Flake graphite is an important industrial mineral used in various products and applications including refractories, lubricants, coatings, foundry products, and most importantly in lithium-ion batteries. Flake graphite offers high purity level, mechanical strength and conductivity properties. The growing demand for electric vehicles and energy storage systems has surged the use of lithium-ion batteries thereby propelling the demand for flake graphite in its anode material production.
The global Flake Graphite Market is estimated to be valued at US$ 16.05 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The use of lithium-ion batteries in electric vehicles and energy storage systems continues to grow significantly owing to supportive government policies and initiatives towards clean energy. The increasing electric vehicle adoption especially in the European and Chinese automotive markets has augmented the global lithium-ion battery production. As flake graphite offers high purity levels and mechanical strength required for lithium-ion battery anodes, its consumption is also projected to rise in the coming years. The demand for energy storage to support intermittent renewable power generation is another key factor driving the flake graphite market growth over the forecast period.
Strength: Flake graphite has high purity and large particle size making it suitable for industrial applications such as refractories and batteries.
Weakness: Flake graphite has limited sources and reserves making it vulnerable to supply constraints. Dependence on China for supply is also a concern.
Opportunity: Growing demand for lithium-ion batteries from electric vehicles and energy storage is expected to drive demand for flake graphite as an anode material.
Threats: New alternatives for batteries like graphene and silicon may replace graphite and affect growth of the flake graphite market.
The global flake graphite market is expected to witness high growth over the forecast period driven by growing demand from lithium-ion batteries. The market size for flake graphite is projected to reach US$ 16.05 Bn by 2024.
Regional analysis: Asia Pacific currently dominates the global market and is expected to retain its leading position over the forecast period backed by presence of large producers like China. China accounts for over 70% of the global flake graphite reserves and production.
Key players: Key players operating in the flake graphite market are AMG, Asbury Carbons, Eagle Graphite, EPM Group, Grafitbergbau Kaisersberg GmbH, Graphite India Limited (GIL), Imerys, and Nacional de Grafite. These players are focusing on capacity expansion and backward integration to gain competitive advantage.