Good article uktraderExplains it all. Just a snippet below....

Good article uktrader
Explains it all. Just a snippet below. Don’t forget Ancuabe Graphite has the ability to expand over 1000%.
The market for large and XL flake graphite is much more robust, in part because of declining Shandong production but also because expandable graphite is the fastest growing market along with LiBs. Expandable graphite is principally made from large/XL flake. It is used in thermal management for consumer electronics and many industrial applications including heat and corrosion resistant gaskets and fire retardants. The latter market is expected to grow rapidly as the use of brominated flame retardants is is phased out or banned. Fuel cells and flow batteries are also new and potentially large markets for expandable graphite. Also, the steel industry is a significant user of large flake and its recovery will put additional pressure on large flake prices.

Annual Chinese demand for expandable graphite is approximately 70,000 tonnes. China only produces 25,000tpa of +50 mesh flake and the balance is made up of less desirable +80 mesh flake. The demand for expandable graphite with very high expansion rates is growing even more rapidly and this requires +32 mesh flake graphite. There is currently a shortage of both +50 mesh and +32 mesh material in China as there is in the rest of Asia as well as Europe. China has now started to import +50 mesh concentrates from Madagascar.

In the short to medium term the graphite opportunity is clearly in the large/XL flake markets which are high price and high margin with supply shortages. Longer term, new western sources of small flake production will be required to meet the expected growth in the EV/LiB markets and provide security of supply.
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