Electric vehicles to boost world graphite market to $ 22 bn

The global graphite market volume is forecast to grow at a double-digit average annual rate, increasing to over six million tons between 2018 and 2023, according to a CW Research report. In the next five years, the world graphite market is also poised to meet an impressive expansion value-wise, doubling to over $ 22 billion by 2023. “By 2018, the increased importance of graphite in batteries and energy storage applications, in particular for electric vehicles (EV), has led to a fast-paced growth of synthetic graphite consumption. Over the next five years, the market will also be driven by high-performance materials for the automotive and aero industries (carbon fiber instead of traditional applications of steel or aluminum), and by super-materials such as grapheme,” stated Raluca Cercel, CW Group’s Associate. Asia-Pacific currently accounts for almost 70 percent of graphite consumption at the global level. The figure is hardly surprising, since China is the leading consumer of graphite at the global level, which has an outstanding effect on the total consumption in the region. Moreover, China’s share of the market could easily increase in the coming years.