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Graphite Global Market Analysis, Trends, Growth, Research And Forecast 2033
Graphite Global Market Analysis
According to The Business Research Company's, The graphite market size has grown strongly in recent years. It will grow from $1.2 billion in 2023 to $1.3 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to demand from steel industry, battery and energy storage, refractories and foundry industry, automotive industry, emerging markets.
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Market Drivers and Trends:
Companies involved in graphite mining are increasingly using autonomous vehicles to increase productivity, reduce cost and increase safety. Autonomous vehicles increase efficiency by minimizing delays, reducing operating costs, and eliminate mistakes by improving their accuracy and repeatability. For instance, Rio Tinto, BHP Billiton, and Fortescue Metals Group are deploying autonomous vehicles in their operations, using driverless trucks to haul ore.
In January 2023, Northern Graphite, a US-based graphite-producing company, partnered with Graphex to develop a huge battery anode material project in Canada to meet the growing demand for anode material for use in the lithium-ion batteries that are required to power electric vehicles (EVs), and the company plans to expand in scale and beyond its base of natural graphite using feedstock from its graphite mines in Canada and Namibia, as well as into the synthetic graphite market. Graphex Group Ltd. is a UK-based manufacturer of spherical graphite and graphene.
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Major Key Players of the Market:
Graphite India Limited; Mason Graphite Inc.; SGL Carbon SE; GrafTech International Holdings Inc; Triton Minerals Ltd.; Alabama Graphite Corp.; American Graphite Technologies; Anson Resources Ltd.; Archer Materials Ltd.; China Carbon Graphite Group; First Graphene Limited; Showa Denko KK; GrafTech International Ltd.; BTR New Material Group Co. Ltd.; Shanshan Technology Co. Ltd.; Lianyungang Jinli Carbon Co. Ltd; Weaver Industries Inc.; DMC Global Inc.; Mercer Gasket & Shim Inc.; Nippon Graphite Fiber Co. Ltd.; Zoltek Corporation; Graphite One Inc.; NextSource Materials Inc.; Syrah Resources Ltd.; Novonix Ltd.; Elcora Advanced Materials Corp.; Graphene Manufacturing Group; NanoXplore Inc.; Asbury Carbons Inc.; Zentek Ltd.
Graphite Market 2024 Key Insights:
• The graphite market size is expected to grow to $1.73 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Graphite Mining Companies Embrace Autonomy For Efficiency And Safety
• Northern Graphite And Graphex Partner To Revolutionize Battery Anode Material Production For Electric Vehicles
• Asia-Pacific was the largest region in the graphite market in 2023
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