Graphite market is expected to reach over US$ 20.8 Bn by 2023: Credence Research
According to a new market report published by Credence Research “Global Graphite Market Growth, Future Prospects and Competitive Analysis, 2016 – 2023,” the Graphite market is expected to reach over US$ 20.8 Bn by 2023, expanding at a CAGR of 3.8% from 2016 to 2023.
Market Insights
Graphite is flexible and has both metallic and non-metallic properties making it suitable for diverse industrial applications. The non-metallic properties include chemical inertness, high thermal resistance and lubricity, whereas metallic properties include thermal and electrical conductivity. Due to developments in battery technologies related to the emerging electric vehicle and green energy markets; graphite has recently been the focus of numerous companies. Global graphite production has risen from 100,000 tpa in the early 1900s to estimated 1.2 mtpa in 2014 at a compound annual growth rate (CAGR) of just over 2%. According to United States Geological Survey (USGS) China is the world’s leading supplier of natural graphite (flake and amorphous) with approximately 67% of global production followed by India, Brazil, Canada and North Korea cumulatively accounting around 25% of the global graphite production.
Browse the full Graphite Market Growth, Future Prospects and Competitive Analysis, 2016 – 2023 report at http://www.credenceresearch.com/report/graphite-market
Graphite is an important material used in gaskets, clutch materials, motors, exhaust systems and cylinder heads. Increasing the use of graphite in the automotive and battery industries is the major factor driving the demand for graphite. According to industry experts, refractories is expected to remain the key driver for graphite market coupled with increasing demand for batteries and foundry facing owing to rapid industrialization especially in Asian countries which is anticipated to fuel the growth of graphite market. In 2015, Asia pacific was observed as the largest and fastest growing market for Graphite. Global Graphite market revenue is expected to grow at rate of 3.8% over the forecast period 2016-2023. Growing demand from developing countries like India and China is expected to drive the growth of Graphite market over the forecast period.
AMG Advanced Metallurgical Group N.V., Graphite India Limited, GrafTech International Limited, HEG Ltd, Toyo Tanso Co. Ltd., Tokai Carbon Co. Ltd., Showa Denko K.K., SGL Carbon SE., SEC Carbon Ltd. are few key manufacturers in graphite market.
Key Trends:
- Chinese flake graphite developments
- Rising synthetic graphite production
- Ongoing shift to alternative energy influences world market for graphite
- Global graphite market is expected to increase slowly
- Rise of technologically advanced applications of graphite
Browse the full Graphite Market Growth, Future Prospects and Competitive Analysis, 2016 – 2023 report at http://www.credenceresearch.com/report/graphite-market
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