Graphite Market Size & Share, by Application (Refractories, Lubricants & Crucibles, Foundry Facing, Batteries); Product Type (Natural, Synthetic); End-Use (Automobile, Power Generation, Electronic) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036 Global Market Size, Forecast, and Trend Highlights Over 2024-2036

  • Report ID: 181
  • Published Date: Feb 07, 2024
  • Report Format: PDF, PPT

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

Graphite Market size is poised to reach USD 5.88 Billion by the end of 2036, growing at a CAGR of 7.5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of the graphite was USD 2.47 Billion. The reason behind this growth is impelled by the increase in the production of graphite worldwide. According to the World Bank Group report, by 2050, it is anticipated that the production of minerals such as graphite and lithium is expected to increase by nearly 500% to meet the growing demand for clean energy technologies. Moreover, to deploy wind, solar, and geothermal power, more than 3 billion tons of minerals and metals will be required. As per the estimates, more than 1 million metric tons of graphite was produced worldwide in 2022.

The growing demand for graphite in advanced engineering and coating applications. Graphite is used to produce graphene-infused coating materials and graphene-based advanced engineering materials. In engineering, graphite is used for a variety of purposes, including vanes, thrust bearings, journal bearings, and piston rings, and is used to lubricate rubber, plastic, and metallic parts without the need for greases.


Graphite Market
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Graphite Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Smartphones- Graphite plays an important role in the design and functionality of several electrical devices. Its exceptional properties allow a smooth incorporation of advanced technologies into everyday life- powering smartphones and laptops with its presence in batteries, and managing heat, and are also used in touchscreens. For instance, over the past five years, there has been over 4% annual growth in the global smartphone user base.
  • Graphite’s Exceptional Expansion in the Aerospace Industry- Graphite is widely used in aerospace applications, as well as in the production of lightweight composite parts used in aircraft. In comparison to traditional aerospace materials, such as metals and plastics, graphite has a high comprehensive strength capability. In addition to that, the growth of the aerospace industry is expected to propel the demand for graphite over the forecasted period.
  • Increasing Demand for Advanced Electric Battery Technology- It is expected that the growing shift towards green energy and lead to an increased demand for advanced batteries. Graphite is used as a key ingredient in graphite-anode battery technologies, as it can provide large storage and fast charging times while maintaining high power. In addition to that, technological advancements in steel production using calcined petcoke, or electric arc furnaces (EAF), and the emergence of battery-powered automobiles are market trends anticipated to contribute significantly to the global graphite market size over the forecast period.

Challenges

  • Increase in export duty- The steel industry has influenced the Indian government to apply an export duty of 40% on electrode refractories, one of the most important raw materials, to increase domestic production and lower costs. The raised export duty on graphite in China is stopping the market's growth by limiting its availability outside the country to promote domestic demand. This industry also asked the government to take off the 238-900 million per ton country-specific import anti-dumping duty. This anti-dumping duty and high demand have driven domestic electrode rates up to 15,000 million per ton in the last three years, from 2,350 million per ton in June 2015. Steel production costs have increased by around 1,500-1,700 million per ton as the prices have risen. The growing focus on environmental regulations worldwide, as electronics and electrical industries, including the graphite market, are one of the major contributors to environmental damage. This adds to the cost pressure challenging the profitability of the market.
  • Rising graphite prices coupled with high extraction costs.
  • Strict regulations for mining processes by the government.

Graphite Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

7.5%

Base Year Market Size (2023)

 USD 2.47 billion

Forecast Year Market Size (2036)

 USD 5.88 billion

Regional Scope

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

Application (Refractory, Metallurgy, Metal Fabrication, Lubricants & Crucibles, Foundry Facing, Batteries & Energy Devices)

The refractory segment in the graphite market is estimated to gain a robust revenue share of 30% in the coming years owing to the rising application of graphite as a refractory material is expected to grow during the forecast period owing to its properties, such as heat resistance, stability, and high thermal properties. Furthermore, the growth of this segment can also be attributed to the rapid industrialization and the increased use of graphite in the iron and steel industries. In a study, it was observed that in a steelmaking process, the tip of the electrode is heated up to 3,000 degrees Celsius. Electrodes are made of graphite since only graphite is capable of handling such intensive heat. In addition to that, nearly 4 kilograms (8.8 pounds) of graphite electrodes are used to make a ton of steel.

