Graphite Sales to Surpass US$ 50 Bn by 2031; Synthetic Graphite to Remain Top-Choice among Key Players
Graphite Application in Batteries and Electrodes Rises to Grow by 9.1% through 2031
Fact.MR's extensive study on graphite market offers unbiased analysis of factors enabling growth in the market through 2031. This report sheds light on key aspects such as the drivers, restraints, and opportunities that are expected to shape growth opportunities for the market players.
NEW YORK, Oct. 13, 2021 /PRNewswire/ -- As per Fact.MR, the global graphite market will surpass US$ 21 Bn through 2021. The market is forecast to register growth at 8.5% CAGR between 2021 and 2031.
Increasing use of graphite in the production of lithium-ion batteries will improve its demand over the coming years. Demand for electric vehicles batteries also will result in higher adoption of graphite in the production of electrodes and refractories & foundries. This will create attractive prospects for sales in the market through the course of the assessment period.
Investment towards integration of advanced technologies that support electric vehicle manufacturing will give impetus to the market. Despite exponential growth in electric vehicle sales, demand in the graphite market plummeted to an extent as COVID-19 outbreak resulted in supply chain disruption and suspended automotive production.
With global shutdown and disruption of export-import activities, sales of graphite declined in the FQ-20. Nevertheless, the market is expected to witness rapid recovery owing to the greenfield and brownfield investments within automotive, manufacturing, and other end-use industries.
As per Fact.MR, increasing application of graphite in the production of electrodes and refractories will spur the sales. The electrodes and refractories segment will register impressive growth at 9.1% CAGR during the forecast period.
Besides this, graphite application in the production of steel is accelerating. Rising use of graphite in steel moulding for casting ware and to cover foundry facings will boost growth opportunities in the market. As per Fact.MR, over 65% of the graphite sales are expected to be contributed by steel production, refractories & foundries, friction products, and recarburizers.
"Increasing need for sustainable and eco-friendly transportation facilities have created opportunities for the graphite market growth. In order to gain competitive edge, leading players are investing heavily in developing sustainable synthetic graphite. This is expected to help in growth of the market in the coming years," says a Fact.MR analyst.