1 Global Graphite Market Insight Analysis
The global graphite market revenue is expected to be USD 19,377 million in 2024, with a CAGR of 8.50% from 2024 to 2033.
Graphite is an occurring mineral form of carbon, consisting of a three-dimensional hexagonal crystal structure. It is a soft, black, lustrous mineral that is highly conductive and has a high melting point. Graphite is commonly used as a lubricant due to its low friction properties, and also as an electrode in batteries and fuel cells due to its ability to conduct electricity. It is also used in the production of steel and other metals, as well as in various industrial applications such as refractory materials, and as a component in various high-performance materials.
Figure Global Graphite Market Size (M USD) and CAGR (2024-2033)
2 Graphite Market Growth Drivers and Restraints
Growing demand in the new energy sector: As a key component of lithium-ion batteries, graphite plays an important role in new energy storage and electric vehicles. With the global emphasis on environmental protection and sustainable development, the new energy vehicle market is expanding rapidly. According to data from the International Energy Agency, global sales of new energy vehicles have continued to rise in recent years, which has directly driven the demand for lithium-ion batteries, thereby stimulating the growth of the graphite market.
For example, as the world’s largest new energy vehicle market, China’s growth in new energy vehicle sales has led to an increasing demand for graphite in the country, which has promoted the development of the graphite industry. At the same time, the demand for renewable energy storage is also growing, and lithium-ion batteries are increasingly used in energy storage systems such as solar energy and wind energy, further increasing the demand for graphite.
Stable development of the steel industry: The steel industry is one of the important application areas of graphite. Data from the World Steel Association show that although global steel demand has fluctuated, it is generally on an upward trend. In the steel production process, graphite electrodes are used in electric arc furnace steelmaking, which is crucial to improving steel production and quality. With the technological advancement of the steel industry, the quality and performance requirements for graphite electrodes are also constantly improving, which has prompted graphite companies to continuously improve production processes and improve product quality to meet the needs of the steel industry, thereby promoting the development of the graphite market.
Graphene application expansion: As a new type of material derived from graphite, graphene has great application potential in many fields due to its unique properties. In the field of electronics, graphene can be used to manufacture high-performance electronic devices such as transistors and sensors; in the field of energy, it can be used to develop new batteries and supercapacitors to improve energy storage and conversion efficiency; in the field of biomedicine, it can be used for drug delivery, bioimaging and other aspects. With the continuous deepening of graphene application research, more and more graphene products are gradually entering the market, which will drive the demand for graphite raw materials and bring new growth points to the graphite market.
Increasingly stringent environmental regulations: The mining and processing of graphite will have a certain impact on the environment, such as the generation of pollutants such as wastewater, waste gas and waste residue. In order to protect the environment and public health, governments have introduced more stringent environmental regulations. In the United States, the Environmental Protection Agency (EPA) has formulated a series of regulations to regulate the waste treatment and pollutant emissions of graphite mining and processing companies.
These regulations require companies to increase environmental protection investment and adopt more environmentally friendly production technologies and equipment, which undoubtedly increases the production costs and operational difficulties of companies. Some small graphite companies may be forced to stop production or close down because they cannot afford the high environmental protection costs, thus limiting the scale of the graphite market.
Trade restrictions and unstable supply chains: The graphite market is highly dependent on international trade, and trade restrictions have been increasing in recent years. The rise of trade protectionism has led to intensified trade frictions between countries, and trade restrictions such as tariffs and export quotas have had a serious impact on the supply chain of the graphite market.
The outbreak of the new crown epidemic has hit global trade hard, and problems such as logistics obstruction and order cancellation have occurred frequently, and the supply and demand of the international graphite market have been greatly impacted. The conflict between Russia and Ukraine has also disrupted the global graphite supply chain. As an important oil producer, Russia’s conflict with Ukraine has caused fluctuations in crude oil prices, which in turn affected the price of raw materials for synthetic graphite, threatening the cost and supply stability of the graphite market.
Pressure on technology updates and product upgrades: The graphite industry has a rapid technological update, and companies need to continuously invest in research and development funds to keep up with the pace of technological development. As the market’s requirements for the quality and performance of graphite products become higher and higher, companies need to develop new production processes and technologies to improve key indicators such as product purity and conductivity.
If companies fail to update technology and upgrade products in a timely manner, they may be at a disadvantage in market competition. In addition, the technical requirements for graphite in different downstream application fields vary greatly, and companies need to customize production according to the needs of different customers, which also increases the difficulty of research and development and production.
