HNY Research recently released the Global Specialty Graphite Market Forecast for 2018 up to 2023. The market analysis showed significant development in the mining business industry in the world.
Graphite is known for its high thermal impedance and chemical inertness, which makes it highly effective in areas that have elevated temperatures. According to Research Nester, the global graphite exchange is foretold to thrive exponentially at a CAGR of 10.52%, which covers the forecast period. The recent market forecast also shows a possible effect on the graphite price, which can affect its overall revenue of at least $16.8 billion by 2023.
Increase in Demand
An increase in demand for graphite in the battery and automotive industries is the leading contributing factor in graphite’s overall sales, notes Benchmark Minerals. Graphite is often used in producing clutch materials, gaskets, and motors for most vehicles. It’s also one of the key essentials in producing CFRP (Carbon-Fiber-Reinforced Plastic).
The international graphite market has seen a significant increase in revenue for the past couple of years, from $12.30 billion in 2010 to $13.62 billion after three years at a CAGR of at least 3.4% A few of the key players in the graphite market’s development in the region are India and China, which are driving the graphite market to its potential. China is responsible for more than half of the entire graphite production globally.
Experts believe that the Asia-Pacific graphite market will grow exponentially over the forecast period. The continuous technological advancement in the region in terms of fuel cells, solar power systems, the aerospace and automotive industries are pushing the graphite market at its highest in the next couple of years.