New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Synthetic Graphite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06190207/?utm_source=GNW
- Metallurgy dominated the application segment of the market, and it is expected to continue its dominance during the forecast period as well.
- Asia-Pacific dominated the market across the globe, with the largest consumption seen in China, Japan, and India.
Key Market Trends
Metallurgy Segment to Drive the Market
- In metallurgical applications, graphite is used in several forms, such as electrodes, refractories, bricks, monolithic crucibles, etc.
- During the production of steel or Ferro-alloys and aluminum, synthetic graphite is used as an anode in the electric arc furnace (EAF) method.
- Synthetic graphite electrodes are employed in metallurgical applications as a source of energy for the processes, including melting scrap iron in an electric furnace, refining ceramic materials, manufacturing chemicals, such as calcium carbide, and other applications that require high temperature and clean energy source.
- The rising crude steel and aluminum production across the world is expected to drive the application of synthetic graphite in metallurgical applications. However, irregular trends in the production of these metals are expected to provide uncertainty to the market demand.
- Synthetic graphite electrodes are made in various grades, like ultra-high power (UHP), high power (HP), and regular power (RP), based on electric current capability.
- According to the World Steel Association, the world crude steel production increased from 1,735.09 million tons in 2017 to 1951.24 million tons in 2021.
- According to the International Aluminum Institute, the global aluminum production was estimated around 63.40 million tons in 2017 and increased to 67.24 million tons.
- Hence, based on the aspects mentioned above, with the increase in the production of major metals and alloys like steel and aluminum, synthetic graphite is also projected to increase, driving the market.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the market studied, with more than 50% of the total market by volume with China being the key consumer in the region.
- China continues to dominate synthetic graphite production and demand globally. Almost all stages of the lithium-ion battery manufacturing chain are focused on China. China is by far the largest and most rapidly growing market for lithium-ion batteries, which paves the way for the market growth of synthetic graphite.
- China is one of the largest graphite manufacturers globally, mainly due to the immense demand from the budding sectors like lithium-ion battery production, electronics, steel production, the solar industry, and the nuclear industry.
- According to US Geological Survey, the country accounted for 820 thousand tons of graphite mine production in 2021.
- China’s battery manufacturers, led by CATL and BYD, supported by the government’s industrial expansion vision, are developing massive battery production plants.
- Furthermore, China was the global leader in lithium-ion batteries in 2021, According to the BloombergNEF (BNEF), the country ranks first in the lithium-ion battery supply chain for 2021. The country is estimated to have control of 80% of the world’s battery cell manufacturing and within five years the production in the country is estimated to reach 2TWh. The rise in position is mainly due to encouraging government policies, a huge manufacturing base along with rising demand for batteries.
- There are more than 40 official graphite electrode producers in China, with 30 more new players entering the market in the past two years, making other refractory products and electrodes.
- Therefore, considering the factors mentioned above, the demand for synthetic graphite is expected to witness a rapid increase in Asia-Pacific during the forecast period.
Competitive Landscape
The global market for synthetic graphite is partially consolidated in nature. The top five players in the global synthetic graphite market include SHOWA DENKO K.K. (including SGL Carbon), Beiterui New Material Group Co. Ltd, GrafTech International, Shanshan Technology, and Lianyungang Jinli Carbon Co. Ltd.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p06190207/?utm_source=GNW
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