According to our analyst, the global graphite market supply was worth around USD 23,097.7 million back in the year 2022. The report further estimates that the expanded graphite market size is set to be valued at around USD 24,599 million in the current year 2023.
Various beneficial properties of graphite like lubricity, good thermal & electrical conductivity, and chemical resistance have fueled graphite prices across industrial nations. Besides these manufacturing industrial sectors, the refractory industry is poised to remain a significant contributor during the graphite demand forecast years as well.
Graphite applications worldwide are anticipated to progress at an average 6.5% rate during the period between 2023 and 2033. Furthermore, the worldwide graphite production in terms of value, is projected to reach nearly USD 46,175.8 million from 2023 to 2033.
Particularly the synthetic graphite market growth seems dominant due to its use in the manufacturing of graphite electrodes, especially for electric vehicles. Graphite is used in the making of anode material in Li-ion batteries owing to its various properties such as high thermal resistance and chemical inertness. Moreover, the porous nature of different graphite grades makes them an ideal choice to be used as an anode material.
The growing graphite demand can be attributed to the following factors
| Report Attributes or Data Points | Details |
|---|---|
| Global Graphite Market Size in 2022 | USD 23,097.7 million |
| Estimated Global Market Share in 2023 | USD 24,599 million |
| Forecasted Global Market Size by 2033 | USD 46,175.8 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 6.5% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 6.1% CAGR |
| Collective Value Share of 3 Top Performing Countries in 2022 | 38.6% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The global graphite market trends over the historical period of 2018 to 2022 witnessed an average CAGR of 6.1%. As of 2022, graphite products were in use in various fields such as automotive, refractories, foundry facing, and many others. Further, growing graphite applications in nuclear energy, electric vehicles, and fuel cells are anticipated to drive its demand during the coming decade.
Growing Metallurgical Applications to Boost Graphite Foundry
In electric arc furnaces (EAF) and ladle furnaces (LF), graphite electrodes are employed in the smelting process to produce ferroalloys, steel, and aluminum. Magnesium carbon bricks and graphite crucibles for refractories are made from natural graphite.
Natural graphite is also used as a lining material in different steel converters and electric arc furnaces. Various alumina-graphite forms are used in incremental forming ware, such as nozzles and troughs, for steel molding applications.
High Demand for Solar Panels Worldwide
The usage of graphite in solar panels reduces the cost, apart from increasing the efficiency of solar panels. For example, in April 2011, scientists at Arizona State University professed that the usage of graphite nano-particles in solar panels increases the efficiency of solar panels by 10%. Hence, the growing demand for solar panels is anticipated to create significant growth opportunities, particularly in the spherical graphite market in the coming decade.
Growing adoption of 3D Printing Technologies
Graphite composites allow for the creation of complex yet lightweight structures in modern 3D printing technologies. Manufacturing procedures are being revolutionized by this invention, which is also expected to have a profound influence on available graphite for sale in local markets.
Advancements in Ink Printing Technology
Carbon graphite is used in conductive inks, which makes it easy to create printed electronics such as touch screens and sensors. The progress of this human-machine interactions technology is anticipated to lead to a vital graphite market outlook in the future.
Surging Need for Li-ion Batteries in Electric Vehicles
An electric vehicle or a hybrid electric vehicle requires around 10 to 70 kg of graphite on average. The growing adoption of electric vehicles is expected to directly lead to high graphite mining and consumption in the coming days. For example,
Factors Affecting the Demand for Graphite Negatively
Flake graphite must be 99.9% pure to produce the anodes for Li-ion batteries, which requires an expensive purification process. The resulting spherical graphite is 2 to 3 times more expensive than flake graphite. However, the purifying process produces a lot of trash, necessitating rigorous pollution control. As a result, rising costs may limit the business of graphite manufacturers in the forthcoming years.
Graphite investment and pricing dynamics are impacted by the time-consuming and expensive purification procedure for graphite used in Li-ion batteries. Also, sustainable methods are required to manage the significant waste produced during purification since it adds an environmental dimension. For graphite importers, juggling these concerns while satisfying the need for sophisticated applications creates a complex environment that necessitates creative growth and sustainability initiatives.
Principal Consultant
In 2022, the regional market in the United States generated a global revenue share of nearly 13.2%, according to our latest survey. However, the natural graphite market value reached about USD 3,057.7 million by the end of 2022 across North America.
Increasing production of electric vehicles in the United States has boosted the demand for lithium-ion batteries, which has further resulted in a surging graphite consumption. In addition, significant investment in research & development activities to enhance graphite application areas is also expected to bolster growth in the United States market.
Around 70% of East Asia's graphite consumption in the year 2022 was accounted for by China alone. China is a significant supplier of both natural and manufactured graphite thanks to its numerous graphite mines. Due to its huge graphite resources, the country is a leading graphite supplier in both the Asia Pacific and global markets.
Prospects for graphite usage are further boosted by the production of electric vehicles surpassing the United States' levels. So, it is projected that China's ascent to the top spot in the production of electric vehicles might increase graphite usage in the forthcoming years.
