The graphite market will continue to remain one of the most lucrative markets throughout the world due to its use in various applications such as steelmaking, electrodes, and lithium-ion batteries. The graphite market is expected to grow significantly over the next few years. Analysts have predicted that the global graphite market will reach 34 billion US dollars by 2024, with an estimated 5.7% CAGR over the forecast period.
This growth will be driven by the growing demand from industries such as automobile, steel production, and electronic components. The growing demand for graphite electrodes by the steel industry is expected to be the major factor that will create additional opportunities for the graphite market. The increasing demand for lithium-ion batteries, which is driven by the surge in the popularity of electronic vehicles, will also contribute to the growth of the graphite market.
The top trends that will affect the graphite market in 2024 include the shift towards green and sustainable energy sources and the increasing demand for flake graphite. Governments around the world are promoting the use of renewable energy sources such as solar, wind, and hydroelectric power. This shift towards more eco-friendly energy sources will create increased demand for flake graphite, which is used in photovoltaic cells for solar energy.
Similarly, the increasing demand for graphite in the steel industry will drive the demand for more refractory applications such as electrodes for arc furnaces and electric arc furnaces. Analysts have predicted that the demand for graphite electrodes will continue to increase over the next few years, further driving the growth of the graphite market.
Overall, the graphite market is expected to see growth over the next few years due to the aforementioned key trends and growth drivers. Companies looking to enter the graphite market should take advantage of these trends and focus on exploring new applications and leveraging the existing ones in order to capture a larger market share.