A number of factors, such as the expanding electronics sector, burgeoning steel production, and soaring lithium-ion (Li-ion) battery demand, are expected to fuel the graphite market at a CAGR of 7.4% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue will rise from $19,092.9 million in 2019 to $36,889.1 million by 2030. In recent years, the increasing usage of graphite in pebble-bed nuclear reactors, for generating electricity from uranium fuel, has become a prominent market trend.
Graphite Market
The burgeoning production of crude steel, on account of the surging need for steel and steel products in the oil & gas, residential, automotive, and construction sectors, is one of the key contributors to the market growth, globally. According to the World Steel Association, 1,864.0 million tons of steel was manufactured across the globe in 2020. The consumption of graphite in the steel industry is increasing, owing to its excellent durability, exceptional strength at extreme temperatures, and high corrosion resistance capacity.
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The type segment of the graphite market is divided into natural and synthetic. Under this segment, the synthetic graphite category held the larger market share in 2019, due to the largescale usage of synthetic graphite in the production of electrodes for electric arc furnaces, which are used to produce metallic products. The surging usage of synthetic graphite can be attributed to its ability to withstand extreme temperature and extensive shock and exhibit superior thermal expansion.
Geographically, Asia-Pacific (APAC) held the largest share in the graphite market in 2019, due to the flourishing manufacturing sector and the increasing investments in the EV industry, in the region. In regional market, China generated the highest revenue in 2019, owing to the extensive production of crude steel and electric-arc-furnace-based steel in the country. Furthermore, the APAC market is also expected to witness the fastest growth during the forecast period, due to the largescale production of graphite electrodes in India and China.