January 05, 2023 07:30 ET | Source: FACT.MR FACT.MR
Rockville, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The global carbon and graphite market is anticipated to touch US$ 32 billion by 2033, advancing at 5.9% CAGR from 2023 to 2033, as per a new industry analysis by Fact.MR, a market research and competitive intelligence provider. Synthetic Graphite
Carbon and graphite are used for specialty components since they offer self-lubricating qualities, high-temperature capabilities, wear resistance, and the ability to be utilized with corrosive materials when appropriately prepared.
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Growing demand from end-use industries such as semiconductors, energy, construction, steel, aerospace, and automotive is driving the global carbon and graphite market. Moreover, the increasing usage of carbon and graphite in electric vehicles, fuel cells, and graphene electronics is likely to propel the global market during the forecast period.
The automotive industry is currently experiencing an increase in demand for electric vehicles, which are more ecologically friendly than traditional vehicles. They are free of greenhouse gas (GHG) emissions, which pose a substantial hazard to the ecosystem when released into the environment. Due to their many qualities, such as strong thermal resistance and chemical inertness, carbon and graphite are utilized to make anode material in lithium-ion batteries. Furthermore, the porous structure of carbon and graphite makes them an excellent choice for anode material.
Key Takeaways from Market Study
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Key players in the carbon and graphite market are proactively expanding their global footprint by entering emerging markets to establish mines and manufacturing facilities to reduce capital expenditures (CapEx) and operational costs while improving profitability.
Furthermore, several start-ups are entering the market with novel product offerings.
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Key Segments of Carbon and Graphite Industry Research
Asia Pacific is expected to dominate the global carbon and graphite market during the study period. Asia Pacific is a center for major construction, steel, and automotive industries. Moreover, India, South Korea, Japan, and China are supporting the market growth in Asia Pacific.
Growth of the Asia Pacific market is mostly due to the region's expanding economies and increased urbanization and industrialization. Furthermore, the rising need for lithium-ion batteries and electronic components is driving the region's demand for carbon and graphite.
An electric vehicle or a hybrid electric vehicle requires approximately 10-70 kg of carbon and graphite, which is predicted to immediately lead to an increase in demand for carbon and graphite. Such factors are projected to fuel the growth of the global carbon and graphite market throughout the forecast period.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global carbon and graphite market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of product type (carbon & graphite electrodes, carbon & graphite fibers, carbon & graphite powders, other product types), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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