The global graphite market was valued at USD 7.32 billion in 2023 and is projected to grow from USD 7.80 billion in 2024 to USD 13.35 billion by 2032, registering a compound annual growth rate (CAGR) of 6.9% during the forecast period. Graphite is known for being a naturally soft and lightweight element that possesses both metallic and nonmetallic properties, making it highly suitable for various industrial applications. The market growth is primarily driven by the extensive use of graphite in refractories and the increasing demand for Electric Arc Furnaces (EAF). This information is detailed in a research report by Fortune Business Insights™, titled “Graphite Market, 2024-2032.”
List of Key Players Mentioned in the Report:
AMG (Germany)
Asbury Carbons (U.S.)
Eagle Graphite (Canada)
Grafitbergbau Kaisersberg GmbH (Austria)
Imerys S.A. (France)
Stoker Concast Pvt. Ltd. (India)
BTR NEW Material Group Co., Ltd. (China)
Nacional de Grafite (Brazil)
SGL Carbon (Germany)
Mineral Commodities Ltd. (Australia)
Superior Graphite (U.S.)
Tirupati Carbons & Chemicals Pvt. Ltd. (India)
Segmentation:
Massive Uptake of Synthetic Products to Impel Segment Expansion
On the basis of product, the market is bifurcated into synthetic and natural. The synthetic segment captured the largest market share in 2023. The extensive uptake of synthetic products among consumers is augmenting the segment’s growth.
Surging Demand from the Aerospace Industry to Propel Refractories Segment Growth
In terms of application, the market is divided into friction products, foundries, recarburising, batteries, refractories, lubricants, and others. The refractories segment accounts for the largest graphite market share. The growing demand from industries, including building, metal manufacturing, aerospace, and automotive, coupled with quick industrial development, are fostering the refractories segment expansion.
From the regional perspective, the market is segmented into Latin America, North America, Asia Pacific, North America, and the Middle East & Africa.
Report Coverage
The market research report highlights the major strategic moves undertaken by prominent companies in detail. It further offers vital insights into the notable industry developments, key segments, and the impact of the COVID-19 pandemic on market growth. Other aspects of the report include the key driving and restraining factors affecting the market growth.
Drivers and Restraints:
Surging Demand from the Refractory Industry to Escalate the Market Growth
The product is highly resistant to higher temperatures or heat; hence, the refractory industry is its largest end-user, holding almost 50% of the global demand. Moreover, the product is deployed by this industry for the development of products for high-temperature conditions, including incinerators, furnaces, reactors, and linings for kilns. Thus, these factors are fostering the graphite market growth.
However, the growing export duties may hamper the market’s expansion.
Regional Insights:
Asia Pacific Led Due to High Product Usage in Steel Industry
Asia Pacific occupied the largest share of the market in 2023. The region is a hub for automotive, lithium-ion batteries, and steel production. The product’s heavy development in these three industries drives regional growth.
North America’s market growth is slated to flourish owing to the region’s plan to expand its battery production capacity.
Source: https://www.fortunebusinessinsights.com/graphite-market-105322
Competitive Landscape:
Leading Companies Focus on Capacity Expansions to Meet the Surging Product Demand
Key manufacturers in the market study include Asbury Carbons, AMG, Grafitbergbau Kaisersberg GmbH, EagleGraphite, BTR NEW Material Group Co., Ltd., Mineral Commodities Ltd., Nacional de Grafite, SGL Carbon, and Imerys S.A. A wide range of competitive strategies, including the launch of new products, partnerships, and mergers & acquisitions, are being adopted by top players to reinforce their industry position. Several market leaders are focusing on capacity expansions to meet the rising product demand.
Key Industry Development:
February 2023: POSCO Chemical began constructing its second manufacturing plant for synthetic graphite anode materials, capable of producing 10 kilotons annually. With this expansion, the North Gyeongsang plant's total capacity will increase to 18 kilotons.