The graphite market is expected to grow steadily over the next four years. According to the latest report from GodzillaNewz, global graphite demand is estimated to hit $3.12 billion by 2024. This report presents the key market trends which will affect the graphite market’s growth in the coming years.
Firstly, the increasing demand for specialty graphite products is set to drive growth for the market. High-end main application areas such as electronics, automotive, and aerospace industries are increasingly turning to graphite’s more refined products for their needs. This is because of its superior characteristics which offer feats like reduced energy consumption, easy installation, and improved longevity.
Second, the advancing technology has allowed for new product offerings to enter the market. Products such as exfoliated and microcrystalline graphite are replacing block and needle form of graphite. Synthetic varieties are also being developed to unlock the potential of high energy density and superior thermal conductivity.
Third, raw materials for graphite production are also becoming scarce, which is a prime factor for the growing market. The need of synthetic graphite, as well as other sparing substances, has created an additional challenge for the graphite market.
Finally, the rising popularity of graphene, which is a single-atom thick form of graphite, is likely to create some opportunities in the market. Graphene is much stronger, light weight, and can offer unequalled conductivity compared to graphite. It can be incorporated into a number of products, from batteries to nanoelectromechanical devices.
Overall, the graphite market is on the verge of growth and the above trends suggest it will continue to rise gradually over the next few years. It should be noted that all of the above trends come with a certain degree of risk and should be monitored closely. By doing so, manufacturers can remain competitive and seize the opportunities in the market.