In addition, graphite is also used as mold wash in several casting processes and facing sand by the foundry industry, which is counted as the second-highest use of this market. Ferrous castings accounts for the highest global share of many casting types, either by non-ferrous castings such as copper, aluminum, lead, and zinc, magnesium, and titanium-based castings. The most popular uses for foundry-cast metals include automotive, pipelines, and machinery.

Product Type (Natural Graphite, Synthetic Graphite)

The synthetic graphite segment is poised to garner a notable share shortly. The purity of natural graphite ranges from around 70.1%-99.0%, while synthetic graphite purity is usually above 99.0%. Synthetic graphite is made of graphitic carbon that has been produced by graphitizing non-graphitic carbon, which is frequently utilized in the production of metals as well as in solar panels, battery systems, sports equipment, and pencils.

In addition, the production cost of naturally occurring graphite is comparatively lower than that of synthetic graphite which increases the demand for natural graphite in the market.

End-Use (Automobile & Aerospace, Power Generation, Electronic)

The automobile & and aerospace segment in the graphite market is set to garner a notable share shortly owing to the increase in the demand for vehicles in which graphite is highly used as the material in carbon fiber-reinforced plastics for these frames. Moreover, the rising demand for electric vehicles and phones, which largely depend on rechargeable batteries, is further expected to propel market growth. In addition to batteries used in mobile phones and electric vehicles, graphite is also a key raw material in these batteries. In tandem with the growth in lithium-ion battery demand, graphite demand is also expected to increase.

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

          Product Type

  • Natural
  • Synthetic

          End-Use

  • Automobile & Aerospace
  • Power Generation
  • Electronic

          Application

  • Refractory
  • Metallurgy
  • Metal Fabrication
  • Lubricants & Crucibles
  • Foundry Facing
  • Batteries & Energy Devices

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Graphite Industry - Regional Synopsis

APAC Market Forecast

The graphite market in Asia Pacific is predicted to account for the largest share of 47% by 2036 impelled by rapid industrialization in countries such as China, India, and Japan, and increasing demand for graphite from steel manufacturers is expected to drive the market in the region. In addition to that, India and China are among the world's largest crude steel producers. Furthermore, China is the world's largest consumer and producer of graphite electrodes. Based on US Geological Survey data, China produced 820,000 tons of graphite in 2021, accounting for 79 percent of the world's graphite production. Around 24% of the graphite produced in China was amorphous, and about 76% was flake graphite. Furthermore, the expansion of the mining industry is expected to drive market growth. According to the India Brand Equity Foundation, the number of reporting mines in India was estimated at 1,229 as of 2021, of which 545 mined metallic minerals and 684 mined non-metallic minerals.

North American Market Statistics

The North America graphite market is estimated to be the second largest, during the forecast timeframe led by the increase in the production of electric vehicles in the United States has increased the demand for lithium-ion batteries, which resulted in more graphite consumption. In addition, the significant investments in the research & and development activities to increase the graphite production areas are also expected to grow in the North American market.

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Graphite Market Size
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Companies Dominating the Graphite Landscape

top-features-companies
    • Imerys Graphite & Carbon
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Elkem ASA
    • Triton Minerals Ltd.
    • Mason Graphite Inc.
    • NextSource Materials Inc.
    • Graf Tech International Ltd.

In-the-news

In The News

  • Imerys Graphite & Carbon, announced the launch of their landmark lithium exploitation project (The EMILI Project') at their Beauvoir site- Allier department of France. The project was expected to expand Imerys' position in the graphite market, which includes synthetic graphite and carbon black, at their production centers in Willebroek (Belgium) and Bodio (Switzerland).
     
  • Elkem ASA, selected Herøya Industrial Park in Norway, as the ideal site for the development of a large-scale plant for graphite production and would generate various green jobs in the region during the forecasted period.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 181
  • Published Date: Feb 07, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing production of graphite along with the growing demand for graphite in advanced engineering and coating applications are the major factors driving the growth of the graphite market.

The market size of graphite market devices is anticipated to attain a CAGR of 7.5% over the forecast period, i.e., 2024-2036.

The major players in the market are Elkem ASA, Triton Minerals Ltd., Mason Graphite Inc., NextSource Materials Inc., and Graf Tech International Ltd.

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

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