising number of mobile phones, electronics devices, and a rising trend for electric vehicles drives the growth of global graphite market. Besides, rapid growth in mining industry, advancement in electronic & automotive industries, and decreased lithium-ion battery cost have also supported the market growth. However, safety issues related to graphite may limit the growth of the market. Moreover, rising synthetic graphite production, enhancements in lithium-ion battery and its demand to accelerate with high investments is expected to generate numerous growth opportunities for the market in the future years.
Product type, end-user, and geography are the major segments considered in the global graphite market. Product type segment includes natural graphite, and synthetic graphite (graphite electrode, carbon fiber, graphite blocks, graphite powder, and others). End-user segment is further sub-segmented into electrode, refractory, lubricants, foundry, battery, and other end-users. Furthermore, by geography the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe segment consists of UK, Russia, Germany, Italy, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Synthetic graphite dominated the product type segment from 2016 to 2024
Global Graphite Market, by Product Type
Synthetic graphite held for the major market share in the year 2016, and is expected to continue its dominance during the forecast period 2016 – 2024. The high growth is credited to its vast application across key end-use industries, and also synthetic graphite is expensive compared to natural graphite due to its complex production process.
Electrode held the largest market share in the end-user segment
Global Graphite Market, by End-User
Electrode accounted for the largest market share in 2016, in the end-user segment. The high growth is attributed owing to its wide application in various industries.
Asia-Pacific occupied the major share in the global graphite market
GLOBAL GRAPHITE MARKET SHARE BY GEOGRAPHY, 2016 (%)
Asia-Pacific generated the largest revenue accounting for 68% of the total global graphite market share, driven by a high demand for graphite related products in the region, and rising demand of electric vehicles particularly in China. Also, in terms of growth Asia-Pacific is likely to reach at the fastest CAGR, during the forecast period 2016 – 2024.
Leading Edge Materials Corp. announced its partnership with Ångström Advanced Battery Centre for Natural Graphite Anode Research. Key players profiled in the report include Mason Graphite, Alabama Graphite Corp., Asbury Graphite Mills, Inc., Triton Minerals Ltd., Northern Graphite, Leading Edge Materials Corp., Focus Graphite Inc., Syrah Resources Limited, Graphite India Limited, and SGL Carbon SE, among others.