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 |
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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.
Synthetic Graphite Industry Segmentation
Synthetic graphite is an artificial substance manufactured by the high-temperature processing of amorphous carbon materials. The types of amorphous carbon used as precursors to graphite are many and can be derived from petroleum, coal, and natural or synthetic organic materials.
The synthetic graphite market is segmented by type, application, and geography. The market is segmented by type into graphite anode, graphite block, and other types. The market is segmented by application into metallurgy, parts and components, batteries, nuclear, and other applications. The report also covers the market size and forecasts for synthetic graphite in 16 countries across major regions. The market sizing and forecasts for each segment are based on volume (kilotons) and revenue (USD million).
| Type | |
| Graphite Anode | |
| Graphite Block (Fine Carbon) | |
| Other Types (Graphite Electrode, etc.) |
| Application | |
| Metallurgy | |
| Parts and Components | |
| Batteries | |
| Nuclear | |
| Other Applications |
| Geography | ||||||||
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Synthetic Graphite Market Size Summary
The synthetic graphite market is poised for significant growth, driven by its high purity levels and the increasing demand for electric vehicles. Despite the challenges posed by the COVID-19 pandemic, which temporarily hindered industry expansion, the market has rebounded to pre-pandemic levels and is expected to continue its upward trajectory. The metallurgy sector remains the dominant application area, utilizing synthetic graphite in various forms such as electrodes and refractories. The Asia-Pacific region, particularly China, Japan, and India, leads in market consumption, with China being a key player due to its substantial demand from sectors like lithium-ion batteries, electronics, and steel production.
China's dominance in the synthetic graphite market is further bolstered by its leadership in lithium-ion battery production and its expansive manufacturing base. The country's strategic government policies and significant investments in battery production facilities have positioned it as a global leader in the battery supply chain. This growth is supported by numerous graphite electrode producers in China, contributing to the increasing demand for synthetic graphite. The market is characterized by a partially consolidated structure, with major players like GrafTech International and Resonac Holdings Corporation leading the industry. As the demand for synthetic graphite continues to rise, particularly in China, the market is expected to experience robust growth during the forecast period.
Synthetic Graphite Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand for Electric Vehicles
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1.1.2 Growing Utilization of Electric ARC Furnace Process for Steel Production
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1.2 Restraints
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1.2.1 Stringent Environmental Regulations
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1.2.2 Decreasing Production of Steel
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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1.5 Raw Material Analysis
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1.6 Regulatory Policies
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1.7 Technology Landscape - Quick Snapshot
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1.8 Production Analysis
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2. MARKET SEGMENTATION (Market Size in Value and Volume)
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2.1 Type
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2.1.1 Graphite Anode
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2.1.2 Graphite Block (Fine Carbon)
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2.1.3 Other Types (Graphite Electrode, etc.)
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2.2 Application
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2.2.1 Metallurgy
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2.2.2 Parts and Components
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2.2.3 Batteries
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2.2.4 Nuclear
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2.2.5 Other Applications
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Asean Countries
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2.3.1.6 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Russia
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2.3.3.6 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle East and Africa
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Synthetic Graphite Market Size FAQs
How big is the Synthetic Graphite Market?
The Synthetic Graphite Market size is expected to reach USD 3.19 billion in 2024 and grow at a CAGR of 6.83% to reach USD 4.44 billion by 2029.
What is the current Synthetic Graphite Market size?
In 2024, the Synthetic Graphite Market size is expected to reach USD 3.19 billion.
