Synthetic graphite also called man-made or artificial graphite is extracted from the refining of hydrocarbon materials such as petroleum coke, and coal tar. It is a crystalline form of carbon and has carbon content similar to the natural type, however, synthetic graphite is much purer in terms of carbon content. Its significant material properties such as resistance to corrosion, thermal and electric conductivity, lightweight and high strength make it widely used in several applications and industries. Synthetic graphite is used as an important raw material in battery anodes and welding electrodes. It is also commonly used as a material in carbon fiber reinforced plastics used in aerospace, sports equipment, automobile frames.
High demand for lithium-ion battery industry and growing use of synthetic graphite majorly in producing electrodes in steel making industry as well as in sports equipment, automotive & aerospace are some of the significant factors boosting the market growth. The global synthetic graphite market is anticipated to record a notable CAGR over the forecast period, i.e., 2021-2029. The market is segmented by application into batteries & energy devices, metallurgy, nuclear, metal fabrication, refractory, foundry, and others. Among these segments, the segment for metallurgy is anticipated to hold the leading share in the market on account of wide-scale use of synthetic graphite in producing electrodes useful in metallurgical applications as a source of energy for the processes, including refining of ceramic materials and melting scrap iron in an electric furnace. CLICK TO DOWNLOAD SAMPLE REPORT
The excellent graphite features such as high surface area and layered crystal structure make synthetic graphite suitable for use as an anode component in lithium-ion batteries. Additionally, as synthetic graphite is considered a more durable material when compared to naturally occurring graphite, it is widely used in the manufacturing of batteries. Further, the market growth is attributed to the emergence of electric cars and e-rickshaws in recent years and the increasing adoption of lithium-ion batteries in these vehicles. Synthetic graphite has high purity levels, which is why it is used massively in lithium-ion batteries. Such factors are anticipated to drive the growth of the global synthetic graphite market.
The burgeoning popularity of graphene as well as smartphones is anticipated to drive the demand for synthetic graphite. In addition, different grades of graphite are available for specific uses in diverse applications. It is widely used in the aerospace and construction industry and also in military applications owing to its high strength-to-weight capability, high heat tolerance, strength, and rigidity. These favorable properties enable the production of efficient designs and facilitate the development of lightweight structural parts in aircraft which improves fuel efficiency. Moreover, an increase in the usage of green and eco-friendly technologies is anticipated to provide growth opportunities for graphite manufacturers. Such factors are anticipated to drive the growth of the global synthetic graphite market over the forecast period.
Despite the wide-scale application of synthetic graphite, there is a high cost of production as compared to naturally occurring graphite which may negatively affect the market growth. Furthermore, stringent environmental regulations of the government of nations worldwide are estimated to hinder the growth of the global synthetic graphite market in the future.
Our in-depth analysis of the global synthetic graphite market includes the following segments:
On the basis of regional analysis, the global synthetic graphite market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for synthetic graphite in the Asia Pacific is anticipated to hold the largest share on account of the presence of leading market players in the region that manufacture and market synthetic graphite. Moreover, the growing requirement for lithium-ion batteries, favorable government industrial expansion policies, and the expanding residential construction industry, especially in countries such as Japan and China are some of the factors anticipated to drive the growth of the synthetic graphite market in the Asia Pacific. Additionally, the market in the Middle East & Africa region is predicted to grow at the highest rate during the forecast period as a result of increasing consumption of graphite in the end user industries such as automotive, wind, and electrical and electronic equipment.
The global synthetic graphite market is further classified on the basis of region as follows:
FREQUENTLY ASKED QUESTIONS
Wide-scale applications of synthetic graphite in battery, aerospace, steel and electric vehicles is one of the major factors driving the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2029.
The major players in the market are SGL Carbon, Showa Denko Materials Co., Ltd., Asbury Carbons, XRD Graphite Manufacturing Co. Ltd., Graphit Kropfmühl GmbH, GrafTech International, Imerys Graphite & Carbon Switzerland Ltd, and others.
The company profiles are selected based on the revenues generated from segments, 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.
The synthetic graphite market is majorly segmented by product, application, end user and by region.
The metallurgy segment, which is a sub-segment of the application segment, is anticipated to hold the largest market share during the forecast period.
Concerns for the high price of synthetic graphite and stringent environmental regulations is one of the major factors estimated to act as barriers to the growth of the market.
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