Graphite trends to watch... 1. 5 year growth trajectory: 13-16% a year 2. Natural graphite anodes to increase market share over synthetic a. Supply issue, improving quality, lower cost b. Synthetic will operate in a high quality niche c. CO2 footprint becoming a consideration 2. Coated Spherical Graphite to become cheaper a. From $12-16/kg today to sub $8/kg 3. Silicon to not be a major substitution factor medium term a. 3-6% additive to improve capacity.
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