Graphite Market To Increase at Steady Growth Rate
Graphite is nothing but naturally occurring variant of crystalline carbon. It is a mineral element, which is present in igneous and metamorphic rocks. It is a mineral that exhibits extreme properties. It is an excessively soft material but is cleaved with the application of slight pressure. It also comes with very low specific gravity. On the other hand, graphite is extremely resistant to heat and is almost inert when it is exposed to almost any other type of material. These properties of graphite make it suitable for use across many applications in the manufacturing and metallurgy sector. This factor is likely to foster development of the global graphite market in the years to come.
Graphite comes with many beneficial properties such as excellent chemical resistance, lubricity, and high electrical conductivity and these properties make it ideal for use in many end use applications. In addition, rapid growth of the automotive and electronic industries in the Asia Pacific region is also expected to widen scope of growth for the global graphite market in the forthcoming years.
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Global Graphite Market: Notable Developments
The global graphite market has witnessed prominent developments in the last few years. A market development that has played an influential role in determining the future course of the market is mentioned below:
In November 2019, Netherland-based producer of specialty mineral and metal products, AMG Advanced Metallurgical Group N.V., has made acquisition of International Specialty Alloys. The acquired firm has been a leading American maker of titanium master alloys and various other binary alloys that are specifically utilized in the aerospace sector. With this acquisition, it is expected that AMG Advanced Metallurgical Group will be able to widen their reach with diversified offerings in the aerospace industry.
Some of the well-known organizations in the global graphite market comprise the below-mentioned:
Lianyungang Jinli Carbon Co. Ltd
BTR New Energy Materials Inc
Hitachi Chemical Co. Ltd
GrafTech International Holdings
Syrah Resources Limited
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Global Graphite Market: Key Trends
The global graphite market is characterized by the presence of the following restraints, drivers, and opportunities.
Increased Use in the Aerospace Industry to Offer Plethora of Opportunities for Growth
Increasing demand for graphite in various end use sectors, such as aerospace, automotive, and steel is likely to open up opportunities of growth for the global graphite market. However, graphite-based composites find use in several industries, such as construction, pipes and tanks, sporting goods, and marine industry. Graphite comes with the ability to support huge batteries, which is expected to back increased demand for the product in the making of commercially feasible hybrid and electric vehicles. With the rise in demand for such vehicles, the global graphite market is estimated to observe considerable growth in the years to come.
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Graphite finds extensive use in the aerospace sector where it is utilized in the making of lightweight parts so as to better fuel efficiency. In comparison with other conventional aerospace materials like plastics, metals, and so on, graphite comes with greater strength-to-weight capability. This factor facilitates making of efficacious designs, in terms of both aerodynamically and structurally. Manufacturers of aircrafts, such as Airbus, Boeing are using more of composites made using graphite, which is likely to augur well for the global graphite market in the years to come.
Global Graphite Market: Geographical Analysis
Asia Pacific is estimated to come up as a rapidly growing territory in the global graphite market. Growth of the market in the region is ascribed to the flourishing electronic and automobile business in countries like India and China. The region is expected to generate huge demand for long-life and rechargeable batteries, which is likely to pave away for rapid growth of the market in the forthcoming years.
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