Graphite Market Report (2021 - 2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 150 | Report Code: BMIRE00031109 | Category: Chemicals and Materials
No. of Pages: 150 | Report Code: BMIRE00031109 | Category: Chemicals and Materials
The Graphite Market size is expected to reach US$ 39,698.2 million by 2031 from US$ 17,718.40 million in 2024. The market is estimated to record a CAGR of 12.4% from 2025 to 2031.
The global graphite market is experiencing significant growth, driven by rising demand across various industries, including batteries, steel production, electronics, and automotive. As a key material in lithium-ion batteries, graphite is vital to the growing electric vehicle market, propelling its demand further. China dominates the global supply, with other major players such as India, Brazil, and Canada contributing to production.
The market is also influenced by the push for sustainable energy solutions, which require high-quality graphite for energy storage applications. Technological advancements in mining, processing, and recycling methods are shaping the future of the industry. However, environmental concerns and supply chain disruptions pose challenges to the market’s stability. Additionally, the shift toward synthetic graphite, which offers high performance, is reshaping market dynamics.
ES Europe GmbH, Graphit Kropfmühl GmbH, Pingdingshan Wanhui Graphite Co Ltd, China Graphite Group Limited, Leading Edge Materials Corp, SGL Carbon SE, Ceylon Graphite Corp, Imerys SA, Graphite Central, and Nanjing GRF Carbon Material Co Ltd.
Key segments that contributed to the derivation of the graphite market analysis are type, form, and application.
Surge in Steel Production
Steel is manufactured from iron ore, consisting of iron, oxygen, and other minerals. Raw materials required for steelmaking are transformed into steel via two different processes: the blast furnace/basic oxygen furnace and the electric arc furnace (EAF). Graphite plays a critical role in modern steelmaking processes; it is used in the manufacturing of electrodes for EAFs. EAF is a popular method of producing steel, particularly in regions with access to scrap steel. These furnaces require large quantities of high-quality graphite electrodes to melt scrap metal efficiently. As global steel demand continues to grow, especially in rapidly developing countries such as China, India, and Southeast Asian countries, the need for graphite electrodes also rises. Graphite electrodes are integral for producing steel through EAF technology due to their high thermal conductivity, electrical resistance, and ability to withstand extreme temperatures. Nearly 70% of the world’s graphite production is used in electric arc furnace steelmaking.
Scaled-up steel production is attributed to the expanding demand for steel in various industries, including construction, automotive, and infrastructure development. Thus, steel consumption surges as these sectors grow with urbanization and industrialization in emerging economies, directly boosting the demand for graphite electrodes. Additionally, the EAF method has gained more popularity due to its energy efficiency and lower environmental impact compared to traditional blast furnaces. Thus, the role of graphite has become even more critical in steelmaking. With further advancements in steel production techniques and the shift toward greener as well as more sustainable steelmaking methods, the demand for high-quality, environmentally sourced graphite is expected to continue rising in the future as well. This upward trajectory in steel production, combined with the increasing reliance on EAFs, bolsters the graphite market growth.
Rise in Demand for Electric Vehicles
Graphite plays an essential role in the production of lithium-ion batteries, which serve as the primary power source for electric vehicles (EVs). It is a key component of the anode of these batteries, wherein it helps store and release energy. As the adoption of EVs accelerates, the demand for high-quality graphite to manufacture these batteries has surged. Lithium-ion batteries require a substantial amount of graphite because of its high efficiency in energy storage, owing to its ability to withstand multiple charge and discharge cycles. Graphite’s unique properties, including high electrical conductivity and stability, make it an ideal material for anodes in these batteries. As global sales of EVs grow, particularly in markets such as China, Europe, and North America, the demand for graphite to support battery production has risen sharply. According to the International Energy Agency's annual Global Electric Vehicle Outlook, over 10 million electric cars were sold worldwide in 2022, and the number grew by 35% in 2023 to reach 14 million. As the automotive industry witnesses a transformative shift toward EVs, the role of graphite has become more crucial. Thus, the rising demand for EVs is significantly driving the global graphite market toward growth.
