Global graphite market is expected to reach $28.33 billion by the end of 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the biotechnology market based on type, application and region.
For the uninitiated, graphite is a significant material for several exploration companies, mainly due to the progress in battery technologies pertaining to the evolving green energy and electric vehicle market which has significantly impacted the graphite market growth.
Graphite exploration has surged over the past few years, mostly due to growth in several scenarios including contained graphite, deposit size, and tone of product value or enterprise value, location suitability and obtainability (decline in country risk), advancement of logistics segment, authenticity in product purity, flake size distribution, off-take agreements, and technology development has promoted the reduction in production timeframe.
Natural graphite is a soft density material with low density and metallic luster. It occurs in numerous forms comprising amorphous, flake, and vein. The material is applicable for multiple industrial uses, owing to its flexibility as well as its metallic and non-metallic properties. Few of its non-metallic characteristics consist of lubricity, chemical inertness, and high thermal resistance. Metallic properties encompass electrical and thermal conductivity. These characteristics make the product suitable for numerous applications across a slew of industrial sectors which further propels graphite market growth. Moreover, artificially produced synthetic graphite from raw materials like petroleum coke and tar pitch has also earned significance in the current industry scenario.
Present product demand is directly linked to more than a few industrial applications such as refractory, automotive, lubricants, and batteries. Hi-tech battery anodes are helping accelerate product demand in the worldwide graphite market. Likewise, the demand for refractories from the steel industry has been a leading application segment for consumption and manufacturing of naturally occurring graphite.
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Use of graphite in lithium batteries has attained massive impetus owing to increasing interest in electric vehicles, portable electronics, and commercial energy storage systems. Other markets consist of application of expandable graphite for foil, insulation, and other fire-retardant products. Owing to such increasing application segments, the demand for graphite is anticipated to grow over the foreseeable years.
In terms of regional development, the Asia Pacific was the top regional contender in the global graphite market. Based on production and consumption, China was the largest globally, and accounted for nearly one-third of global sales. Moreover, nations like India, Japan, and South Korea were other major consumers in the region, attributable to their growing end-use industries consisting automobile and refractory, thereby impelling market growth in the Asia Pacific.
The competitive landscape of the global graphite market encompasses eminent industry players such as Tokai Carbon Co. Ltd., Toyo Tanso Co. Ltd., Graphite India Limited, HEG Limited, Mersen Group, Graftech International Ltd., Energizer Resources Inc., SGL Group, Mason Graphite, Inc., Focus Graphite Inc., Triton Minerals Ltd, and Hexagon Resources Limited.