The increasing production of steel, due to the mushrooming requirement for steel products in end-use industries such as automotive, residential (household use), construction, and oil & gas, is fueling the global demand for graphite. As per the World Steel Association, the worldwide crude steel production increased from 1,814 million tons in 2018 to 1,869 million tons in 2019. Graphite exhibits high corrosion resistance and excellent strength and durability at extreme temperatures.
This is why it is extensively used in steel production. Besides, the ballooning demand for lithium-ion (Li-ion) batteries, on account of the increasing electric vehicle deployment, is also propelling the sales of graphite across the world. Each lithium-ion battery needs 10–20 times more graphite than lithium, as the greater the quantity of graphite, the more will be the battery’s capacity to intercalate lithium. Moreover, graphite is majorly used as an anode in the Li-ion batteries.
As natural graphite is cheaper than synthetic graphite and lithium titanate, the mushrooming sales of Li-ion batteries are driving the worldwide demand for graphite. This is, in turn, causing the expansion of the global graphite market. As a result, the revenue of the market is predicted to rise from $19,092.9 million in 2019 to $36,889.1 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 7.4% from 2020 to 2030.
Hence, it is safe to say that the demand for graphite will shoot up in the forthcoming years, primarily because of its increasing usage in the steel production process and Li-ion batteries and the mushrooming production of steel and the ballooning sales of Li-ion batteries, on account of the growing deployment of electric vehicles, across the world.
Key Findings of Global Graphite Market Report
• Growing steel production driving graphite usage
• Synthetic form of material more popular than natural form
• Graphite use in pebble-bed nuclear reactors is key industry trend
• Automotive sector displaying highest potential for graphite adoption
• Seeing fragmented market nature, players engaging in acquisitions
• Highest graphite consumption being witnessed in APAC
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