Graphite Market Overview:
Global Graphite Market size and share is currently valued at USD 7,976.96 Million in 2024 and is anticipated to generate an estimated revenue of USD 13,476.70 Million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 6.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Key Market Drivers:
- Surge in Electric Vehicle (EV) Adoption: The increasing demand for EVs has significantly boosted the need for lithium-ion batteries, which utilize graphite as a crucial component. This trend is a primary driver for the graphite market’s growth.
- Expansion of the Electronics Sector: The growth of the electronics industry, particularly in the production of semiconductors and other electronic devices, has elevated the demand for high-quality graphite materials.
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Graphite Market Scope:
The graphite market encompasses a wide range of applications across industries, including batteries, refractories, lubricants, and electronics. The scope includes natural and synthetic graphite, with key segments focusing on electric vehicles (EVs) and renewable energy storage systems. The demand is driven by advancements in technologies such as lithium-ion batteries and thermal management systems. Geographically, the market spans regions like Asia-Pacific, North America, and Europe, with China leading the global production of graphite.
Key Companies in Graphite Market:
- Toyo Tanso Co., Ltd.
- Tokai Carbon Co. Ltd
- HEG Limited
- Graphite India Limited
- GrafTech International Ltd.
- Mersen Group
- SGL Carbon
- NEXTSource Materials Inc.
- Focus Graphite
- Mason Resources Inc.
- Syrah Resources Limited
- Mitsubishi Chemical Group Corporation.
Graphite Market Segmentation:
The graphite market is segmented by type into natural and synthetic graphite. Natural graphite is further categorized into flake, amorphous, and vein varieties, while synthetic graphite includes graphite electrodes, carbon fibers, and graphite blocks. By application, the market spans batteries, refractories, lubrication, foundry, and others. Key end-use industries include automotive, aerospace, steel, and energy. Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Growing demand for lithium-ion batteries in electric vehicles and energy storage systems is driving the battery segment, while industrial applications like refractories contribute significantly to overall growth.
Graphite Market, Product Outlook (Revenue – USD Million, 2019-2032)
- Natural Graphite
- Synthetic Graphite
Graphite Market, Application Outlook (Revenue – USD Million, 2019-2032)
- Batteries
- Electrodes
- Refractories
- Recarburisers
- Lubricants
- Foundry
- Others
Graphite Industry Developments:
In July 2023, Mersen has inaugurated new graphite manufacturing facilities in the USA, enhancing its production capabilities. The plant will soon have the capacity to make 2,000 tons of isostatic graphite and 4,000 tons of extruded graphite annually. Mersen plans to boost its global isostatic graphite manufacturing abilities to 16,000 tons by the end of 2024.
· In March 2023, Mersen, and Wolfspeed, the global leader in Silicon Carbide technology, have announced a major contract. Under this agreement, Mersen will supply Wolfspeed, graphite, and other high-tech materials to support the expansion of Wolfspeed’s capacity to meet the rapidly growing demand for SiC materials and devices.
· In October 2022, SGL Carbon has enhanced its production capabilities for graphite products intended for the semiconductor industry. The company increased its production capacities at the Shanghai, St. Marys (USA), and Meitingen (Germany) facilities.
The growing demand for lithium-ion batteries is a major driver in the graphite market, propelled by the rapid expansion of electric vehicles (EVs) and renewable energy storage systems. Graphite’s pivotal role in lithium-ion batteries lies in its use as an anode material. The anode is crucial for battery performance, as it stores and releases lithium ions during charging and discharging cycles.