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Carbon Polymorph Group Minerals Market set to record exponential growth by 2021-end
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As a result of the reduction of sedimentary carbon compounds during metamorphism, graphite occurs in metamorphic rocks while some graphite occurs in igneous rocks and can also be produced as a result of thermal metamorphism of coal.Graphite mineral are widely used in refractory for the construction magnesia-carbon bricks (25% graphite) for the purpose of lining steel-making furnaces. In addition, the mineral is also used in steelmaking for the purpose of carbon-raising in molten steel. Other applications of graphite include lithium-ion batteries, lubricants, and automotives, sports and marine as carbon fibered polymer composites.
The global market for carbon polymorph group minerals has been witnessing a significant increase on account of growing demand from its application industries. One of the major factors contributing towards the growth of this market has been rising consumption of these minerals in batteries. Minerals such as graphite have been witnessing a noticeable increase in production in its synthetic form. However, growing supply and demand gap of these minerals is expected to pose challenges to the growth of the market. Other polymorphed minerals of carbon such as diamond have contributed significantly towards the growth of the market. Industrial diamonds serve as one of the strongest minerals used certain industrial applications such as cutting tool. They possess several characteristics such as corrosion resistance, thermal conductivity, wear resistance and high strength and account for largest segment in the overall consumption of diamond on a global scale. These products are also employed in electronics, medical and abrasives applications.
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Asia Pacific accounted as the largest consumer for carbon polymorph minerals such as diamond and graphite on account of growing automotive and industrial activities in the region, with china accounting for the largest producer of industrial diamond in the world. Moreover, rising industrial investments coupled with high GDP growth rate in emerging economies such as China and India are expected to drive the market as well. Growing demand for high strength abrasives for several applications such as polishing, grinding and cutting are expected to be one of the major factors driving demand for carbon polymorph minerals such as diamond.
In addition, growing consumption of automobiles on account of rising disposable incomes and changing lifestyles of the individuals is anticipated to drive the demand for lithium-ion batteries in automobiles which in turn are expected to boost the demand for graphite over the forecast period. Focus on research and development activities to reduce production cost as well as increase the application scope of industrial diamonds is expected to offer significant growth opportunities for the growth of the market.
Advanced Diamond Solutions, Inc., China Carbon Graphite Group Inc., MEGA Graphite Inc., National Graphite Corp., and Sumitomo Electric are some of the key manufacturers of carbon polymorph group minerals present in the market.
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