Graphite Market Size (2024 - 2029)

The graphite market is projected to experience growth over the forecast period, driven by increasing demand from the lithium-ion battery sector and rising steel production in regions like Asia and the Middle East. Despite challenges posed by stringent environmental regulations, the market is expected to benefit from expanding applications in green technologies. The Asia-Pacific region, in particular, is anticipated to see significant growth due to the extensive use of graphite in countries such as India, China, and Japan. The market's recovery from pandemic-related disruptions further supports its positive outlook.

Market Size of Graphite Industry

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Graphite Market Summary
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 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 Size Summary

The graphite market is poised for steady growth over the forecast period, driven by increasing demand from sectors such as lithium-ion battery production, metallurgy, and electronics. The market experienced a slowdown during the COVID-19 pandemic due to disruptions in key industries like electronics, metallurgy, and automotive. However, recovery has been robust as operations resumed post-pandemic. The burgeoning lithium-ion battery industry and rising steel production, particularly in Asia and the Middle East, are significant growth drivers. Despite the challenges posed by stringent environmental regulations, the expanding application of graphite in green technologies presents promising opportunities for market expansion. The Asia-Pacific region, with its substantial usage of graphite in countries like China, India, and Japan, is expected to witness healthy growth.

In the metallurgy segment, graphite's role is crucial in applications such as electrodes and refractories, which are essential for steel and aluminum production. The increasing use of electric arc furnaces for steel production is anticipated to boost graphite demand. China stands out as a major player in the global graphite market, driven by its robust manufacturing sectors, including lithium-ion batteries, electronics, and steel production. Japan also contributes significantly, with its focus on expanding nuclear energy and solar power, further driving graphite demand. The market is consolidated, with key players like Betterui New Materials Group Co. Ltd., Shenzhen Xiangfenghua Technology Co. Ltd., and Syrah Resources Limited holding significant shares. Recent developments, such as Syrah Resources' supply agreement with LG Energy Solution and Imerys Graphite & Carbon's expansion project, highlight ongoing strategic initiatives to strengthen market positions.

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Graphite Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Augmenting Demand from the Burgeoning Lithium-ion Battery Industry

      2. 1.1.2 Increase In Steel Production in Asia and the Middle East

    2. 1.2 Restraints

      1. 1.2.1 Stringent Environmental Regulations

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain-Natural Graphite

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

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

    1. 2.1 Type

      1. 2.1.1 Natural Graphite

      2. 2.1.2 Synthetic Graphite

    2. 2.2 Application

      1. 2.2.1 Electrodes

      2. 2.2.2 Refractories, Casting, and Foundries

      3. 2.2.3 Batteries

      4. 2.2.4 Lubricants

      5. 2.2.5 Other Applications

    3. 2.3 End-user Industry

      1. 2.3.1 Electronics

      2. 2.3.2 Metallurgy

      3. 2.3.3 Automotive (Includes EV/HEV Vehicles)

      4. 2.3.4 Other End-user Industries

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 Italy

        4. 2.4.3.4 France

        5. 2.4.3.5 Russia

        6. 2.4.3.6 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle-East and Africa

Graphite Market Size 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.

Graphite Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)