3 Technological Innovations in the Graphite Market
Advances in mining and processing technology: In graphite mining, advanced exploration technologies continue to emerge, such as the application of geological exploration satellites and high-precision geophysical exploration equipment, which can more accurately determine the location and reserves of graphite deposits and improve mining efficiency. In processing technology, new crushing, purification and molding technologies have been widely used.
For example, the use of high-voltage pulse crushing technology can improve the crushing efficiency of graphite and reduce energy consumption; the combination of chemical purification and physical purification can increase the purity of graphite to a higher level to meet the needs of the high-end market. Some companies have also developed continuous and automated production processes, reducing manual intervention and improving product quality stability and production efficiency.
Product performance improvement technology: In order to meet the special requirements of graphite performance in different application fields, companies have carried out a lot of research and development in product performance improvement technology. In the field of lithium-ion batteries, the surface modification and structural optimization of graphite negative electrode materials have improved the battery’s charge and discharge efficiency, cycle life and energy density.
The use of nanotechnology to process graphite and prepare nanostructured graphite materials can significantly improve its electrochemical properties. In the field of refractory materials, high-performance graphite-based composite materials have been developed to enhance the high temperature resistance and corrosion resistance of the materials and extend the service life of refractory materials.
Graphene-related technological breakthroughs: As an important derivative of graphite, the research and development of graphene-related technologies has attracted much attention. In recent years, the preparation technology of graphene has made significant breakthroughs, such as the continuous improvement of chemical vapor deposition method and redox method, which has gradually reduced the preparation cost of graphene and continuously improved the quality and output.
In terms of application technology, a series of results have been achieved in the application research of graphene in the fields of electronics, energy, materials, etc. In the field of electronics, the research and development of graphene transistors has made important progress, which is expected to replace traditional silicon-based transistors and realize the miniaturization and high performance of electronic devices; in the field of energy, the research on graphene-based supercapacitors and batteries is also advancing, showing good application prospects.
4 Global Graphite Market Size by Type
Natural graphite is derived from graphite ore and is known for its layered structure, which provides excellent thermal and electrical conductivity. It is widely used in applications such as lubricants, batteries, and as a reinforcement material in composites. In 2024, natural graphite is expected to generate a revenue of 2,584 million USD, accounting for approximately 13.34% of the total market revenue. This share remains consistent with the trend observed in previous years, reflecting the stable demand for natural graphite across various industries.
Synthetic graphite, on the other hand, is manufactured from carbon-based materials such as petroleum coke or coal tar pitch. It undergoes a process called graphitization, which results in a more uniform structure, making it superior in terms of electrical and thermal conductivity. Synthetic graphite is extensively used in high-performance applications, including electrodes for electric arc furnaces, anodes for batteries, and in the aerospace industry. In 2024, synthetic graphite is projected to achieve a revenue of 16,793 million USD, representing 86.66% of the total market revenue. This dominant share underscores the increasing reliance on synthetic graphite for its superior properties and expanding applications.
Table Global Graphite Market Size and Share by Type in 2024
Type | Market Size (M USD) 2024 | Market Share 2024 |
|---|---|---|
Natural Graphite | 2584 | 13.34% |
Synthetic Graphite | 16793 | 86.66% |
5 Global Graphite Market Size by Application
Electrodes are a major application area, with a projected revenue of 10,801 million USD in 2024. This application holds the largest market share, estimated at 55.74%, reflecting its critical role in industries such as steel manufacturing and battery production. The revenue from electrodes is expected to grow steadily, reaching 14,024 million USD by 2028, indicating a CAGR of approximately 5.6% from 2023 to 2028.
This application segment is also significant, with a projected revenue of 1,226 million USD in 2024, accounting for 6.33% of the total market share. The use of graphite in refractories, casting, and foundries is crucial due to its high-temperature stability and resistance to corrosion. The market is expected to grow to 1,537 million USD by 2028, showing a consistent demand in these sectors.
The battery application is another crucial segment, with a projected revenue of 3,438 million USD in 2024, holding a market share of 17.74%. This application is driven by the growing demand for lithium-ion batteries in electric vehicles and energy storage systems. The revenue from batteries is expected to rise to 6,738 million USD by 2028, indicating a strong growth potential in this sector.
Graphite lubricants, though a smaller in comparison, are projected to generate a revenue of 295 million USD in 2024, with a market share of 1.52%. The use of graphite as a lubricant is due to its low friction coefficient and chemical stability, making it suitable for high-temperature applications.
