Global Graphite Market Analysis,Growth and Share 2023
Graphite Market Overview
The Global Graphite Market is mainly driven by the growing demand for graphite in metalworking, automotive, and construction industries and is likely to exhibit steady growth over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The report presents a detailed picture of the global graphite market, including an analysis of the historical growth trajectory of the market and projections for the future growth trajectory of the market.
Graphite is majorly used in steelmaking as part of the refractory lining. The increasing demand for steel around the world is likely to be a major driver for the graphite market over the forecast period. Steel has become vital over the last few years due to the growth of the construction industry, which has expanded rapidly in developing parts of the world such as Asia Pacific, the Middle East, and Latin America. The construction industry’s need for steel is likely to be a major driver for the global graphite market over the forecast period.
The growth of the automotive industry is likely to be a major driver for the global graphite market. Graphite is a valuable material for the automotive industry of the present as well as of the future. Graphite is used in various automotive designs as a weight-saving material, as it is light and fits in perfectly in several automotive applications as a lighter alternative to conventional materials. The increasing demand for lightweight automobiles has resulted in a growing demand from the graphite market from the automotive industry.
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Graphite Market Competitive Analysis:
Leading players in the global graphite market growth include HEG Limited, Graphite India Limited, GrafTech International Ltd., Mersen S.A., SGL Carbon SE, NextSource Materials Inc., Focus Graphite Inc., Mason Graphite Inc., Hexagon Resources Limited, and Triton Minerals Limited.
Major players in the global graphite market size are expected to focus on capacity expansion in the coming years in order to maximize their revenue generation potential. In September 2019, Black Rock Mining announced that they were structurally ready to start construction of a new graphite mine in Tanzania. Efforts to maximize graphite extraction in developing parts of the world, where the graphite industry can make a significant difference to the national economy, are likely to remain popular in the global graphite market in the coming years. Acquisition and mergers are also likely to be key to players looking for inorganic growth through the acquisition of smaller players in the market.
Segmentation:
The global graphite industry future is segmented on the basis of form, application, and region.
By form, the global graphite market is segmented into amorphous and synthetic.
On the basis of application, the amorphous segment is segmented into metallurgy, pencil making, refractories, coatings, and lubricants. The synthetic graphite segment is segmented by application into aerospace, batteries, carbon brushes, electrodes, and moderator rods. The synthetic graphite segment is likely to exhibit a steady growth in demand in the coming years due to the growing demand for synthetic graphite in high-tech innovations in various application areas. As far as amorphous graphite is concerned, metallurgy is likely to remain the leading application segment.
Regional Analysis:
Asia Pacific is expected to remain the dominant regional market for graphite over the forecast period due to the growing demand for graphite in metalworking and steelmaking applications in the region’s rapidly developing economies. North America is also likely to remain important to the global graphite market over the forecast period.