Based on type, the market is segmented into natural and synthetic. The synthetic segment held the largest graphite market share in 2024. Synthetic graphite has high demand in various end-use industries, primarily due to its superior properties and rising scope of applications in high-tech industries. Synthetic graphite is highly valued for its excellent thermal and electrical conductivity, low impurity levels, and high chemical resistance, making it ideal for industries such as energy storage, metallurgy, and aerospace. It has widespread use in lithium-ion batteries, particularly for EVs and renewable energy storage systems. Anodes of lithium-ion batteries are commonly made of synthetic graphite due to their enhanced performance, longer lifecycle, and higher energy density than natural graphite. With the rapid expansion of the EV market and the global push for green energy solutions, the demand for synthetic graphite would continue to surge in the coming years.
Based on form, the market is segmented into powder, flake, granules, electrode, and others. The flake segment held the largest graphite market share in 2024. Graphite flakes are flat, thin, plate-like particles that are produced by the natural exfoliation or mechanical processing of graphite. Similar to the powder form, the flake form also exhibits excellent lubricating properties, but it can provide more stability in certain applications due to the larger size and plate-like shape or particles. Graphite flakes can be integrated into materials such as plastics and metals to improve their properties, such as strength, conductivity, and heat resistance. In some battery applications, it is used to enhance the performance of electrodes.
In terms of application, the market is segmented into batteries, lubricants, refractories, friction products, electrodes, and others. The electrodes segment held the largest graphite market share in 2024. Graphite is widely used as an electrode material due to its excellent electrical conductivity, high thermal stability, and resistance to oxidation at elevated temperatures. In particular, graphite electrodes are crucial in electric arc furnaces for steelmaking, where they facilitate the melting of scrap metal by conducting electricity. The material’s ability to withstand high temperatures without degrading makes it ideal for industrial applications that involve intense heat. Additionally, graphite electrodes are used in other sectors, including aluminum production, chemical industries, and electric discharge machining (EDM), where precision cutting is required.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 17,718.40 Million |
| Market Size by 2031 | US$ 39,698.2 Million |
| Global CAGR (2025 - 2031) | 12.4% |
| Historical Data | 2022-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Graphite Market
|
| Regions and Countries Covered | North America
|
The "Graphite Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The geographical scope of the graphite market report is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. The graphite market in Asia Pacific is expected to grow significantly during the forecast period.
Advanced manufacturing capabilities, rapid technological advancements, and extensive investments in infrastructure development bolster the graphite market in Asia Pacific. The region has also solidified its position in the global graphite market, largely due to the overwhelming influence of China. As the leading producer and consumer of graphite, China significantly contributes to the substantial market share in the region. The region's emphasis on electric vehicles (EVs), energy storage, and consumer electronics propels graphite demand, particularly in applications such as lithium-ion batteries, lubricants, refractories, and friction products. Thus, Asia Pacific continues to experience rapid industrial growth, particularly in sectors such as automotive and energy & power.
Companies in the graphite market in Asia Pacific increasingly focus on the development of advanced, sustainable technologies to stay ahead of competitors while ensuring a reliable supply of this critical material. Additionally, they are leveraging various strategies to maintain their competitive edge, including innovations in product offerings, expanding production capacities, and forging strategic partnerships and alliances.
The graphite market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the graphite market are:
The Graphite Market is valued at US$ 17,718.40 Million in 2024, it is projected to reach US$ 39,698.2 Million by 2031.
As per our report Graphite Market, the market size is valued at US$ 17,718.40 Million in 2024, projecting it to reach US$ 39,698.2 Million by 2031. This translates to a CAGR of approximately 12.4% during the forecast period.
The Graphite Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Graphite Market report:
The Graphite Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Graphite Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Graphite Market value chain can benefit from the information contained in a comprehensive market report.
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