The demand for graphite in the countries of Europe has been increasing recently, with an average recorded CAGR of 5.3% from 2018 to 2022. The demand for graphite in Europe is anticipated to increase over the growing need for graphite particularly in the steel, refractories, and battery sectors.
In recent years, pressure to manufacture graphite sustainably is mounting on the European graphite sector. So, new and more ecologically friendly processes for producing graphite are being developed that have shifted the regional market orientation.
Flake graphite with high electrical conductivity is invaluable in applications where electrical conductivity is crucial, such as in batteries and electronics. In addition, it is the most chemically inert member of the entire graphite family which guarantees its dependability and longevity under adverse circumstances.
The scarcity of flake graphite and the challenging nature of its extraction procedure increase its market worth leading to a diversified graphite manufacturers’ directory. During the forecast years, some other forms including the spherical graphite market are forecasted to witness a high demand.
The graphite batteries segment is anticipated to remain a significant application category through 2033 due to its extensive application in electric and hybrid electric cars. Additionally, the global graphite pricing has enhanced greatly with the growing desire for these eco-friendly automobiles particularly in the automotive industry of developed countries.
In recent years, graphite food packaging is emerging as a sustainable method of storing and marketing perishable items. Likewise, graphite medical devices are getting huge demand in the healthcare sector for their non-reactive quality against metal devices. This trend not only supports the carbon and graphite market but also highlights the growing importance of carbon graphite in a variety of new applications.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Global leaders in the natural graphite market are selectively establishing mining and production operations in emerging economies to cut costs. Other graphite manufacturers, meanwhile, are focusing on the integration of modern production techniques to address the growing demand for affordable graphite in several industries.
The demand for improved graphite stock quality in industries like electronics, foils, composites, and lubricants is what has sparked this trend. Most graphite companies are experiencing increased rivalry these days as regional market players are competing to take advantage of growing prospects for graphite processing.
Recent Developments by Graphite Production Companies
| Attributes | Details |
|---|---|
| Estimated Market Size (2022) | USD 23,097.7 million |
| Projected Market Valuation (2033) | USD 46,175.8 million |
| Value-based CAGR (2023 to 2033) | 6.5% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value USD million, and Volume (Tons) |
| Key Regions Covered | North America; Latin America; East Asia; Europe; South Asia & Pacific; The Middle East & Africa (MEA) |
| Key Countries Covered | The United States, Canada, China, Italy, Spain, France, Russia, The United Kingdom, China, Japan, South Korea, India, Oceania, ASEAN, Brazil, Mexico, GCC Countries, Kingdom of Saudi Arabia, Turkey, South Africa |
| Key Segments Covered | Product Type, Application, and Region |
| Key Companies Profiled | Showa Denko K.K.; Toyo Tanso Co.; Ltd.; Tokai Carbon Co.; Ltd; Graphite India Limited; Nippon Carbon Co.; Ltd.; HEG Limited; SEC Carbon; Limited; Imerys S.A.; GrafTech International Ltd.; Mersen Group; Fangda Carbon New Material Co.; Ltd.; Dongguan Kaijin New Energy Technology Co.; Ltd.; Pingdingshan Oriental Carbon Co.; Ltd.; Advanced Biopolymers AS; Mahtani Chitosan Pvt. Ltd Vardhman Acrylics Ltd |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global sales of graphite are to expand at a 6.5% CAGR through 2033.
Currently, the net value of the market is around US$ 24,599 million.
The global demand for graphite rose at 6.1% CAGR between 2018 and 2022.
The United States accounted for nearly 13.2% revenue share of the global market in 2022.
The regional market in Europe witnessed a 5.3% CAGR from 2018 to 2022.
Synthetic graphite is forecasted to remain a notable market segment.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Natural Graphite 5.2. Flake 5.3. Amorphous 5.4. Vein 5.5. Synthetic Graphite 5.6. Electrode 5.7. Carbon Fiber 5.8. Blocks 5.9. Powder 5.10. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Refractories 6.2. Lubricants & Crucible 6.3. Foundry Facing 6.4. Batteries 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Showa Denko K.K. 17.2. Toyo Tanso Co., Ltd. 17.3. SGL Carbon SE 17.4. Tokai Carbon Co., Ltd 17.5. India Limited 17.6. Nippon Carbon Co., Ltd. 17.7. HEG Limited 17.8. SEC Carbon, Limited 17.9. Imerys S.A. 17.10. GrafTech International Ltd. 17.11. Mersen Group 17.12. Fangda Carbon New Material Co., Ltd. 17.13. Dongguan Kaijin New Energy Technology Co., Ltd. 17.14. Pingdingshan Oriental Carbon Co., Ltd. 17.15. Advanced Biopolymers AS 17.16. Mahtani Chitosan Pvt. Ltd Vardhman Acrylics Ltd 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Chemicals & Materials Insights
View Reports
Graphite Market
