Graphite Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Graphite Market Report is Segmented by Type (natural Graphite and Synthetic Graphite), Application (electrodes, Refractories, Casting, and Foundries, Batteries, Lubricants, and Other Applications), End-User Industry (electronics, Metallurgy, Automotive (including EV/HEV Vehicles), and Other End-User Industries), and Geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). for Each Segment, the Market Size and Forecasts are Based On Volume (kilotons) and Revenue (USD).

Graphite Market Size

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Graphite Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 3.62 Billion
Market Size (2029) USD 4.63 Billion
CAGR (2024 - 2029) 5.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Graphite Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Graphite Market Analysis

The Graphite Market size is estimated at USD 3.62 billion in 2024, and is expected to reach USD 4.63 billion by 2029, growing at a CAGR of 5% during the forecast period (2024-2029).

The COVID-19 outbreak presented a challenging industry arena for the graphite market, as it slowed down the demand from the key end-user industries, such as electronics, metallurgy, and automotive (including electric vehicles), owing to the lockdown measures of the pandemic. Furthermore, the production facilities of electronic parts were halted due to the logistics slowdown and unavailability of the workforce across the world. However, the sector has been recovering well since restrictions were lifted and operations were resumed.

  • Over the short term, augmenting demand from the burgeoning lithium-ion battery industry and an increase in steel production in Asia and the Middle East are significant factors driving the growth of the market studied.
  • However, stringent environmental regulation is a key factor anticipated to restrain the growth of the target market over the forecast period.
  • Nevertheless, the increasing application of graphite in green technologies is likely to create lucrative growth opportunities for the global market soon.
  • Asia-Pacific is estimated to witness healthy growth over the assessment period in the graphite market due to the wide usage of graphite in countries such as India, China, Japan, and others.

Graphite Market Trends

The Metallurgy Segment is Expected to Dominate the Market

  • The metallurgy segment of the market studied includes electrodes and refractories, casting, and foundries. Graphite Electrodes are used in Electric Arc Furnaces (EAF) and ladder furnaces (LF) for steel production, aluminum production, ferroalloy production, and the smelting process.
  • The rising steel production using the electric arc furnace process is expected to increase the demand for graphite. In refractories, natural graphite is used to manufacture crucibles and mag-carbon bricks.
  • Graphite is also used as a lining in steel converters and electric arc furnaces. In steel molding applications, different forms of alumina-graphite are used in continuous casting ware, such as nozzles and troughs.
  • The rising crude steel and aluminum production worldwide is expected to drive the demand for graphite in metallurgical applications.
  • In April 2023, the World Steel Association released its Short Range Outlook (SRO) steel demand forecast for 2023 and 2024, which stated that the steel demand would see a 2.3% rebound to reach 1,822.3 Mt in 2023, and it is forecasted to grow by 1.7% in 2024 to reach 1,854.0 Mt. In addition, the total world crude steel production was 1,878.5 Mt in 2022, a 4.2% decrease compared to 2021.
  • Furthermore, according to the International Aluminum Institute, global aluminum production rose by a marginal 2.0% in 2022 compared to a growth rate that was down from 2.7% in 2021 and the slowest since 2019.
  • European Steel Association (EUROFER) has adjusted its forecast for the consumption of steel products in the European Union in 2022. In comparison to the February 2022 forecast and the expectation of regional metal consumption growth of 3.2%, there is a decline of around 1.9% expected by the association. All these factors are expected to increase the demand for graphite from the metallurgy end-user industry.
  • Therefore, all the above-mentioned factors are responsible for driving the growth of the graphite market.
Graphite Market - Crude Steel Production, in million tons, by Country, January 2023-August 2023

