BANGALORE, India , Dec. 5, 2022 /PRNewswire/ -- Synthetic Graphite Market is segmented by type (Graphite Electrodes, Carbon Fibers, Specialty Graphite, Graphite Granular & Powder, Others), by application (Iron and Steel Industry, Battery Industry, Aluminum Industry, Industrial Components, Others) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Chemicals Industry Category.
Due to the COVID-19 pandemic, the global Synthetic Graphite market size is estimated to be worth USD 8833 million in 2022 and is forecast to a readjusted size of USD 10920 million by 2028 with a CAGR of 3.6% during the review period. Foundry Coke
Major Factors Driving The Growth Of The Synthetic Graphite Market
The high levels of synthetic graphite purity and the rising demand for electric vehicles are the main drivers of Synthetic Graphite market expansion.
Additionally, synthetic graphite has benefits including improved cycling stability, faster rapid charging, higher quality consistency, and scalable production. These elements are anticipated to fuel the synthetic graphite market even more.
TRENDS INFLUENCING THE GROWTH OF THE SYNTHETIC GRAPHITE MARKET
Increasing Application of Synthetic Graphite for Graphite Electrodes is expected to drive the growth of the Synthetic Graphite market. Another application for synthetic graphite is in graphite electrodes. They are manufactured from petroleum coke that has been combined with coal tar pitch, extruded, and molded before being baked to carbonize the binder and then heated to temperatures around 3000 12C to graphitize the carbon. The electrodes can range in size from 1 inch in diameter to 11 feet long. In electric arc furnaces, it is typically used to transport the electricity that melts steel and iron scrap. EAF is frequently utilized in furnaces that make steel. Since electric arc furnaces are used to produce the majority of the world's steel, these furnaces are becoming more efficient and producing more steel per tonne of the electrode.
A special material called synthetic graphite is frequently utilized in the production of metals as well as in energy-related products like batteries and solar panels. High-purity carbon makes up synthetic graphite, which is prized for its resistance to corrosion and extreme temperatures. For highly specialized sectors that require reliable results from their carbon materials, those qualities make it a fantastic alternative. Because synthetic graphite has a purer carbon composition and exhibits more predictable behavior, it has found applications in solar energy storage and arc furnaces. This in turn is expected to drive the growth of the Synthetic Graphite market.
Lithium-ion batteries are one of synthetic graphite's most common uses today due to the rise in the production of electric vehicles. Synthetic graphite is used in electric vehicle batteries to increase energy density and speed up charging. This will further fuel the Synthetic Graphite market.
Graphite itself is used for jet and rocket engine nozzles, and carbon/graphite vanes, impellers, and rotors transfer aviation fuel securely without the risks of producing sparks to ignite fuel. Synthetic graphite is thought to be better for higher-performance applications, such as electric automobiles. Synthetically engineered graphite and aerospace: a successful marriage of material science, metallurgy, physics, and aspirations.
The largest market is China , which has a share of around 25%, followed by the United States , which has a share of about 20%. Nearly all phases of the lithium-ion battery production chain are centered on China in terms of the final product. The market for lithium-ion batteries is by far the biggest and fastest expanding in China , which facilitates the market expansion of synthetic graphite.
With a share of roughly 35%, graphite electrodes are the market's largest subsegment. owing to its rising demand as a result of the qualities and advantages it has over other product categories. Compared to other synthetic graphite product types, graphite electrodes have higher stability, a lower coefficient of thermal expansion, and a stronger resilience to thermal shock.
In terms of application, the iron and steel industry ranks first, followed by the industries producing industrial components, batteries, aluminum, etc. Along with other raw materials like coal tar pitch and petroleum coke, synthetic graphite electrodes are primarily used in the production of steel.
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