Graphite Market Analysis by Product Type {Natural Graphite (Flake, Amorphous, Vein), Synthetic Graphite (Graphite Electrode, Carbon Fiber, Graphite Blocks, Graphite Powder), and Others}; by Application (Refractories, Lubricants & Crucibles, Foundry Facing, Batteries and Others); and by End User (Automobile Industries, Power Generation, and Electronic Industries) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

Buy Now Report ID: 181 | Published Date: Feb 14, 2023

Major Macro-Economic Indicators Impacting the Market Growth


The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

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Global Graphite Market: Growth Drivers and Challenges

Growth Drivers

  • Expansion of Aerospace Industry Worldwide- For instance, with improved infrastructure and government initiatives, the Aerospace and Defence (A&D) industry in India is expected to reach around USD 75 billion by 2030.  

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 high compressive strength capability. In addition to that, the growth of aerospace industry is expected to propel the demand for graphite over the forecast period.

  • Increasing Production of Minerals such as Graphite, Lithium – According to the World Bank Group report, by 2050, it is anticipated that the production of minerals like graphite and lithium is expected to increase by nearly 500% to meet the growing demand for clean energy technologies. In order to deploy wind, solar and geothermal power, more than 3 billion tons of minerals and metals will be required.
  • Rising Exports of Graphite Worldwide- As per the statistics by the International Trade Center, the worldwide value of exports of graphite in the year 2021 was recorded to be USD 522465 thousand, which was an increase from USD 465231 thousand in the previous year.
  • Growing Usage of Smartphones and Electronics- It is predicted that in 2025, nearly 4 billion internet users will access the web exclusively through their smartphones. There are around 2 billion people in the world who only access the internet via their smartphones, which equates to about 50% of the global mobile user population.
  • Technological Advancements in Automobile Industry - It is expected that the automotive revenue pool will increase and diversify substantially towards mobility services on demand and data-driven services. By 2030, traditional automotive sales are projected to generate about USD 5 trillion in additional revenue, whereas this could generate USD 2 trillion.


  • Globally Increasing Export Duty on Graphite 
  • Strict Regulations for Mining Processes by the Government 
  • Rising Graphite Prices Coupled With High Extraction Costs

The global graphite market is segmented and analyzed for demand and supply by application into refractories, lubricants & crucibles, foundry facing, batteries, and others. Out of which, the refractories segment is anticipated to capture the largest market size in the global graphite market. 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.

Global Graphite Market Regional Synopsis


Regionally, the global graphite market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2031 on the back of 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 region. In addition to that, India and China are among the world's largest crude steel producers. According to the World Steel Association data for 2018 and 2019, India ranked second in the production of crude steel after China. India’s crude steel production in 2019 was at 119.2 MT, higher than 109.3 MT in 2018, whereas China's crude steel production was 996.3 MT in 2019. 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. 


The global graphite market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

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

By Product Type

  • Natural Graphite
  • Flake Graphite
  • Amorphous Graphite
  • Vein Graphite
  • Synthetic Graphite
  • Graphite Electrode
  • Carbon Fiber
  • Graphite Blocks
  • Graphite Powder
  • Others

By Application

  • Refractories
  • Lubricants & Crucibles
  • Foundry Facing
  • Batteries
  • Others

By End User

  • Automobile Industries
  • Power Generation
  • Electronic Industries


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Top Featured Companies Dominating the Global Graphite Market

    • Imerys S.A.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Triton Minerals Limited
    • Mason Graphite Inc.
    • NextSource Materials Inc.
    • Northern Graphite 
    • GrafTech International Ltd.
    • Tokai Carbon Co., Ltd.
    • Nippon Graphite Industries, Co., Ltd.



In The News

  • The global leader in graphite & carbon solutions, Imerys, announced expansion of its carbon black production capacity in Willebroek, Belgium. With this move, the company aimed to meet the growing demand for specialty conductive additives, especially for lithium-ion batteries.
  • An agreement has been signed between Trition Minerals Limited and Suzhou Sinoma Design and Research Institute of No-Metallic Minerals Industry Co Ltd. Suzhou regarding the provision of technical consulting services for graphite production and quality.


Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Author Credits:  Smruti Ranjan, Rajrani Baghel

Key Questions Answered in the Report

1) What are the major factors driving the growth of the graphite market?

Ans: Globally increasing production and exports of graphite along with the production of crude steel are the major factors driving the growth of the graphite market.

2) What would be the CAGR of graphite market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2031.

3) What are the challenges affecting the graphite market growth?

Ans: Globally increasing export duty and strict regulations for graphite mining processes by the government are the challenges expected to hamper market growth.

4) Which region will provide more business opportunities for growth of graphite market in future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.

5) Who are the major players dominating the graphite market?

Ans: The major players in the market are Triton Minerals Limited, Mason Graphite Inc., NextSource Materials Inc., Northern Graphite, GrafTech International Ltd., SHOWA DENKO K.K., Tokai Carbon Co., Ltd., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the graphite market?

Ans: The market is segmented by product type, application, end user, and by region.

8) Which segment captures the largest market size in application segment in the graphite market?

Ans: The refractories segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.

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