Graphite Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Synthetic and Natural), By Application (Foundries, Batteries, Friction Products, Refractories, Lubricants, Rebarbarizing, and Others), Region.

Graphite Market size was valued at US$ 6,478.1 million in 2023 and is projected to reach US$ 9,805.2 million by 2030, at a CAGR of 6.1% from 2024-2030. Moreover, the U.S. Graphite Market is projected to grow significantly, reaching an estimated value of US$ 3,543.2 billion by 2032.

Graphite is the allotrope of carbon with a layered structure of hexagonally arranged carbon atoms. Graphite possesses high thermal resistance, making it invaluable in manufacturing refractory materials. Graphite is indispensable in environments where liquid lubricants are impractical. Its applications span from lubricating locks and hinges to much more complex ones in the automotive and aerospace industries where graphite reduces wear and friction at high temperature and pressure. The high electrical conductivity makes graphite take an important place in the electrical and electronics industry. Graphite is extensively used in the manufacture of a particular type of battery known as lithium-ion, in which it plays the role of being the anode material.

Key Players

AMG; Focus Graphite; GrafTech International; Graphite India Limited; Mason Resources, Inc.; Nippon Carbon Co Ltd.; Northern Graphite Corp.; NOVONIX Limited; Resonac Holdings Corporation; SGL Carbon; Syrah Resources Limited; Talga Group; Tokai Carbon Co., Ltd.; Triton Mineral Limited

In the graphite market, there are a couple of the most established companies: Syrah Resources and Northern Graphite, Syrah Resources, based in Australia, controls the Balama mine located in Mozambique, which is one of the biggest and highest-quality graphite deposits globally. The company is well positioned as a key supplier for the battery market and benefits from increasing demand driven by electric vehicles and renewable energy storage solutions. Meanwhile, Northern Graphite, Canada-based, is working on its projects to provide North American natural graphite development in supply capacities for lithium-ion batteries. With a strategic domestic supply and an environmentally responsible approach toward mining, Northern Graphite appeals to investors and customers requiring sustainable solutions. The companies, combined, will be well-positioned to capitalize on this rapidly developing demand for graphite in the clean energy sector.

Key Takeaways

• The fastest-growing region is Asia-Pacific
• North America is the largest region.
• By Product type natural segment holds xx% market share
• By application Refractories segment holds xx% market share

Facts & Figures

• In 2023, global demand for natural graphite is expected to reach around 1.2 million metric tons, driven mainly by the battery industry.
• As of January 2023, electric vehicle batteries accounted for about 55% of total graphite consumption, indicating a shift towards sustainable technologies.
• China produced approximately 650,000 metric tons of natural graphite in 2021, accounting for over 60% of global supply

Key Developments

• In June 2023: Graphite One Inc. Company released a press statement stating that one of its wholly owned subsidiaries, Graphite One (Alaska), Inc., received a US$ 37.5 million award for a technology investment agreement grant from the U.S. Department of Defense (DoD). With this investment grant fund, DoD will initiate the production capacity and supply build to meet graphite for electric vehicle battery anodes and other applications in energy storage.
• In 2020: It has chosen Herøya Industrial Park, Norway, as the best location for its high-capacity facility for battery graphite. Northern Recharge plant in Porsgrunn can now produce some of the green jobs in the region.

Graphite Market Segmentation

By Product Type: Synthetics dominated the graphite market share, being the biggest of the lot. It is made from a high-purity carbon source and has high heat and corrosion resistance. Such a material comes in handy for more sophisticated applications demanding predictable carbon material results. Flake graphite is invaluable in applications where electrical conductivity is critical, including batteries and electronics when this material is highly electrically conductive. In addition, it is the most chemically inert of the whole graphite family ensuring the reliability and durability of this material under adverse conditions.

By Application: By application, the market is segmented into refractories, foundries, batteries, friction products, lubricants, recarburizing, and others. Refractories held the highest market share due to its high melting point. The rapid growth in these industries such as automotive, building, aerospace, and metal manufacturing etc leads to the growth of this refractory end.