Table Global Graphite Market Size and Share by Application in 2024
Application | Market Size (M USD) 2024 | Market Share 2024 |
|---|---|---|
Electrodes | 10801 | 55.74% |
Refractories, Casting & Foundries | 1226 | 6.33% |
Batteries | 3438 | 17.74% |
Lubricants | 295 | 1.52% |
Others | 3617 | 18.67% |
6 Global Graphite Market Size by Region
In 2024, the revenue of the graphite market in North America reached 505 million US dollars. Although North America has a relatively small share compared to some other regions in the global graphite market, it has been experiencing a steady growth trend. The region benefits from its advanced technological research and development capabilities in industries like electronics and energy storage. For example, the increasing demand for high – performance lithium – ion batteries in the electric vehicle and consumer electronics sectors in North America has driven the demand for graphite – based anode materials. This has contributed to the growth of the graphite market revenue in the region.
Europe’s graphite market revenue in 2024 was 1823 million US dollars. The European graphite market is driven by multiple factors. The region’s strict environmental regulations have spurred the development of clean energy technologies, such as wind and solar power, which in turn has increased the demand for energy storage systems that often use graphite. Moreover, the steel and manufacturing industries in Europe also consume a significant amount of graphite, especially in the production of graphite electrodes for electric arc furnaces in steel – making.
The Asia Pacific region dominated the global graphite market in 2024 with a revenue of 15212 million US dollars. This region is home to major graphite – consuming countries like China and India. China, in particular, is not only a large producer of graphite but also has a huge domestic demand due to its booming industries. The rapid development of the electric vehicle industry in China, along with the growth of the electronics manufacturing sector, has led to a substantial increase in the demand for graphite. Additionally, the region’s strong manufacturing base and large – scale industrial production further boosts the consumption of graphite in various applications.
Latin America’s graphite market revenue in 2024 was 1398 million US dollars. The region has significant graphite resources, and its mining and processing industries are gradually developing. The growth in the graphite market revenue in Latin America is mainly due to the increasing exploration and development of graphite mines in the region. As more mines start production, the supply of graphite increases, which in turn supports the growth of related industries and drives up the market revenue.
In 2024, the Middle East and Africa region had a graphite market revenue of 438 million US dollars. This region’s graphite market development is relatively slower compared to some other regions. However, with the increasing investment in infrastructure and the development of emerging industries in some countries in the region, the demand for graphite is expected to grow. For example, the growth of the construction and manufacturing sectors in some African countries may increase the demand for graphite – containing products such as refractories and lubricants.
Figure Global Graphite Market Size (M USD) by Region in 2024
7 Global Graphite Market Analysis by Major Players
Graftech International Ltd.
Company Profile: Graftech International Ltd., established in 1886, is headquartered in the USA and operates worldwide. The company is a leading manufacturer and supplier of natural and synthetic graphite and carbon-based products and services.
Business Overview: Graftech specializes in providing graphite electrodes, petroleum needle coke, crystalline form of carbon, and energy solutions for various industries including steel, aluminum, silicon metal, automotive products, and electronics.
Product Offered: The company’s flagship product, UCAR® GRAPHITE ELECTRODES, is crucial for electric arc furnaces that demand graphite electrodes to conduct power and withstand high heat for steel production.
2023 Revenue Summary: In 2023, Graftech International Ltd. reported a revenue of 1,247 million USD, maintaining its position as a significant player in the graphite market.
BTR New Energy Materials Inc.
Company Profile: BTR New Energy Materials Inc., founded in 2000 and headquartered in China, has a primary business distribution in the Asia-Pacific and Europe regions.
Business Overview: BTR is a manufacturer of lithium-ion battery materials, offering anode materials like natural graphite, artificial graphite, mesophase carbon microspheres, and cathode materials for various battery applications in new energy vehicles, consumer electronics, and energy storage.
Product Offered: BTR’s natural graphite business includes a complete industrial chain from graphite mining to anode production, with capabilities in resource control, supply, and technology iteration across the entire chain.
2023 Revenue Summary: For the year 2023, BTR New Energy Materials Inc. achieved a revenue of 1,158 million USD, reflecting its growing influence in the battery materials sector.
Resonac Corporation
Company Profile: Resonac Corporation, established in 1912 and headquartered in Japan, operates mainly in Europe, Asia Pacific, and North America.
Business Overview: Originally Hitachi Chemicals Co., Ltd., the company is now part of Showa Denko K.K.K. and focuses on the High Functional Materials business division. It engages in materials and component materials and parts under functional materials business and advanced parts/systems business.
Product Offered: Resonac’s ultra-fine artificial graphite powder is processed at 3000°C, utilizing graphite processing technology, and is used in applications requiring thermal and electrical conductivity, and sliding performance.
2023 Revenue Summary: In 2023, Resonac Corporation reported a revenue of 689 million USD, marking it as a key supplier in the graphite materials industry.