Market Size of Synthetic Graphite Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.19 Billion |
| Market Size (2029) | USD 4.44 Billion |
| CAGR (2024 - 2029) | 6.83 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Synthetic Graphite Market Analysis
The Synthetic Graphite Market size is estimated at USD 3.19 billion in 2024, and is expected to reach USD 4.44 billion by 2029, growing at a CAGR of 6.83% during the forecast period (2024-2029).
Due to the outbreak of COVID-19, the chemical sector was negatively affected. Lack of resources, shortage of human resources, and other constraints significantly obstructed the expansion of the industry. In 2021, the market recovered to the pre-COVID-19 level and is expected to recover further over 2022.
- The major factors driving the market's growth are the high purity levels of synthetic graphite and the increasing demand for electric vehicles.
- On the flip side, the high costs compared to natural graphite and stringent environmental regulations are a roadblock to the studied market's growth.
- Metallurgy dominated the application segment of the market and is expected to continue its dominance during the forecast period.
- Asia-Pacific dominated the global market, with the largest consumption seen in China, Japan, and India.