Asia-Pacific Region to Dominate the Market

  • China is one of the largest graphite manufacturers globally, mainly due to the immense demand from budding sectors like lithium-ion battery production, electronics, steel production, the solar industry, and the nuclear industry. According to a US Geological Survey, the country accounted for 820 thousand tons of graphite mine production in 2021.
  • During January–October 2022, China, through capacity swaps, added 28.8 million mt/year of new pig iron production capacity and 23.1 million mt/year of new crude steel production capacity. This resulted in a net increase of 8.3 million mt/year of pig iron production capacity and 6 million mt/year of new crude steel production capacity for 2022.
  • The construction sector is the key factor driving the demand growth for steel in the country, which accounts for almost two-thirds of the country’s steel consumption.
  • Graphite is also used in lithium-ion batteries to serve as the node material. Japan is one of the prominent regions for the lithium battery market, along with China and Korea, which occupy a 96% market share in battery capacity shipments. However, manufacturing in Japan has significantly slowed down due to the recent crisis.
  • The steel production in Japan ranked third largest globally, accounting for around 96 million tons in 2022, up by 16% from 2021. Thus, growth in steel production is likely to reduce the demand for graphite in the country.
  • Furthermore, the country plans to increase its nuclear energy share in total energy up to at least 20% by 2030. The country’s dependence on nuclear power to generate electricity is expected to drive the market during the forecast period.
  • By 2027, the country has planned to install at least 14 GW of solar energy, which is expected to reach more than 100 GW at the end of the forecast period. The government is also hugely pushing household solar power through subsidy systems like feed-in-tariff (FIT), further boosting the country's solar power.
  • Due to all such factors, the market for graphite in the region is expected to have a steady growth during the forecast period.
Graphite Market - Growth Rate by Region, 2023-2028

Graphite Industry Overview

The graphite market is consolidated in nature, with the top five players accounting for a significant share. The major players (not in any particular order) include Betterui New Materials Group Co. Ltd., Shenzhen Xiangfenghua Technology Co. Ltd, Shanghai Shanshan Technology Co. Ltd, Syrah Resources Limited, and Jiangxi Zichen Technology Co. Ltd., among others.

Graphite Market Leaders

  1. Betterui New Materials Group Co. Ltd

  2. Shenzhen Xiangfenghua Technology Co. Ltd

  3. Shanghai Shanshan Technology Co. Ltd

  4. Syrah Resources Limited

  5. Jiangxi Zichen Technology Co. Ltd

*Disclaimer: Major Players sorted in no particular order

Graphite Market Concentration
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Graphite Market News

  • October 2022: Syrah Resources Ltd. announced it would supply a key lithium-ion battery component to South Korea's LG Energy Solution Ltd. According to the agreement, the company was to provide 2 kilotons per annum of graphite to LG Energy Solution Ltd. active anode material (AAM) from 2025 and increase it to at least 10 ktpa after its production capacity at its Vidalia facility in Louisiana.
  • October 2022: Imerys Graphite & Carbon announced the launch of a landmark lithium exploitation project (“the EMILI Project'') at its Beauvoir site (Allier département of France). The project intended to expand Imerys' position as a market leader and expert in Li-ion battery components and complete its product line, which includes synthetic graphite and carbon black, at its production facilities in Willebroek (Belgium) and Bodio (Switzerland).

Graphite Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Augmenting Demand from the Burgeoning Lithium-ion Battery Industry

      2. 4.1.2 Increase In Steel Production in Asia and the Middle East

    2. 4.2 Restraints

      1. 4.2.1 Stringent Environmental Regulations

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain-Natural Graphite

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume and Value)

    1. 5.1 Type

      1. 5.1.1 Natural Graphite

      2. 5.1.2 Synthetic Graphite

    2. 5.2 Application

      1. 5.2.1 Electrodes

      2. 5.2.2 Refractories, Casting, and Foundries

      3. 5.2.3 Batteries

      4. 5.2.4 Lubricants

      5. 5.2.5 Other Applications

    3. 5.3 End-user Industry

      1. 5.3.1 Electronics

      2. 5.3.2 Metallurgy

      3. 5.3.3 Automotive (Includes EV/HEV Vehicles)

      4. 5.3.4 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 Italy

        4. 5.4.3.4 France

        5. 5.4.3.5 Russia

        6. 5.4.3.6 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Asbury Carbons

      2. 6.4.2 BTR New Material Group Co.,Ltd.

