Report Says Graphite Market Could Reach Nearly $46B by 2030

Graphite is a nonmetallic, opaque carbon polymorph that occurs naturally. This stable form of carbon can, at high temperatures and pressures, transform into a diamond. Graphite, which is sometimes referred to as plumbago or black lead, comprises of stacked layers of graphene.

Graphite is a good conductor of heat and electricity and can be used in solar panels, batteries and electrodes, among other electronics. About 70%–80% of graphite supplied globally comes from China. In 2022, about 1.3 million metric tons of natural and synthetic graphite were consumed.

In 2023, the mineral’s market size was valued at $32.1 billion. The World Bank expects this market to grow by 500% by the year 2050. A recently published report expects revenue from this market to hit $45.9 billion in 2030, growing at rate of 5.2% annually.

So, how is the graphite market segmented?

This market is primarily divided by type and application. Types of graphite include lump graphite, amorphous graphite, crystalline graphite and highly ordered pyrolytic graphite. Graphite is used in many applications, including batteries, refractory materials for kilns and furnaces, pencils, brake linings, steelmaking, foundry facings and lubricants.

The mineral can also be found in products such as response solutions for oil spills, drilling fluids, polymers and plastics, ceramics, automobile parts and paints.

What are the market’s dynamics?

Modern battery systems such as lithium-iron-phosphate and lithium-ion batteries use graphite as an anode material. With the current need for long-lasting, lightweight and safe batteries, it is expected that batteries will offer more power, last longer and be smaller in size in the future.

Since lithium-ion batteries need considerably more graphite than lithium to operate an electric car, it is expected that increasing demand for lithium-ion batteries will continue driving the market’s growth. The graphite market may also grow as the adoption of electric vehicles increases globally.

Additionally, experts expect that increasing industrial applications will drive the market’s growth, given that traditional graphite markets are already performing well.

With regard to revenue, the Asia-Pacific region dominated the graphite market, with the presence of companies that produce EV batteries and a surge in sectors such as electronics also contributing to the growth of this market in different regions. Major players in this market include Asbury Carbons, AMG, Imerys S.A., Eagle Graphite, Stocker Concast Pvt. Limited, Grafitbergbau Kaisersberg GmbH, Tirupati Carbons & Chemicals Pvt. Limited, Superior Graphite, Mineral Commodities Limited, SGL Carbon, Nacional de Grafite, Graftech International Holdings Inc. and BTR New Materials Group Company Limited.

Other players, such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF), are growing in North America to help the region wean itself off of relying on natural graphite supplies from China and its allies.

NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF

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