ASEAN Graphite Market Entry Strategies, Key Manufacturers Analysis 2031

The ASEAN Graphite Market size is expected to reach US$ 1,395.06 million by 2031 from US$ 846.74 million in 2024. The market is estimated to record a CAGR of 6.4 % from 2024 to 2031.

The ASEAN graphite market is experiencing substantial growth, fueled by rising demand across diverse sectors like batteries, lubricants, refractories, and friction materials. With a strong industrial base and technological advancements, ASEAN nations are becoming significant players in both graphite production and consumption. A key driver of this expansion is the soaring need for high-quality graphite in lithium-ion batteries for electric vehicles (EVs) and energy storage systems, aligning with the region's focus on sustainable energy solutions. Furthermore, graphite's unique properties, such as high thermal conductivity and wear resistance, render it essential in industries spanning automotive, electronics, and manufacturing.

ASEAN Graphite Market Outlook

The ASEAN graphite market is on a strong growth trajectory, propelled by an increasing emphasis on sustainable and eco-friendly practices across various industries. A notable development in November 2024 saw Graphjet Technology, a Malaysian firm, inaugurate its first commercial-scale green graphite facility in the Subang District. This facility pioneers the recycling of palm kernel shells, a readily available agricultural byproduct, to produce battery-grade graphite. With the capacity to process up to 9,000 metric tons of shells annually, the facility can yield up to 3,000 metric tons of graphite each year. This output is sufficient to support battery production for approximately 40,000 EVs annually. Malaysia's abundant supply of biomass waste from palm oil production presents a significant opportunity for innovative companies to capitalize on this sustainable trend. Consequently, the Malaysian graphite market is poised for expansion, driven by sustainable practices and the innovative recycling of palm oil byproducts.

The graphite market in Thailand is characterized by consistent demand from various industrial applications, including batteries, lubricants, and construction materials. As global interest in sustainable and high-performance materials intensifies, Malaysia is strategically positioning itself as a crucial contributor to the graphite supply chain, attracting investments and fostering technological advancements in extraction and processing methods. The market's evolution is also influenced by environmental regulations and the growing emphasis on graphite recycling, encouraging local producers to adopt more sustainable practices. Therefore, Malaysia is strategically enhancing its graphite market by integrating sustainable practices and innovative technologies.

ASEAN Graphite Market Country Insights

Geographically, the ASEAN graphite market is segmented into Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. In 2024, Indonesia held the largest market share.

The Indonesian graphite market has witnessed significant growth in recent years, primarily driven by the nation's escalating demand for lithium-ion batteries used in EVs and mobile devices. With the Indonesian government's strong commitment to becoming a major player in the global electric vehicle market, the demand for graphite is expected to surge. Additionally, the increasing need for graphite in the production of refractories, foundry materials, and lubricants further fuels the market's expansion.

Segments Covered

ASEAN Graphite Market By Type

• Natural

• Synthetic

ASEAN Graphite Market By Form

• Powder

• Flake

• Granules

• Electrode

ASEAN Graphite Market By Application

• Batteries

• Lubricants

• Refractories

• Friction Products

• Electrodes

ASEAN Graphite Market Regions and Countries Covered

ASEAN

• Indonesia

• Malaysia

• Philippines

• Singapore

• Thailand

• Vietnam

ASEAN Graphite Market leaders and key company profiles

• SGL Carbon

• Imerys Graphite & Carbon

• EuroGraphite

• Graphite India Ltd.

• Graphit Kropfmühl GmbH

• China Graphite Group Limited

• Ceylon Graphite Corp

• Graphite Central

• Nanjing GRF Carbon Material Co Ltd

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights