Demand for Expandable Graphite Growth and Projections
Figure 1 – Expandable Graphite demand and growth – Source:- Benchmark Mineral Intelligence
Expandable graphite is one of the fastest growing markets along with Li-ion batteries and is the only graphite market to have experienced price increases over the last couple years which is largely based on Jumbo and Large flake material.
Development of Expandable Graphite involves treating flake graphite and heating it to cause the flakes to split apart, expand and increase hundreds of times in volume. This material is pressed into sheets to create a foil which can then be cut into shapes and used in many applications including consumer electronics, high end gaskets that are heat and corrosion resistant, fire retardants, smart building products, flow batteries and fuel cells.
Fuel cells are already a billion-dollar industry with commercial buses, forklift trucks, standby power plants, etc already in operation. Commercial fuel cell cars currently exist now and many observers expect them to increase in popularity quicker than EVs.
Due to the growth in demand, and declining production from Shandong Province, China, there are now shortages of large and jumbo flake concentrates. Prices and margins for Expandable Graphite are high and expected to grow further as demand increases.
Rapid demand growth is also forecasted due to the increasing use of high-energy-density batteries in mobile devices.
Industry News
Figure 1: Expandable Graphite Market Size - source Mordor Intelligence
According to Mordor Intelligence (2023), the market for expandable graphite is estimated at 76.75 kilotons in 2023. By 2028, it is anticipated to expand to 110.90 kilotons, reflecting an annual growth rate of 7.64% over the forecast period.
The global demand for expandable graphite is increasing, fueled by its unique properties and wide-ranging industrial applications. As a modified form of natural graphite that expands upon heating, expandable graphite provides key advantages such as fire resistance, electrical conductivity, and chemical stability. These attributes have established it as an essential material in numerous sectors, including construction, automotive, and energy storage, among others.