As the demand for graphite continues to soar, the market is expected to grow significantly with a compound annual growth rate of 5.1%, from 2020-2024. With the increasing application of graphite materials in various industries, forecasts are predicting an optimistic growth in the graphite market in 2024.
Considering the past performance of the market, the continued shift from fossil fuels to renewable energy sources is expected to boost the market for graphite, as graphite is an essential material in batteries for energy storage. For instance, the growing demand for electric vehicles will create an increased demand for lithium-ion batteries which in turn will drive the global graphite industry to reach $35.8 billion by 2024.
Other trends such as the increasing demand for mineral fillers as coatings in the automotive industry, the growing popularity of eco-friendly products, and the surging demand for new technological advancements like graphene, will also contribute to the growth of the graphite market.
In addition to these trends contributing to the market, the development of new sources of graphite from countries like Brazil, India, and Vietnam is expected to increase the availability of graphite and reduce costs of production.
To top it of, the increasing investments in research and development to create products for various applications will further expand the graphite market in the near future.
The graphite market will continue to grow steadily, due to the prevailing trends and factors mentioned above. Companies that are already present in this market are well-positioned to benefit from these remarkable growth prospects, by diversifying their portfolios and introducing high-quality, reliable products.
