Synthetic Graphite Market - Forecasts from 2025 to 2030

The global synthetic graphite market is predicted to expand at a CAGR of 8.10% to account for US$5.023 billion by 2030 from US$3.402 billion in 2025.

The demand for synthetic graphite is driven by its usage in electrodes. The rise in the usage of electric arc furnaces (EAFs) due to the growing application of steel in various end-user industries is propelling the synthetic graphite market. The refractory industry is one of the largest users owing to the product's extreme resistance to heat or higher temperatures.

Further, increasing investments inelectric vehicle batteries, supported by various government schemes, and rising consumer demand provide growth for synthetic graphite. The growing use of electronic devices, digitalization, and an increasing number of internet users worldwide is also boosting this market.

According to the WITS (World Integrated Trade Solution), in 2023, the top importers of artificial graphite are the European Union with 155,175,000 Kg, Malaysia with 553,538,000 Kg, the United States with 94,290,000 Kg, followed by Poland with 66,293,300 Kg, and Hungary with 39,246,800 Kg.

Global synthetic graphite market drivers:

The rise in the adoption of electric vehicles

Transport is a fundamental requirement of modern life. The use of the traditional combustion engine is becoming outdated. The rise of electric vehicles is due to their several benefits, such as EVs having very low maintenance costs because they don't have as many moving parts as an internal combustion vehicle. Driving an electric vehicle reduces carbon footprint. Registration fees and road tax on purchasing EVs are lesser than petrol or diesel vehicles.

According to the IEA (International Energy Agency), the sales of EVs have been increasing. In China, 6 million EV cars were sold in 2022, which rose to 10.1 million in 2024. In Europe, the sales reached 3.4 million in 2024 from 2.7 million in 2022. The sales of EVs in the United States have been 1.7 million in 2024.

Global synthetic graphite market geographical outlooks:

Asia-Pacific to hold significant shares of the global synthetic graphite market.

The USA holds the largest market share in the North American region owing to several factors highlighting the growth and its increasing importance across various industries. One of the major growth drivers is the use oflithium-ion batteriesto power EVs and energy storage systems. Electric mobility has picked up momentum over time, and the increase in the production of lithium-ion batteries is quite high. According to the U.S. Environmental Protection Agency's Automotive Trends Report, theelectric vehiclesales in the first quarter of 2021 were 125,000, which increased to 185,000 in the fourth quarter of 2021. Similarly, in the first quarter of 2023, the electric vehicle sales in the United States were 300,000, which increased to 375,000 in the fourth quarter of 2023.

The trend is further supported by technological advances in batteries, where higher-performance materials like synthetic graphite are required for the anode. Additionally, the steel industry's growth significantly generates the demand for synthetic graphite. It is used abundantly in any steel manufacturing process as an additive that improves the quality and performance of the steel products. Domestic steel production has also witnessed a renaissance with a thrust from the U.S. government to adopt sustainable manufacturing methods since this is majorly produced using EAF methods that are synthesized using synthetic graphite electrodes.

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Report Coverage:

• Historical data & forecasts from 2022 to 2030
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The global synthetic graphite market is segmented and analyzed as below:

By Type

• Fine-Grain Graphite
• Isostatic Graphite
• Extruded Graphite
• Others

By Application

• Metallurgy
• Parts And Components
• Batteries
• Nuclear
• Other Applications

By Geography

• North America
• South America
• Europe
• Middle East and Africa
• Asia-Pacific