      3. 6.4.3 Imerys

      4. 6.4.4 Jiangxi Zichen Technology Co. Ltd

      5. 6.4.5 Mason Graphite Inc

      6. 6.4.6 Nippon Kokuen Group

      7. 6.4.7 Northern Graphite Corp.

      8. 6.4.8 SGL Carbon

      9. 6.4.9 Shanghai Shanshan Technology Co. Ltd.

      10. 6.4.10 Shenzhen Xiangfenghua Technology Co., Ltd.

      11. 6.4.11 Showa Denko K.k.

      12. 6.4.12 Syrah Resources Limited

      13. 6.4.13 Tokai Carbon Co. Ltd.

      14. 6.4.14 Triton Minerals

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Applications of Graphite in Green Technologies

    2. 7.2 Increasing Graphene Demand and Nuclear Energy

**Subject to Availability
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Graphite Industry Segmentation

Graphite is an allotrope (chemically comparable in structure modification of carbon) with both metallic and non-metallic properties that benefit a wide range of end-user sectors. Furthermore, the unique properties of graphite, such as high thermal and electrical conductivity, offer innovative batteries and developing technologies to traditional steel manufacturing.

The graphite market is segmented by type, application, end-user industry, and geography. By type, the market is segmented into natural graphite and synthetic graphite. By application, the market is segmented into electrodes, refractories, casting, foundries, batteries, lubricants, and other applications. In the case of the end-user industry, the market is segmented into electronics, metallurgy, automotive (including EV/HEV vehicles), and other end-user industries. The report also covers the market size and forecasts for the graphite market in 16 countries across the major regions. For each segment, the market sizing and forecasts are based on volume (kilotons) and revenue (USD).

Type
Natural Graphite
Synthetic Graphite
Application
Electrodes
Refractories, Casting, and Foundries
Batteries
Lubricants
Other Applications
End-user Industry
Electronics
Metallurgy
Automotive (Includes EV/HEV Vehicles)
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Graphite Market Research Faqs

The Graphite Market size is expected to reach USD 3.62 billion in 2024 and grow at a CAGR of 5% to reach USD 4.63 billion by 2029.

In 2024, the Graphite Market size is expected to reach USD 3.62 billion.

Betterui New Materials Group Co. Ltd, Shenzhen Xiangfenghua Technology Co. Ltd, Shanghai Shanshan Technology Co. Ltd, Syrah Resources Limited and Jiangxi Zichen Technology Co. Ltd are the major companies operating in the Graphite Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Graphite Market.

In 2023, the Graphite Market size was estimated at USD 3.44 billion. The report covers the Graphite Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Graphite Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Metallurgy is the largest segment in the Graphite Market.

Graphite Industry Report

The global graphite market is projected to experience significant growth due to rising demand in various sectors, as reported by Mordor Intelligence™ Industry Reports. Key drivers include the increasing use of lithium-ion batteries and fuel cells, the growing use of graphite in the wind energy industry, and its rising application in the manufacture of structural composite parts used in aircraft. The market is also being propelled by the trend of battery-powered vehicles, with graphite being a crucial component in the manufacturing of lithium-ion batteries used in electric vehicles. The refractory industry is another major consumer of graphite due to its high resistance to heat, making it ideal for applications requiring high-temperature environments. However, the market faces potential challenges such as increased export duties and trade restrictions, which could limit supply and hinder growth. The market is segmented based on application, type, subtype, and region, with synthetic graphite dominating the market due to its high temperature and corrosion resistivity. This industry analysis includes a market forecast outlook and historical overview, with statistics for the graphite market share, size, and revenue growth rate. A sample of this industry analysis is available as a free report PDF download.

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Graphite Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)