Synthetic Graphite Market, By Type (Graphite Anode, Graphite Block (Fine Carbon), Other Types (Graphite Electrode, etc.)), By Application (Metallurgy, Parts and Components, Batteries, Nuclear, Other Applications), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
Graphite is one of the world's most abundant minerals. Its high energy density, long life cycle, and relatively low cost make it a desirable material for a number of applications. Among them is the production of lithium-ion batteries. The use of graphite in these batteries helps boost energy density and reduce charging times. There are several ways to manufacture synthetic graphite. Most importantly, it is manufactured through a heat treatment process that uses a carbon precursor -- usually either pitch or coke. During the heating, the carbon undergoes a series of molecular rearrangements to form a graphitic structure.
Market Dynamics:
The synthetic graphite market is expected to grow at a significant growth during the forecast period. The market is primarily driven by the high purity levels of synthetic graphite and the growing demand for electric vehicles. Moreover, the increasing demand for graphite in various end-use industries such as aluminum, battery, steel and metal is also fueling market growth. In addition, the market is also estimated to witness a growth in the Middle East and Africa region due to the increasing demand for graphite in wind turbines.
On the other hand, high costs compared to natural graphite and stringent environmental regulations act as a deterrent for market growth.
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