What Has Been the Progress and Growth of the Graphite Market in Recent Years?
The graphite market has seen considerable growth due to a variety of factors.
• The size of the graphite industry has experienced significant growth in the past few years. The market is set to expand from $1.21 billion in 2024 to $1.31 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.8%.
This growth during the historical period can be traced back to the demand emanating from industries such as steel, battery and energy storage, refractories and foundry, automotive, alongside the emerging markets.
What Is The Expected Growth In The Graphite Market Size Evolve over the Forecast Period?
The graphite market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the graphite market is anticipated to witness robust expansion in the upcoming years, reaching $1.72 billion in 2029 with a compound annual growth rate (CAGR) of 7.1%.
The predicted growth during this period can be tied to phenomena such as the growth of electric vehicles (ev), advancements in battery technology, developments in infrastructure, and global industrialization. Noteworthy trends likely during this forecast period are electrification and lightweighting, advanced materials, additive manufacturing, and digitalization and connectivity, in addition to collaborations and partnerships.
What Main Forces Are Fueling Expansion In The Graphite Market?
The graphite market's expansion is predicted to be fueled by the rising demand for electric vehicles. Electric vehicles (EVs), which are cars powered by electricity from built-in batteries, precluding the need for conventional internal combustion engines, utilise graphite. Graphite assists in the production of lithium-ion batteries for electric vehicles that are both lightweight and have a high energy density. It functions as an anode material, facilitating efficient energy storage and release. For example, according to the International Energy Agency, a global entity, electric car sales in 2023 surged by 3.5 million compared to 2022, representing a 35% annual growth. Hence, the escalating demand for electric vehicles is steering the surge in the graphite market.
What Are The Primary Segments In The Global Graphite Market?
The graphite market covered in this report is segmented –
1) By Type: Flake Graphite, Non-Flake Graphite
2) By Product: Natural Graphite, Synthetic Graphite
3) By Flake Size: Jumbo, Large, Medium, Small, Fine
4) By Application: Refractories, Batteries, Lubricants/Crucibles, Foundry, Pencils, Other Applications
Subsegments:
1) By Flake Graphite: Coarse Flake Graphite, Fine Flake Graphite
2) By Non-Flake Graphite: Amorphous Graphite, Lump Graphite
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Who Are the Key Players In The Graphite Market?
Major companies operating in the graphite market include:
• Graphite India Limited
• Mason Graphite Inc.
• SGL Carbon SE
• GrafTech International Holdings Inc
• Triton Minerals Ltd.
• Alabama Graphite Corp.
• American Graphite Technologies
• Anson Resources Ltd.
• Archer Materials Ltd.
• China Carbon Graphite Group
• First Graphene Limited
• Showa Denko KK
• GrafTech International Ltd.
• BTR New Material Group Co. Ltd.
• Shanshan Technology Co. Ltd.
• Lianyungang Jinli Carbon Co. Ltd
• Weaver Industries Inc.
• DMC Global Inc.
• Mercer Gasket & Shim Inc.
• Nippon Graphite Fiber Co. Ltd.
• Zoltek Corporation
• Graphite One Inc.
• NextSource Materials Inc.
• Syrah Resources Ltd.
• Novonix Ltd.
• Elcora Advanced Materials Corp.
• Graphene Manufacturing Group
• NanoXplore Inc.
• Asbury Carbons Inc.
• Zentek Ltd.
What Is The Most Dominant Region In The Graphite Market?
Asia-Pacific was the largest region in the graphite market in 2023. South America was the second largest region in the graphite market. The regions covered in the graphite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
