Research Company Publishes New Graphite Market Report
Graphite is a stable form of carbon that occurs naturally. There are two types of graphite: natural and synthetic graphite. Estimates show that in 2022, 1.3 million metric tons of graphite was consumed.
The element is a good conductor of thermal heat and electricity, which makes it ideal for use in the steel industry, where it’s used in bricks that line blast furnaces. Other uses of graphite include lubricants, pencils, brushes for electric motors, polishes and nuclear reactor cores.
Earlier this week, the Business Research Company released a report on the international graphite market. The report showed that the market grew at a compound annual growth rate of 8.1%, moving to $1.3 billion in 2024 from $1.2 billion in 2023. The report attributes this growth to demand from battery and energy storage, steel industry, automotive industry, refractories and foundry industry, and emerging markets.
Figures show that refractories consume 50% of graphite produced globally while Li-ion batteries consume 18%. Foundries use 10% while other uses make up the remaining 22%.
The report projects that between 2024 and 2028, the market will grow at a compound annual growth rate of 7.4% to reach $1.73 billion. The report found that companies involved in graphite mining are using autonomous vehicles more to decrease costs and increase safety as well as productivity. Autonomous vehicles improve efficiency by decreasing costs of operation, minimizing delays and eliminating mistakes by improving their accuracy.
For example, Fortescue Metals Group, BHP Billiton and Rio Tinto are using autonomous vehicles in their operations, using trucks with no drivers to haul ore.
Northern Graphite, a graphite-producing company based in the United States, partnered with Graphex in January 2023 to develop a battery anode material project. The objective of the partnership is to meet the increasing demand for anode material used in Li-ion batteries needed to power electric vehicles. Northern Graphite plans to expand in scale, moving into the synthetic graphite market. Graphex already manufactures graphene and spherical graphite.
According to the report, the Asia-Pacific region was the biggest region in this market in 2023.
The report also mentioned major players in the global graphite market, including Graphite India Limited, SGL Carbon SE, China Carbon Graphite Group, Mason Graphite Inc., GrafTech International Holdings Inc., Showa Denko KK, Alabama Graphite Corp, American Graphite Technologies, Archer Materials Limited, Triton Minerals Limited, Lianyungang Jinli Carbon Co. Limited, Shanshan Technology Co. Limited, Mercer Gasket & Shim Inc., Weaver Industries Inc. and First Graphene Limited, among others.
The projected growth in the graphite market is likely to serve as a tailwind to entities such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) that focus on natural graphite production in North America since the production and processing of this mineral is currently dominated by China, a country that is currently embroiled in trade wars with the west and the United States.
NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF
Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.MiningNewsWire.com/Disclaimer
Graphite is a stable form of carbon that occurs naturally. There are two types of graphite: natural and synthetic graphite. Estimates show that in 2022, 1.3 million metric tons of graphite was consumed.
The element is a good conductor of thermal heat and electricity, which makes it ideal for use in the steel industry, where it’s used in bricks that line blast furnaces. Other uses of graphite include lubricants, pencils, brushes for electric motors, polishes and nuclear reactor cores.
Earlier this week, the Business Research Company released a report on the international graphite market. The report showed that the market grew at a compound annual growth rate of 8.1%, moving to $1.3 billion in 2024 from $1.2 billion in 2023. The report attributes this growth to demand from battery and energy storage, steel industry, automotive industry, refractories and foundry industry, and emerging markets.
Figures show that refractories consume 50% of graphite produced globally while Li-ion batteries consume 18%. Foundries use 10% while other uses make up the remaining 22%.
The report projects that between 2024 and 2028, the market will grow at a compound annual growth rate of 7.4% to reach $1.73 billion. The report found that companies involved in graphite mining are using autonomous vehicles more to decrease costs and increase safety as well as productivity. Autonomous vehicles improve efficiency by decreasing costs of operation, minimizing delays and eliminating mistakes by improving their accuracy.
For example, Fortescue Metals Group, BHP Billiton and Rio Tinto are using autonomous vehicles in their operations, using trucks with no drivers to haul ore.
Northern Graphite, a graphite-producing company based in the United States, partnered with Graphex in January 2023 to develop a battery anode material project. The objective of the partnership is to meet the increasing demand for anode material used in Li-ion batteries needed to power electric vehicles. Northern Graphite plans to expand in scale, moving into the synthetic graphite market. Graphex already manufactures graphene and spherical graphite.
According to the report, the Asia-Pacific region was the biggest region in this market in 2023.
The report also mentioned major players in the global graphite market, including Graphite India Limited, SGL Carbon SE, China Carbon Graphite Group, Mason Graphite Inc., GrafTech International Holdings Inc., Showa Denko KK, Alabama Graphite Corp, American Graphite Technologies, Archer Materials Limited, Triton Minerals Limited, Lianyungang Jinli Carbon Co. Limited, Shanshan Technology Co. Limited, Mercer Gasket & Shim Inc., Weaver Industries Inc. and First Graphene Limited, among others.
The projected growth in the graphite market is likely to serve as a tailwind to entities such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) that focus on natural graphite production in North America since the production and processing of this mineral is currently dominated by China, a country that is currently embroiled in trade wars with the west and the United States.
NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF
Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.MiningNewsWire.com/Disclaimer
