Graphite, a mineral of carbon, is extensively used in various applications such as refractories, lubricating agents, foundries, electrical vehicles, construction, and others. The global graphite market was valued at $14.3 billion in 2019 and is expected to reach $21.6 billion by 2027, growing at a CAGR of 5.3% from 2020 to 2027. The increasing demand for lithium-ion batteries and significant steel production through graphite electrode electric arc furnace are driving the market growth. However, the increasing export duty on graphite in China and decreasing price trend of natural graphite are hindering the market growth.
Market Segmentation
The global graphite market is segmented based on type, application, and region. Based on type, the market is bifurcated into natural graphite and synthetic graphite. The natural graphite segment is further sub-categorized into flake graphite, amorphous graphite, and vein graphite. The synthetic graphite segment is further classified into graphite electrode, graphite block, carbon fiber, graphite powder, and others. Based on application, the market is segmented into lubrication, refractories, foundry, battery production, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Market Dynamics
The synthetic graphite segment holds the largest market share owing to its increasing demand from the steel and battery industry. Synthetic graphite is expected to maintain its dominance during the forecast period.
On the basis of application, the refractories segment has garnered the highest market share, attributed to an increase in demand from the steel industry.
Asia-Pacific has garnered the highest market share in terms of volume and revenue, and it is anticipated to maintain its dominance throughout the forecast period, owing to the presence of key players and a huge consumer base in the region.
Key Players
The major players in the global graphite market include Triton Minerals Limited, Showa Denko K.K., Graftech International Holding, Nippon Graphite Industries Co., Ltd., Tokai Carbon Co., Ltd., Focus Graphite, Inc., West Water Resources, Inc., Next Source Materials Inc., Northern Graphite Corporation, and Mason Graphite. Other players in the value chain include Graphite India Limited, CM Carbon, Huarui Carbon New Material Co. Ltd., Beijing Great Wall Co. Ltd., Hebbel Rubang Carbon Products Co. Ltd., and others. The key players are adopting numerous strategies such as product launch, business expansions, acquisition, agreement, and other developments to stay competitive in the market.
Conclusion
The global graphite market is witnessing significant growth, owing to its increasing use in various industries. The demand for lithium-ion batteries and significant steel production through graphite electrode electric arc furnace are driving the market growth. However, the increasing export duty on graphite in China and decreasing price trend of natural graphite are restraining the market growth. The synthetic graphite segment holds the largest market share, and the refractories segment has garnered the highest market share based on application.
Asia-Pacific has the highest market share in terms of volume and revenue and is anticipated to maintain its dominance throughout the forecast period. The key players are adopting numerous strategies to stay competitive in the market.
References
1) Allied Market Research. (2020). Graphite Market by Type (Natural and Synthetic), Application (Lubrication, Refractories, Foundry, Battery Production, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA) – Global Opportunity Analysis and Industry Forecast, 2020-2027. https://www.alliedmarketresearch.com/graphite-market
