Vein Graphite Market | Post Russia Ukraine War Conflict Impact by 2029
The global vein graphite market size is expected to expand on account of the widening use of novel materials across a broad spectrum of industries, shares Fortune Business Insights™ in its report titled “Vein Graphite Market, 2022-2029.”
Graphite is substantially used in lithium-ion batteries as an anode material. The factor contributing in the constant development of vein graphite-based materials is the rapidly growing electric vehicle industry and formation of the market for utility storage. For instance, Tesla Motors is planning to make modern transformations in the electric vehicle industry in the US by setting up the largest battery plant globally. Tesla’s futuristic plans to set up a lithium-ion battery plant in the US, which is estimated to be around 5 billion dollars, are anticipated to spur the demand for graphite and its derivatives in the battery sector by nearly 40%. Essentially, Tesla is single-handedly creating new market opportunities for graphite.
On the basis of type, the market is segmented into fixed carbon 85%, fixed carbon 90%, fixed carbon 93%, and fixed carbon 95%. Based on application, the market is categorized into energy materials, lubricants, grinding wheels, powder metallurgy, electrical components, friction materials, and plastics. Geographically, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The COVID-19 pandemic explosion has affected a majority of the industries financially, which resulted in the shutting down of companies, reduction in production operations, and upheavals in manufacturing operations. The stringent government norms imposed on traveling and transportation disrupted the supply-chain cycle, declining the demand for vein graphite in the market.
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Highlights of the Report
The report offers a holistic evaluation based on thorough research of the market. The report further provides an in-depth analysis of the current market trends and future opportunities. The report sheds light on the market drivers and restraints. Moreover, the key players and their strategies to prosper in the market are also shared in the report. A detailed study of the regional dynamics and how they shape the market is observed in the report.
Increasing Usage of Vein Graphite in Automotive Parts Manufacturing to Boost Market Growth
Vein graphite plays a prominent role in the automotive sector due to its functional properties. It is lightweight in nature and a great source for lubrication. Other properties include high energy efficiency, superior mechanical strength, and excellent electric conductivity. The automotive sector is anticipated to expand at a rapid pace owing to the surging urbanization and growing populations. The product is used in the manufacturing of various automotive parts, such as linings of brakes, clutch materials, and seals and gaskets.
However, the lack of availability of this material may hinder the vein graphite market growth. For instance, according to an annual survey report by Mineral Commodities Summaries, graphite mines are nonexistent in the US and hence local manufacturers are required to import large quantities of mined graphite at huge costs.
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Promising Growth in Metallurgy to Fuel the Asia Pacific Market
Asia Pacific is expected to dominate the vein graphite market share and retain its apex position during the forecast period. The primary reason for this is the growth of the metallurgy industry where graphite derivatives are being increasingly utilized in grinding wheels in the region. Europe is anticipated to make significant progress in the market owing to the surging adoption of vein graphite in lubricants by leading economies, such as the UK, Germany, Italy, and France, in this region. The North America market, on the other hand, is set to witness decent growth owing to the expanding usage of graphite in friction materials and electrical components.
Strategic Acquisitions by Key Players to Bolster Market Growth
Prominent players in the market are constantly innovating new strategies to expand their market footprint and broaden their businesses to entrench their leading position in the market. These companies are forming collaborations with diverse entities in different domains to widen their businesses and develop technologically advanced products for their consumers.
- February 2021: Saint Jean Carbon signed a letter of intent with vendors to acquire all shares of a private company based in Ontario called Solid Ultrabattery Inc. The deal involves the takeover of all R&D by the company in solid-state batteries.
List of Key Players Covered in the Vein Graphite Market Report
- Asbury Carbons
- Saint Jean Carbon
- Graphit Kropfmühl GmbH
- Lanka Graphite Limited
- Ceylon Graphite Corp
- IDTechEX Ltd.
- Ceylon Graphene Technologies
- Aspermont Ltd.
- Graphite Central
- Canada Carbon
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