Flake Graphite Market Size & Share, by Flake Size (Jumbo, Large, Medium, Small, Fine), Application (Refractory, Foundry, Battery, Friction Product, Lubricant), End User (Automotive, Power, Electronic) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5400
  • Published Date: Nov 27, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 - 2036

Flake Graphite Market size is expected to cross USD 972 Billion by the end of 2036, witnessing around 2% CAGR during the forecast period i.e., 2024-2036. In the year 2023, the industry size of flake graphite was USD 79 Billion. The market for flake graphite is expected to grow due to the growing popularity of electric vehicles, flake graphite is used as an anode in lithium ion batteries. These batteries are highly used to run electric vehicles, thus high demand for EVs is predicted to drive the market expansion in the future. In the year 2022, over 7.3 million battery-electric vehicles were produced globally. 

Additionally, in order to meet the growing demand for graphene batteries, different graphite producers are thinking of raising their output of graphite. This is expanding the potential applications for flake graphite and is a major factor supporting the market's growth over the forecast period In addition, the graphite industry is seeing a rise in the usage of subsurface drones to create three-dimensional (3D) mapping for mine planning, which is contributing to the market expansion.

Flake Graphite Market
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Flake Graphite Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2023)

~79 Billion

Forecast Year Market Size (2036)

~972 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Flake Graphite Sector: Growth Drivers and Challenges


Growth Drivers

  • Growing Technological Advancement and Development - Technological advancements and innovations are triggering a unique revenue-enhancing opportunity, driving the growth of the professional natural flake graphite market. Growing investment in research and development activities as well as growing awareness about the benefits of natural flake graphite are expected to provide lucrative opportunities to the market. Continuous R&D efforts led to the discovery of new uses for graphite. The constant development is one of the market trends in terms of diversity of practices.
  • Utilization in Energy Applications - Applications for flake graphite include pebble-bed nuclear reactors, vanadium-redox battery technology, and fuel cells. Because flake graphite has so many uses, the market for it is expanding along with the growing energy sector. Therefore, increasing demand for flake graphite in the energy storage industry is expected to drive the growth of the market in the projected period.  
  • Increasing Integration in Refractories - It is generally used in refractories in order to enhance their thermal conductivity, which helps to prevent them from melting or cracking in high-temperature environments. Graphite also helps to reduce the wear and tear on refractories which extends their lifespan. Therefore, increasing demand for flake graphite in refractories is estimated to boost the market growth in the projected period.


  • Environmental Concerns - The mining and processing of flake graphite can have a negative impact on the environment. The mining process can generate waste rock and tailings that can contaminate water and soil. The processing of fake graphite can also release dangerous gases and emissions into the atmosphere.  This is leading to increased scrutiny of the industry from regulators and consumers. These concerns are expected to hamper the market expansion in the future times.
  • Lack of Investment is Expected to Hamper the Market Growth in the Upcoming Period
  • Increased Competition from Synthetic Graphite is Predicted to Pose a Limitation on the Market Growth in the Upcoming Period

Flake Graphite Segmentation

Application (Refractory, Foundry, Battery, Friction Product, Lubricant)

Based on application segmentation, the refractory segment is predicted to dominate the flake graphite market by registering a CAGR of 40% during the time period between 2024 – 2036. Refractories are materials that are used to withstand high temperatures and flake graphite is an ideal material for this application due to its high thermal connectivity and chemical stability. The growth of this segment can be attributed to the back of increasing demand for steel, cement, and glass. The growing demand for renewable energy is expected to create new opportunities for flake graphite in this segment as renewable energy technologies often require high-temperature refractory materials. Over the past 20 years, there has been a notable increase in the worldwide usage of renewable energy. In 2022, consumption levels were over 45.18 exajoules.  Furthermore, the demand for flake graphite in the refractories segment is predicted to grow as a result of the expansion of developing economies such as China and India which are the biggest producers and consumers of steels.

End User (Automotive, Power, Electronic)

Flake graphite market from the automotive segment is predicted to grow prominently by the end of 2036. The growth of demand for graphite in the automobile sector as well as increased industrial production in the emerging regions is expected to be a catalyzing factor for the segment growth in the market.  Moreover, new applications for flake graphite are being developed such as in the production of lightweight materials for automotive components. Except for these applications, the flake graphite is also utilized in brake pads and clutch linings where it aids in enhancing friction and reducing wear.

Our in-depth analysis of the global market includes the following segments:

          Flake Size

  • Jumbo
  • Large
  • Medium
  • Small
  • Fine


  • Refractory
  • Foundry
  • Battery
  • Friction Product
  •  Lubricant

          End User

  • Automotive
  • Power
  •  Electronic

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Flake Graphite Industry - Regional Synopsis

APAC Market Forecasts

The flake graphite market in the Asia Pacific region is predicted to hold the largest market share of 35% during the studied period. This area dominates the market due to its high electrical conductivity as well as its extremely high resistance to moisture and wave corrosion at an ambient temperature of 4,444°C. The increase in population and income levels also contributes to the growth of the market in the region. Increased investments by market majors in R&D companies and expansion of their production capacities and product portfolios are expected to drive the growth of the market in the Asia Pacific region.

North American Market Statistics

The flake graphite market in the North America region is expected to grow substantially by the end of the forecast period. The growth of this market can be attributed to the account of high demand for flake graphite in refractory, lubricants, and steelmaking applications. Furthermore, increasing demand for flake graphite in electric vehicles is also raising the growth of the market in this region. Besides this, growing demand for lithium-ion batteries is also boosting the market expansion in the region. According to a research in the North America region, between 2022 and 2030, the whole lithium-ion (Li-ion) battery chain—from mining to recycling—could expand by more than 30% yearly, reaching a valuation of greater than USD 400 billion and an estimated market size of 4.7 TWh.

Research Nester
Flake Graphite Market Size
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Companies Dominating the Flake Graphite Landscape

    • GrafTech International
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    •  Tokai Carbon Co. Ltd.
    •  Graphite India Limited
    • HEG Limited
    • Focus Graphite Inc.
    • Mersen
    •  Hexagon Energy Materials Limited
    • Mineral Commodities
    • Toyo Tanso Co. Ltd.


In The News

  • Mineral Commodities announced the acquisition of 100% of the capital of Skaland Graphite AS.  The acquired company owns the Trælen mine and processing plant in Skaland, Norway and produces approximately 10 thousand tons of graphite per year. The acquisition aims to expand MRC's operations in the flake graphite sector.
  • Mineral Commodities announced the completion of Mineral Goods. The acquisition allows MRC to produce up to 10,000 tonnes of graphite in Europe, with regulatory approval to increase this capacity to 16,000 tonnes per year.

Author Credits:  Smruti Ranjan, Rajrani Baghel

  • Report ID: 5400
  • Published Date: Nov 27, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand in multiple industries and increasing technological advancement are some of the major factors anticipated to drive the growth of the flake graphite market.

The market is anticipated to attain a CAGR of ~2% over the forecast period, i.e., 2024-2036.

The major players in the market are of HEG Limited, Focus Graphite Inc., Mersen, Hexagon Energy Materials Limited, NextSource Materials, Inc, Mineral Commodities, Toyo Tanso Co. Ltd., and others.

The refractory segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in Asia Pacific is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Flake Graphite Market Report Scope

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