San Francisco, CA -- (SBWIRE) -- 02/24/2023 -- RISING DEMAND FOR LITHIUM-ION BATTERIES TO PROPEL GLOBAL GRAPHITE MARKET GROWTH
Global demand for lithium-ion batteries is witnessing a steady rise, mainly due to the rising production of electronics and electric vehicles. According to a study by the International Energy Agency (IEA), nearly 10% of global car sales were electric in 2021, four times the market share in 2019. Total global electric vehicle sales are projected to rise to around 26.8 million by 2030, up from 6.29 million in 2021. Another major source of demand is consumer electronics, especially smartphones, with more than 289 million smartphones produced in Q3 2022. The rising demand for lithium-ion batteries from the electronics and automotive industry will be a major driver for the global graphite market.

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DEFICIENCY IN GLOBAL GRAPHITE SUPPLY PRESENTS CHALLENGES TO MARKET GROWTH
With rising global demand for graphite for lithium-ion battery production, supply constraints are likely to hamper the market growth. New graphite mining projects are slow to reach full commercial potential and production is plateauing at existing mines. A 2022 study conducted by the investment bank UBS forecasts a shortfall of 3.7 million metric tonnes of natural graphite by 2030, representing a 37% shortfall in the market. Deficiency in global graphite supply leads to higher prices for end-users, thereby pushing up prices for graphite-based products such as lithium-ion batteries. It is a key challenge for the growth of the global market.

U.S. AND CHINA ARE KEY COUNTRIES IN SHAPING THE GLOBAL MARKET
U.S. and China are expected to drive the global market due to the expansion of their key domestic industries. China is the world's largest producer of electric cars, and produced nearly 5.67 million electric and plug-in cars, according to the China Passenger Car Association. China is also the top global producer of graphite and produces 60%-80% of the global demand. Many industries in U.S. such as advanced electronics and EV manufacturing are expanding rapidly. Due to growing geopolitical tensions, U.S. is focused on localizing its graphite supply chain. For instance, in August 2022, Graphite One, a U.S.-based company started graphite mining at the Creek mine in Alaska, U.S.

NEW DEVELOPMENTS IN THE ELECTRONIC AND AUTOMOTIVE INDUSTRIES TO PROPEL MARKET GROWTH
Graphite is primarily used to manufacture lithium-ion batteries for use in consumer electronics and electric vehicles. Various new developments in these industries are expected to generate opportunities for global market growth. In February 2023, the U.S.-based automotive manufacturer Ford announced US$ 3.5 billion investment in a new electric vehicle (EV) battery manufacturing facility in Michigan, U.S.

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SHOWA DENKO AND JILIN CARBON TO PLAY KEY ROLES IN MARKET GROWTH
The major players in the global graphite market are undertaking various strategies to augment market growth. In July 2022, Showa Denko entered into a strategic partnership with Salzgitter AG to recycle graphites used in electric arc furnaces. In April 2022, Jilin Carbon announced an investment of 2.09 billion yuan (US$ 310 million) to expand graphite production capacity.

GRAPHITE MARKET REPORT SCOPE
By Type
1. Natural Graphite
2. Synthetic Graphite

By Application
1. Lubrication
2. Refractories
3. Foundry
4. Battery Production

By Geography
1. Asia-Pacific
2. Europe
3. North America
4. South America