Flake Graphite Market size is expected to cross USD 972 Billion by the end of 2036, witnessing around 2% CAGR during the forecast period i.e., 2024-2036. In the year 2023, the industry size of flake graphite was USD 79 Billion. The market for flake graphite is expected to grow due to the growing popularity of electric vehicles, flake graphite is used as an anode in lithium ion batteries. These batteries are highly used to run electric vehicles, thus high demand for EVs is predicted to drive the market expansion in the future. In the year 2022, over 7.3 million battery-electric vehicles were produced globally.
Additionally, in order to meet the growing demand for graphene batteries, different graphite producers are thinking of raising their output of graphite. This is expanding the potential applications for flake graphite and is a major factor supporting the market's growth over the forecast period In addition, the graphite industry is seeing a rise in the usage of subsurface drones to create three-dimensional (3D) mapping for mine planning, which is contributing to the market expansion.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~2% |
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Base Year Market Size (2023) |
~79 Billion |
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Forecast Year Market Size (2036) |
~972 Billion |
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Regional Scope |
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Application (Refractory, Foundry, Battery, Friction Product, Lubricant)
Based on application segmentation, the refractory segment is predicted to dominate the flake graphite market by registering a CAGR of 40% during the time period between 2024 – 2036. Refractories are materials that are used to withstand high temperatures and flake graphite is an ideal material for this application due to its high thermal connectivity and chemical stability. The growth of this segment can be attributed to the back of increasing demand for steel, cement, and glass. The growing demand for renewable energy is expected to create new opportunities for flake graphite in this segment as renewable energy technologies often require high-temperature refractory materials. Over the past 20 years, there has been a notable increase in the worldwide usage of renewable energy. In 2022, consumption levels were over 45.18 exajoules. Furthermore, the demand for flake graphite in the refractories segment is predicted to grow as a result of the expansion of developing economies such as China and India which are the biggest producers and consumers of steels.
End User (Automotive, Power, Electronic)
Flake graphite market from the automotive segment is predicted to grow prominently by the end of 2036. The growth of demand for graphite in the automobile sector as well as increased industrial production in the emerging regions is expected to be a catalyzing factor for the segment growth in the market. Moreover, new applications for flake graphite are being developed such as in the production of lightweight materials for automotive components. Except for these applications, the flake graphite is also utilized in brake pads and clutch linings where it aids in enhancing friction and reducing wear.
Our in-depth analysis of the global market includes the following segments:
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Flake Size |
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Application |
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End User |
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APAC Market Forecasts
The flake graphite market in the Asia Pacific region is predicted to hold the largest market share of 35% during the studied period. This area dominates the market due to its high electrical conductivity as well as its extremely high resistance to moisture and wave corrosion at an ambient temperature of 4,444°C. The increase in population and income levels also contributes to the growth of the market in the region. Increased investments by market majors in R&D companies and expansion of their production capacities and product portfolios are expected to drive the growth of the market in the Asia Pacific region.
North American Market Statistics
The flake graphite market in the North America region is expected to grow substantially by the end of the forecast period. The growth of this market can be attributed to the account of high demand for flake graphite in refractory, lubricants, and steelmaking applications. Furthermore, increasing demand for flake graphite in electric vehicles is also raising the growth of the market in this region. Besides this, growing demand for lithium-ion batteries is also boosting the market expansion in the region. According to a research in the North America region, between 2022 and 2030, the whole lithium-ion (Li-ion) battery chain—from mining to recycling—could expand by more than 30% yearly, reaching a valuation of greater than USD 400 billion and an estimated market size of 4.7 TWh.
Author Credits: Smruti Ranjan, Rajrani Baghel
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