The Future of Graphite Market: Emerging Technologies and Revolution in Electric Vehicle
The Future of Graphite Market: Emerging Technologies and Revolution in Electric Vehicle The graphite market is expected to expand at a healthy CAGR of 6.5% between 2022 and 2032 when it is projected to reach a value of US$ 43,357.6 Million. The increasing application of graphite in various end-use industries such as batteries, foundry facing, lubricants & crucibles, refractories, and others drive the graphites market to grow over this period of observation. In addition to this, escalating demand for solar panels all over the world along with an increase in the need for Li-ion batteries in electric vehicles will further propel the target market. The refractory industry, too, is predicted to promote the market expansion. The global market is estimated to be worth US$1,630.7 million by 2022.
Pubblicato : 2 anni fa di Future Market Insights in Auto
The graphite market is expected to expand at a healthy CAGR of 6.5% between 2022 and 2032 when it is projected to reach a value of US$ 43,357.6 Million. The graphite market, which was worth US$ 21,609.2 million in 2021, is anticipated to grow to US$ 23,097.7 million in 2022.
The escalating application of graphite in various end-use industries like batteries, foundry facing, lubricants & crucibles, refractories, and others drive the graphite market to grow over this period of observation. The advantages of using graphite such as good thermal and electrical conductivity, lubricity, chemical resistance, and others propel the adoption of graphite in various industries.
One of the primary market drivers of graphite is the expanding electric vehicles sector. Graphite is used in the production of anodes that are needed in batteries, particularly for electric vehicles. Also, rising concerns for the environment coupled with increasing awareness about pollution and such foster growth for electric and hybrid electric vehicles.
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Hence, the advancing electric vehicles sector will fuel the sales of the graphite market during this period of observation. The refractory industry, too, is predicted to promote the market expansion of graphite. Graphite is used in this industry for creating goods in high-temperature conditions like linings for kilns, incinerators, and furnaces. This is expected to bode well for the graphite market through the forecast period.
In addition to this, escalating demand for solar panels all over the world along with an increase in the need for Li-ion batteries in electric vehicles will further propel the target market. The usage of graphite in solar panels lessens the cost and optimizes efficiency.
In the automotive sector, the high thermal resistance, chemical inertness, and porous nature of graphite make it the most preferred material for the production of the anode in Li-ion batteries. All of these factors promote an environment of growth for the graphite market over the projected period.
• In 2022, the U.S. graphite market is expected to hold about 13.2% of the revenue share.
• is predicted to account for 70% of graphite consumption in in 2022.
• In terms of application, the refractories segment is predicted to dominate the market.
• High demand for electric vehicles boosts the sales of synthetic graphite lubricants.
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Showa Denko K.K., Toyo Tanso Co., Ltd., SGL Carbon SE, Tokai Carbon Co., Ltd, Graphite India Limited, Nippon Carbon Co., Ltd., HEG Limited, SEC Carbon, Limited, Imerys S.A., GrafTech International Ltd., Mersen Group, Fangda Carbon New Material Co., Ltd., Dongguan Kaijin New Energy Technology Co., Ltd., Pingdingshan Oriental Carbon Co., Ltd., Advanced Biopolymers AS, Mahtani Chitosan Pvt. Ltd Vardhman Acrylics Ltd. and others are some of the major players in the graphite market profiled in the full version of the report.
Leading market players are keen on entering and expanding their businesses in emerging economies. Other players are concentrating on the integration of advanced manufacturing technology to produce high-purity graphite to comply with the escalating demand.
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Temi: Green Energy, Electric Vehicles, ESG