Tag: growth drivers

How Is Rising Steel Production Propelling Graphite Market Growth?

A number of factors, such as the expanding electronics sector, burgeoning steel production, and soaring lithium-ion (Li-ion) battery demand, are expected to fuel the graphite market at a CAGR of 7.4% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue will rise from $19,092.9 million in 2019 to $36,889.1 million by 2030. In recent years, the increasing usage of graphite in pebble-bed nuclear reactors, for generating electricity from uranium fuel, has become a prominent market trend.

Graphite Market

At present, the graphite market is fragmented in nature with the presence of numerous industry players, such as Syrah Resources Ltd., SGL Carbon SE, Graphite India Ltd., Shanshan Corporation, HEG Ltd., Showa Denko K.K., Tokai Carbon Co. Ltd., and GrafTech International Ltd. Currently, these players are merging with and acquiring other companies to stay ahead of their competitors. For instance, in December 2019, Showa Denko K.K. completed the acquisition of Hitachi Chemical Ltd. for $8.8 billion. This acquisition aimed at consolidating the position of the former as a leading supplier of graphite to manufacturers of Li-ion batteries.

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Furthermore, the application segment of the graphite market is categorized into lubricants, electrodes, refractories, batteries, foundries, graphite shapes, and friction products. Among these, the batteries category is expected to demonstrate the fastest growth throughout the forecast period. This will be due to the surging production of electric vehicles (EVs) and hybrid electric vehicles (HEVs), especially in Europe and North America. Moreover, the booming demand for high-drain electronics, due to the soaring disposable income of people and escalating consumer expenditure, will also support the growth of the market in this category.

Thus, the rising crude steel production and the escalating demand for Li-ion batteries will boost the demand for graphite, worldwide, in the coming years.

Driving Efficiency and Sustainability: Automotive Lightweight Material Market

Consumers’ top requirements when searching for automotive technologies and components are materials with good corrosion resistance, a high strength-to-weight ratio, and substantial design freedom.

Automotive Lightweight Material Market
Automotive Lightweight Material Market

The necessity for weight decreases and improved fuel economy, adherence to environmental rules, and shifting customer preferences for mobility solutions are expected to be the key causes driving automakers to focus on a material redesign in the years to come.

For instance, cutting a car’s body weight by over 1 kg can reduce the amount of CO2 the vehicle releases over the period of its lifetime by 20 kg. In the coming years, European regulatory bodies hope to cut CO2 emissions from each passenger car from 140 g to 95 g per kilometer.

Automakers have been forced to think about a variety of extra possibilities as a result of these regulations, including developing new methods for the engine systems, investigating alternate fuels, and using alternative, lighter components.

The rapid development of electric cars by well-known manufacturers such as Volkswagen Group, Toyota, Bavarian Motor Works, General Motors, Renault, Fiat Chrysler Automobiles, and Tata Motors will also cause a spike in the demand for low-weight materials in the anticipated timeframe.

Browse detailed report on Automotive Lightweight Material Market Size, and Business Strategies

Benefits of Lightweight Materials in Automotive

Enhanced Safety

It has been demonstrated that composite materials, including magnesium, aluminum, and steel mixtures, absorb energy more effectively than solid metals, such as steel alone, and as a result, offer more protection against impacts.

Additionally, every contemporary automobile, regardless of how heavy or light it is, includes what the industry refers to as “crumple zones.” These areas are built to deflect the effects of any accidents. No matter how much metal is utilized, if a vehicle misses the zone, the crash’s force is transported into the cabin.

Energy Savings

Modern automobiles need lightweight materials to increase their fuel efficiency while preserving their performance and safety. Lightweight materials have more promise for both manufacturers and consumers since it requires lower energy to propel a lighter automobile than a heavier one.

Durability

High levels of durability may be found in the lightweight materials used to create automobile parts and equipment. A fender made of light material will recover from a minor bump more readily than a fender made of heavy material.

Ecofriendly

Lightweight materials used in automobiles may be recycled. This enables a car manufacturer to produce high-quality, fuel-efficient cars while still being ecologically conscious. An automobile with eco-friendly components is extremely enticing to many car purchasers.