Prismane Consulting projects the Global Graphite Market to exceed USD 20 Billion by 2032

This study offers an all-encompassing analysis that encompasses various critical factors. These factors include macroeconomic influencers such as population, GDP, and global economic integration, along with economic and energy forecasts. Furthermore, the report covers industry and policy advancements, insights into end-use sectors and application markets, detailed reasoning and assessment, informative commentary, comparative analysis, the latest trends, market dynamics, strategic considerations and recommendations, and an assessment of business opportunities.

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Graphite, a non-metallic mineral, displays properties reminiscent of metals, demonstrating excellent thermal and electrical conductivity. It occurs naturally or can be artificially synthesized. Purified natural graphite, distinguished by its heightened crystalline structure, outperforms synthetic counterparts in both electrical and thermal conductivity. Both natural and synthetic graphite have diverse applications, serving as crucial components in electrodes, refractories, batteries, lubricants, and foundries. The production of lithium-ion battery anodes involves the use of coated spherical graphite. Additionally, high-quality graphite plays a crucial role in fuel cells, semiconductors, LEDs, and nuclear reactors.

Graphite Demand-Supply Overview

China currently holds the largest processing capacity for both natural and synthetic graphite, commanding 79% of natural graphite processing and over 52% of synthetic graphite production. As of 2021, China ranks second in natural graphite reserves and leads in synthetic graphite production. Despite global ambitions for net-zero carbon emissions by 2050, many developed economies still rely on China for critical minerals like graphite, crucial for battery packs in electric vehicles (EVs).

Graphite demand is primarily driven by the expanding electric vehicle market, vital for reducing the 16% global emissions from the road transport sector. Each EV requires around 65-70 kg of graphite, with natural graphite currently constituting 60% of lithium-ion battery packs and synthetic graphite comprising the remaining 40%. However, the growing emphasis on EV driving range is expected to elevate the share of synthetic graphite.

Synthetic graphite, primarily used in electrodes (60% of the global market), is projected to experience a 6.3% CAGR until 2032. Although electrodes dominate the current synthetic graphite market, battery applications are anticipated to grow at a double-digit rate of over 31.6% until 2032.

To secure a reliable graphite supply, Europe and the United States have designated graphite as a critical mineral, emphasizing its economic significance. They aim to establish new processing facilities for natural graphite outside of China and invest in synthetic graphite production to diversify the supply chain.

Recent developments include SGL Carbon's plans to increase graphite production for the semiconductor industry, HEG expanding graphite electrode capacity, POSCO Chemical completing a synthetic graphite anode materials plant, and BTR's comprehensive production capacity project for natural and flake graphite anode materials.

In the United States, Novonix and Anovion are set to increase synthetic graphite production capacity, supporting sustainable energy solutions. Despite global efforts, China maintains a dominant role in lithium-ion battery production, with companies like CATL and BYD leading advancements in the industry, including solid-state battery development by EVE Energy and Qing Tao Energy Development.

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