Graphite Market worth $36.40 billion by 2030, at a CAGR of 15.1%, says MarketsandMarkets™

Delray Beach, FL, Dec. 19, 2024 (GLOBE NEWSWIRE) -- The Graphite Market is anticipated to grow from USD 15.67 billion in 2024 to USD 36.40 billion by 2030, at a CAGR of 15.1% during the forecast period, as per the recent study by MarketsandMarkets™. The demand for graphite is rising due to its critical role in energy storage technologies, particularly lithium-ion batteries, driven by the rapid growth of electric vehicles (EVs) and renewable energy sectors. Emerging battery technologies, such as solid-state and sodium-ion batteries, further expand graphite's applications. Additionally, the semiconductor and electronics industries rely on high-purity graphite for manufacturing components like silicon wafers and compact energy solutions for IoT devices. Industrial uses, including refractories, steel production, and aerospace, continue to sustain demand. Increasing global focus on sustainability and green technologies, coupled with graphite’s unique properties like thermal stability and conductivity, solidifies its importance across multiple sectors.

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Browse in-depth TOC on “Graphite Market”

423 - Market Data Tables
60 – Figures
290 - Pages

List of Key Players in Graphite Market:

AMG (Germany)
Asbury Carbons (US)
Grafitbergbau Kaisersberg GmbH (Austria)
BTR New Material Group Co.,Ltd.(China)
Imerys (France)
Nacional de Grafite (Brazil)
SGL Carbon (Germany)
Mineral Commodities Ltd. (Australia)
Tirupathi Carbons & Chemicals Pvt Ltd (India)
Resonac Holdings Corporation (Japan)
Toyo Tanso Co.,Ltd. (Japan)
Mersen Property (France)
Northern Graphite(Canada)
Novonix Limited (Australia)
Shanshan Co (China)

Drivers, Opportunities and Challenges in Graphite:

Drivers: Rising production of electric vehicles (EVs) and renewable energy storage systems
Restraint: Ecological Considerations
Opportunity: Growth in Renewable Energy Storage
Challenge: Carbon Nanomaterials as Potential Substitutes

Key Findings of the Study:

By type, the synthetic graphite segment is estimated to be the fastest-growing type segment from 2024 to 2030 in terms of value
By application, the electrode segment will be the largest in the graphite market 2023.
By purity, high purity segment holds the largest market share in the graphite market 2023.
Asia Pacific is estimated to be the largest region in the graphite market in 2023.

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The battery segment is anticipated to experience the highest growth rate in the graphite market by application.

The battery segment is the primary driver of growth in the graphite market, owing to its critical role in energy storage solutions, particularly in lithium-ion batteries. This surge is fueled by the global shift toward electrification, driven by environmental concerns and government mandates promoting electric vehicles (EVs). Graphite, the primary anode material in these batteries, is indispensable for their production. Additionally, the integration of renewable energy sources like solar and wind into power grids necessitates advanced energy storage systems, with graphite-based batteries being pivotal for grid stability and sustainability. The demand is further amplified by the growing consumer electronics market, where compact, efficient batteries are vital for devices like smartphones, wearables, and laptops.

Moreover, industries and consumers are increasingly focusing on energy efficiency, prioritizing batteries with higher density, faster charging, and longer lifespans—all reliant on quality graphite. With massive investments from companies like Tesla, CATL, and Panasonic to expand battery manufacturing, the demand for graphite anode materials continues to grow. This positions the battery segment as a dominant force in the graphite market, with its significance set to increase further as energy storage needs evolve globally.

Based on the by-type, synthetic segment is the most significant segment in the type of segment of the graphite market.

Synthetic graphite led the graphite market in 2023 due to its superior purity, consistency, and tailored properties, making it ideal for high-performance applications. Its pivotal role in lithium-ion batteries, particularly for electric vehicles (EVs), was a major growth driver. Synthetic graphite’s high purity and customizable features enhance battery efficiency, energy density, and lifespan—qualities critical to the rapidly growing EV and renewable energy sectors. Additionally, its predictable thermal resistance and uniform performance under extreme conditions make it indispensable in industrial applications like refractories, foundries, and steel production.

The dominance of synthetic graphite is further bolstered by its adaptability to emerging technologies, such as solid-state batteries and advanced energy storage systems, where engineered properties like specific particle size and morphology are crucial. Unlike natural graphite, synthetic graphite inherently offers the high purity required for sensitive industries like semiconductors and nuclear energy, without extensive processing. Its production from petroleum coke ensures a stable supply chain, minimizing geopolitical and environmental risks tied to natural graphite mining. These factors collectively cemented synthetic graphite’s leading market share in 2023.

Based on purity, high purity is the largest segment by material in the graphite market due to its critical role in advanced technologies and industries. With purity levels exceeding 99.9%, high-purity graphite is indispensable in applications demanding exceptional electrical and thermal conductivity, chemical stability, and durability. Lithium-ion batteries, a cornerstone of the electric vehicle (EV) and renewable energy markets, rely heavily on high-purity graphite for anode materials to enhance battery performance, energy density, and lifespan. Similarly, industries like semiconductors, aerospace, and nuclear energy require this grade for its ability to meet stringent quality and performance standards.

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As global investments in EV production, renewable energy storage, and advanced electronics continue to rise, so does the demand for high-purity graphite. Governments worldwide are promoting cleaner energy technologies, further bolstering the need for efficient energy storage solutions that high-purity graphite supports. Additionally, emerging technologies, such as solid-state and sodium-ion batteries, are driving the evolution of graphite materials, solidifying high-purity graphite’s position as a critical material in the sustainable energy transition. This growth trajectory ensures that the high-purity segment will remain at the forefront of the graphite market in the coming years.

By region, the Asia-Pacific region has the largest share of the CAGR for graphite.

The Asia-Pacific region leads the global graphite market, driven by rapid industrial growth in countries like China, Japan, India, and South Korea. The region is home to major EV manufacturers, including Nissan, Toyota, Tesla, Honda, BYD, and BMW, which have extensive manufacturing facilities contributing to heightened demand for lithium-ion batteries and advanced battery materials. Additionally, government initiatives in these countries emphasize energy efficiency, sustainability, and renewable energy adoption, bolstering graphite usage in energy storage solutions. The focus on better battery performance and reduced operational costs further fuels the market's expansion, making Asia-Pacific a hub for investments in battery and coating technologies.

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