The global graphite market is anticipated to reach a value of US$ 43,357.6 Mn by 2032, with the market expanding at a positive CAGR of 6.5% during the forecast period of 2022 and 2032. Valued at US$ 21,609.2 Mn in 2021, the graphite market will likely reach an estimated US$ 23,097.7 Mn in 2022. The escalating application of graphite in various end-use industries like batteries, foundry facing, lubricants & crucible, refractories and others drive the graphite market to grow over this period of observation.
The advantages of using graphite such as good thermal and electrical conductivity, lubricity, chemical resistance, and others propel the adoption of graphite in various industries. One of the primary market drivers of graphite is the expanding electric vehicles sector. Graphite is used in the production of anodes that are needed in batteries, particularly of electric vehicles. Also, rising concerns for the environment coupled with increasing awareness about pollution and such foster growth for the electric and hybrid electric vehicles. Hence, the advancing electric vehicles sector will fuel the sales of the graphite market during this period of observation.
The refractory industry, too, is predicted to promote the market expansion of graphite. Graphite is used in this industry for creating goods in high-temperature conditions like linings for kilns, incinerators, and furnaces. This is expected to bode well for the graphite market through the forecast period. In addition to this, escalating demand for solar panels all over the world along with an increase in the need for Li-ion batteries in electric vehicles will further propel the target market. Usage of graphite in solar panels lessens the cost and optimizes the efficiency. In the automotive sector, the high thermal resistance, chemical inertness, and the porous nature of graphite makes it the most preferred material for the production of anode in Li-ion batteries. All of these factors promote an environment of growth for the graphite market over the projected period.
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"Expanding electric vehicle sector along with an elevated demand for solar panels are expected to fuel the graphite market over the forecast period," says an FMI analyst.
Key Takeaways:
Huge demand in various end-use industries to present lucrative opportunities.
Expensive graphite purification process can dampen the market growth.
In 2022, the U.S. graphite market is expected to hold about 13.2% of the revenue share.
China is predicted to account for 70% of graphite consumption in East Asia in 2022.
In terms of application, the refractories segment is predicted to dominate the market.
High demand for electric vehicles boost the sales of synthetic graphite lubricants.
Competitive Landscape
Showa Denko K.K., Toyo Tanso Co., Ltd., SGL Carbon SE, Tokai Carbon Co., Ltd, Graphite India Limited, Nippon Carbon Co., Ltd., HEG Limited, SEC Carbon, Limited, Imerys S.A., GrafTech International Ltd., Mersen Group, Fangda Carbon New Material Co., Ltd., Dongguan Kaijin New Energy Technology Co., Ltd., Pingdingshan Oriental Carbon Co., Ltd., Advanced Biopolymers AS, Mahtani Chitosan Pvt. Ltd Vardhman Acrylics Ltd., and others are some of the major players in the graphite market profiled in the full version of the report.
Leading market players are keen on entering and expanding their businesses in emerging economies. Other players are concentrating on the integration of advanced manufacturing technology to produce high-purity graphite to comply with the escalating demand.
Graphite Market Outlook by Category
By Product Type:
Natural Graphite
Flake
Amorphous
Vein
Synthetic Graphite
Graphite Electrode
Carbon Fiber
Graphite Blocks
Graphite Powder
Others
By Application:
Refractories
Lubricants & Crucible
Foundry Facing
Batteries
Others
By Region:
North America
Latin America
East Asia
Europe
South Asia & Pacific
Middle East & Africa