Portland, OR -- (SBWIRE) -- 06/29/2017 -- Increase in use of graphite to produce lithium ion battery anodes, specifically in consumer electronics, initiated the use of natural and synthetic graphite especially, as a counterpart to heavy and costly metals. Thus, rise in demand for relatively lighter and inexpensive materials across battery production applications pose lucrative opportunities for significant players in the market.
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Graphite Market Size Report, published by Allied Market Research, forecasts that the global market was valued at $13,004 million in 2015, and is expected to reach $18,769 million by 2022, supported by a CAGR of 5.4% during the forecast period 2014 to 2022. The refractories segment held nearly three-fourths of the total market in 2015.
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Similar to diamond, graphite is an allotrope of carbon that portrays a hexagonal crystalline form and is black or gray in color. Graphite furnishes high thermal resistance with a melting point of around 3,930 C. It is the most electrically and thermally conductive nonmetal and an efficient lubricant. Graphite is chemically inert in nature and has a high resistance to corrosion. Furthermore, graphite offers several advantages such as higher operating reliability, high conductivity, higher strength, and higher lubrication.
The global graphite market is expected to witness a lot of opportunities, on account of rise in demand for lightweight materials such as carbon fiber reinforced plastic (CFRP) to be used in automobiles and manufacturing components of aircraft. Moreover, different applications of graphite in lubrication and refractories is anticipated to propel the growth of the market during the forecast period. In addition, rise in need for cost-effective raw metal material and increase in demand for lithium ion batteries drive the market growth. However, strict government regulations on the extraction of natural graphite might hinder the market growth.
Graphite is expected to register the highest growth in the battery production application, owing to rise in use of lithium ion batteries, especially in smartphones and tablets.
In terms of volume, refractories segment accounted for around two-fifths share in 2015. In response to the perennial modifications in the refractories, efficient and lightweight graphite products are in high demand globally. Moreover, increase in requirement of cost-effective battery anodes and rise in adoption of graphite in lubrication of foundries drive the global graphite market.
Key Findings of Graphite Market
- In terms of value, the battery production application segment is anticipated to be the highest growing segment with 6.0% CAGR during the analysis period.
- Asia-Pacific is estimated to maintain its lead position throughout 2022 and grow at a CAGR of 5.6%, in terms of volume.
- In terms of volume, the refractories segment occupied approximately two-fifths of the total market in 2015.
- India occupied around one-fourth of the Asia-Pacific graphite market in 2015.
- In terms of value, France is expected to grow at the highest CAGR of 5.9% in the European region.
In 2015, Asia-Pacific and LAMEA collectively accounted for around 47% of the total graphite market and are expected to continue this trend, owing to increase in the growth of steel refractories, specifically in China, India, Brazil, and other developing countries. Moreover, rise in the use of graphite in lubrication applications and changes in preference to different battery manufacturers to set up their manufacturing facilities boost the market growth.
The major companies profiled in the report include Northern Graphite Corporation, Asbury Graphite Mills, Inc., Energizer Resources Inc., Mason Graphite, Flinders Resources Ltd., Focus Graphite Inc., Showa Denko K.K., SGL Carbon SE, SEC Carbon Limited, and Graphite India Limited.
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