The global graphite market was valued at $17.4 billion in 2023 and is projected to reach $27.8 billion by 2033, growing at a CAGR of 5.3% from 2024 to 2033.
Graphite is a crystalline form of carbon that occurs naturally and is the most stable form of carbon under standard conditions. Graphite exhibits multiple advantages over other materials; for instance, it shows high resistance to thermal shocks and is known to be the only material in which mechanical properties increase with rise in temperature.
The growth of the global graphite market is majorly driven by surge in demand for synthetic and natural graphite for use in pencils, lubricants, and electrodes. Furthermore, increase in penetration of portable electronic device acts as a key driving force of the market. This is attributed to high electrical conductivity of graphite, which makes it suitable for use in production of batteries, where graphite acts as an anode material. Moreover, rise in production of electric vehicles boosts the demand for graphite, as it facilitates efficient storage and release of electrical energy, contributing to the performance and prolonged service life of lithium-ion batteries.
According to the estimates of the International Energy Agency - a Paris-based autonomous intergovernmental organization - approximately 14 million electric vehicles were sold in 2023. The sales is expected to witness robust growth, as the sales neared around 3 million in the first quarter of 2024, and is estimated to reach 17 million by the end of 2024. This, in turn, is expected to considerably fuel the demand for graphite in the coming years. However, environmental concerns associated with graphite mining hampers the growth of the market. This is attributed to the fact that graphite mining results in habitat destruction, soil erosion, and disruption of ecosystems as it involves open-pit or underground extraction methods.
Moreover, high costs associated with the mining process further restrain the market growth. To overcome this issue, there is a growing emphasis on sustainable practices and sourcing graphite from environmentally responsible producers, which is expected to open new avenues for the growth of the market. For instance, AMG’s subsidiary, Graphit Kropfmühl, partnered with BASF - a European multinational company and the largest chemical producer in the world - to mitigate carbon emissions due to its graphite production, utilizing renewable energy certificates for a 25% reduction. Graphite is a critical raw material in BASF’s Neopor® that enhances the sustainability of its insulation products. This initiative by both companies aims to pursue climate neutrality and reduce carbon dioxide emissions.
The global graphite market is segmented into type, application, and region. On the basis of type, the market is divided into natural graphite and synthetic graphite. Depending on application, it is categorized into lubrication, refractories, foundry, battery production, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Depending on application, the refractories segment is expected to lead throughout the forecast period.
Region wise, graphite is anticipated to gain high prominence in Asia-Pacific in the coming years.
Graphite is a crystalline form of carbon that occurs naturally and is the most stable form of carbon under standard conditions. Graphite exhibits multiple advantages over other materials; for instance, it shows high resistance to thermal shocks and is known to be the only material in which mechanical properties increase with rise in temperature.
The growth of the global graphite market is majorly driven by surge in demand for synthetic and natural graphite for use in pencils, lubricants, and electrodes. Furthermore, increase in penetration of portable electronic device acts as a key driving force of the market. This is attributed to high electrical conductivity of graphite, which makes it suitable for use in production of batteries, where graphite acts as an anode material. Moreover, rise in production of electric vehicles boosts the demand for graphite, as it facilitates efficient storage and release of electrical energy, contributing to the performance and prolonged service life of lithium-ion batteries.
According to the estimates of the International Energy Agency - a Paris-based autonomous intergovernmental organization - approximately 14 million electric vehicles were sold in 2023. The sales is expected to witness robust growth, as the sales neared around 3 million in the first quarter of 2024, and is estimated to reach 17 million by the end of 2024. This, in turn, is expected to considerably fuel the demand for graphite in the coming years. However, environmental concerns associated with graphite mining hampers the growth of the market. This is attributed to the fact that graphite mining results in habitat destruction, soil erosion, and disruption of ecosystems as it involves open-pit or underground extraction methods.
Moreover, high costs associated with the mining process further restrain the market growth. To overcome this issue, there is a growing emphasis on sustainable practices and sourcing graphite from environmentally responsible producers, which is expected to open new avenues for the growth of the market. For instance, AMG’s subsidiary, Graphit Kropfmühl, partnered with BASF - a European multinational company and the largest chemical producer in the world - to mitigate carbon emissions due to its graphite production, utilizing renewable energy certificates for a 25% reduction. Graphite is a critical raw material in BASF’s Neopor® that enhances the sustainability of its insulation products. This initiative by both companies aims to pursue climate neutrality and reduce carbon dioxide emissions.
The global graphite market is segmented into type, application, and region. On the basis of type, the market is divided into natural graphite and synthetic graphite. Depending on application, it is categorized into lubrication, refractories, foundry, battery production, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of type, the synthetic graphite segment is expected to dominate the market by 2033.Depending on application, the refractories segment is expected to lead throughout the forecast period.
Region wise, graphite is anticipated to gain high prominence in Asia-Pacific in the coming years.
Competitive Analysis
Key market players in the graphite market include GrafTech International, Mason Resources Inc, Focus Graphite, Westwater Resources, Nippon Kokuen Group, Tokai Carbon Co., Ltd., NEXTSource Materials Inc., Triton Minerals Ltd., Asbury Carbons, and Qingdao Tennry Carbon Co., Ltd. These players have adopted new product launches, collaborations, expansion, joint ventures, and agreements as their key developmental strategies to sustain the intense competition in the global market.Additional benefits you will get with this purchase are:
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Key Market Segments
By Type
- Natural Graphite
- Amorphous Graphite
- Flake Graphite
- Vein Graphite
- Synthetic Graphite
- Graphite Electrode
- Carbon Fiber
- Graphite Block
- Graphite Powder
- Others
By Application
- Lubrication
- Refractories
- Foundry
- Battery Production
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- GrafTech International
- Mason Resources Inc
- Focus Graphite
- Westwater Resources
- Nippon Kokuen Group
- Tokai Carbon Co., Ltd
- NEXTSource Materials Inc.
- Triton Minerals Ltd
- Asbury Carbons
- Qingdao Tennry Carbon Co.,Ltd
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: GRAPHITE MARKET, BY TYPE
CHAPTER 5: GRAPHITE MARKET, BY APPLICATION
CHAPTER 6: GRAPHITE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- GrafTech International
- Mason Resources Inc
- Focus Graphite
- Westwater Resources
- Nippon Kokuen Group
- Tokai Carbon Co., Ltd
- NEXTSource Materials Inc.
- Triton Minerals Ltd
- Asbury Carbons
- Qingdao Tennry Carbon Co.,Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 300 |
| Published | August 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 17.4 billion |
| Forecasted Market Value ( USD | $ 27.8 billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
