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Graphite Market to Witness Comprehensive Growth by 2024
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Increasing use of graphite in the automotive and battery industries is the major factor driving the demand for graphite. Graphite is an important material used in gaskets, clutch materials, motors, exhaust systems, and cylinder heads. In the past, asbestos was the main component of linings and disk brake pads. Graphite, with benefits such as low-noise braking, makes a good replacement for asbestos in brake pads. Moreover, it is an important element in the manufature of ultra-lightweight carbon-fiber reinforced plastic (CFRP). Traditionally, CFRP was mainly used in the aerospace and Formula One car industries. However, CFRP is now gaining popularity in the passenger car industry due to its light weight. This, in turn, helps reduce fuel consumption and CO2 emissions.
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Asia Pacific is the largest market for graphite globally. Rise of technologically advanced applications of graphite in pebble-bed nuclear reactors, fuel cells, solar power systems, and automotive and aerospace industries is driving the graphite market in the Asia Pacific region. China and India are the major markets for graphite in the region. Rising demand for steel and other metals has increased the demand for graphite electrodes in Asia Pacific. This, in turn, is driving the growth of the graphite market. China accounts for over 70% share of total graphite production in the world. According to China's Twelfth Five Year Plan, the government plans to have around 5.0 million battery-electric vehicles plying on the roads by 2020. This is expected to increase demand for graphite in the Asia Pacific market during the forecast period. According to a research report, the sale of plug-in electric vehicles in North America is expected to rise at a CAGR of 30.0% from 2012 to 2020. The total sales of tablets in the U.S. market grew from 9.7 million in 2010 to 40.6 million in 2013. This growth in sales is expected to drive demand for lithium-ion batteries. Rising demand for electric vehicles and other electronic devices such as mobiles, tablets, laptops, and cameras offers huge potential for the growth of the lithium-ion battery industry. This, in turn, is further expected to boost demand for graphite in North America. Europe is the second-largest graphite market in the world. Growing use of carbon fiber instead of steel in the automotive and aerospace industries in Europe is leading to increasing demand for graphite. Graphite is considered as a key material for green technology. Due to this fact, it is widely used in many applications for energy storage, photovoltaics, and in various electronic products.
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The graphite market is bifurcated on the basis of form (natural graphite and synthetic graphite). Synthetic graphite is further sub-segmented on the basis of form (graphite electrode, carbon fiber, graphite blocks, graphite powder, and others). Graphite market is also segmented on the basis of end-use (electrode, refractory, lubricant, foundry, battery, and others). All the segments provide market size and forecast by volume and by value. The synthetic graphite segment holds the largest share of USD 12.49 billion in the graphite market in 2013 and is expected to reach USD 16.06 billion by 2020 at a CAGR of 3.7% from 2014 to 2020.
In terms of revenue, the global graphite market grew from USD 12.30 billion in 2010 to USD 13.62 billion in 2013 at a CAGR of 3.4%. In terms of volume, the global graphite market grew from 2.19 million tons in 2010 to 2.68 million tons in 2013 at a CAGR of 7.1%.
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