NEW YORK,, February 24, 2021 / PRNewswire / – The global graphite market is projected to reach 7.4% CAGR between 2020 and 2030. $ 36,889.1 million in 2030 from $ 19,092.9 million in 2019, according to P&S Intelligence. This would be the result of increasing demand for lithium-ion (Li-ion) batteries, which in itself is the result of increasing sales of electric vehicles (EVs). Due to growing awareness of carbon emissions and depletion of fossil fuel reserves, governments around the world are offering their support for electric vehicles.
The growing demand for lithium-ion batteries is driving the graphite market because the anode (negative terminal) of such energy storage devices is made of graphite. Compared to lithium, such batteries require up to 20 times more graphite, because more graphite means the availability of more current between the two terminals. Li-ion batteries for hybrid electric vehicles require 10 kg, while battery-powered electric vehicles (BEV) require 70 kg of graphite.
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Due to disruptions to automotive production and construction activities, the graffiti market witnessed a slowdown during the COVID-19 pandemic. This allotrope of carbon is widely consumed during the production of automotive Li-ion batteries and construction machinery. In addition, due to the partial closure of the metallurgical industry, demand for graphite refractories and electrodes also declined.
In the past, synthetic bifurcation, based on type, had a larger share of the graphite market. Synthetic graphite is widely used in the electrodes of electric arc furnaces, which are used for melting in the metallurgical industry. The reasons that give preference to synthetic graphite over the natural variant are better resistance to heat shock, greater thermal expansion and the ability to withstand high temperatures.
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It is predicted that the electrode category will continue to dominate the graphite market in the coming years, based on the application. Electrodes made of this material are widely used in electric arc furnaces in the iron and steel industry. Waste from discarded devices and cars is melted in these furnaces to obtain crude steel. Graphite electrodes easily withstand high temperatures and offer better electrical conductivity, which is why their use in electric arc furnaces is growing.
Over the next decade, the highest CAGR value in the graphite market, at 7.9%, will be experienced by the automotive division, in the end-use segment. Thanks to the large amount of greenhouse gases (GHGs) released into the atmosphere by petrol, gas and diesel cars, the popularity of EVs is growing. This drives the demand for lithium-ion batteries, which are rapidly replacing sealed lead-acid batteries as the primary source of energy. With the high demand for graphite in the anodes of Li-ion batteries, the consumption of this carbon allotrope in the automotive industry will grow.
Asia-Pacific (APAC) is currently generating the highest revenue in the graffiti market, and the future scenario will be unchanged. APAC is a world production and electric power plant, where this material is of great importance. In addition, even consumer electronic batteries contain graphite, and with the increase in sales of laptops, tablets and smartphones in India, china,, Japan, i north korea, the consumption of graphite here is constantly growing.
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Major players in the global graffiti market are HEG Ltd., SGL Carbon SE, Showa Denko KK, GrafTech International Ltd., Syrah Resources Ltd., Graphite India Ltd., Tokai Carbon Co. Ltd., Shanshan Corporation, Qingdao Guangxing Electronic Materials Co ,. Ltd. and Fangda Carbon New Material Technology Co. Ltd.
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Globally, the lubricant market will show the fastest growth in the MEA region in the future. This will be due to the availability of several oil wells in this region. The costs of crude oil and various by-products such as lubricants in this area are very low. This encourages the large use of lubricants in various manufacturing industries.
Green chemicals market
Currently, Europe is the largest market for green chemicals, as environmental concerns are quite strong here, and the governments of many countries in the region offer support in the use of environmental chemicals in various end – use sectors.
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SOURCE P&S Intelligence