The global graphite market is witnessing growth and is projected to reach USD 36,889.1 million by 2030. This development can be credited to the rising need for graphite items in the electronics and metallurgy industries throughout the world. Moreover, graphite is extensively utilized during the making of lithium-ion (Li-ion) batteries, which is projected to make the way for the acceptance of graphite in the automotive sector, which, ultimately, will fuel the worldwide graphite market.
In recent years, the synthetic graphite category dominated the industry, based on type. This is credited to the extensive utilization of synthetic graphite in the making of electrodes for electric arc furnaces, which are utilized to make metallic items. Additionally, synthetic graphite has the capability to endure high temp, and it shows higher thermal expansion and thermal shock resistance.
The batteries category, based on application, is projected to witness the fastest growth in the graphite market during the forecast period. This is attributed to the rapidly expanding production of hybrid and electric vehicles, particularly in North America and Europe. In developing countries, the improving disposable income and consumer spending are expected to support the sales of high-drain electronics, which, in turn, will boost the demand for batteries containing graphite.
In the coming few years, the batteries category, on the basis of applications, is estimated to experience the fastest development in the graphite industry during the projection period. This is ascribed to the quickly increasing making of hybrid and e-cars, mainly in Europe and North America. In emerging nations, the advancing per-capita revenue and consumer expenditure are projected to aid the sales of high-drain electronics, which, ultimately, will fuel the requirement for batteries comprising graphite.
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In the past few years, APAC has had the largest industry share credited to the growing manufacturing sector in this region. Additionally, the increasing expenditure in the electric automobile sector is projected to boost the demand for graphite in the coming years. Furthermore, this region is also projected to be the fastest-advancing industry for graphite during the projection period. This is credited to the high-volume addition and production of graphite electrodes in developing nations, such as India and China.
In recent years, China had the largest graphite industry share in the APAC region, this can be credited to the increasing making of crude steel, which is experiencing a high requirement from numerous industries for making ferrous and non-ferrous metallic items. Moreover, the growing share of electric-arc-furnace-based steelmaking in the nation is fuelling the demand for graphite.
Hence, the rising need for graphite items in the electronics and metallurgy industries throughout the world is the major factor propelling the market.
SOURCE: P&S Intelligence
