Graphite Market To Reach $21.07 Billion By 2030 | CAGR: 3.7%

Graphite Market Growth & Trends

The global graphite market size is anticipated to reach USD 21.07 billion by 2030 and is projected to grow at a CAGR of 3.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. It is anticipated to be primarily driven by demand for electrodes and refractories within the crude steel industry. Furthermore, the increasing demand for electrification in the automotive industry has given rise to the requirement for graphite as anode material for electric vehicle (EV) battery production.

With increasing emphasis on green steel, producers are making the shift towards investing in better production technology and overhauling of parts and machinery. This has necessitated increased demand for electrodes in Electric Arc Furnaces (EAFs) and refractories for furnace lining material. For instance, in June 2024, Essar Group announced that they would invest USD 4 billion to construct a green steel plant in Ras Al-Khair Saudi Arabia as part of the company’s transition to green energy.

Investments in the EV battery value chain is a key trend that is driving graphite demand. For instance, in April 2023, Hyundai and SK On announced plans to set up a joint venture to build a USD 5 billion battery plant in Georgia, U.S. These projects have been announced against the backdrop of the U.S. Bipartisan Infrastructure Law and Inflation Reduction Act. Hence, such government initiatives are anticipated to boost market demand over the forecast period.

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Graphite Market Report Highlights

• Based on form, the synthetic graphite segment led the market with the largest revenue share of 67.6% in 2023. Synthetic graphite is extensively used in the production of graphite electrodes and as anodic material in EV batteries. The graphite segment is anticipated to witness at the fastest CAGR of 4.4% over the forecast period

• Asia Pacific dominated the market with the largest revenue share of 54.2% in 2023, owing to its demand from the steel and EV industries

• In June 2024, Madagascar-based Etablissements Gallois announced its overseas expansion plans to construct a new anodic material graphite manufacturing plant in Malaysia. This will be made operational by its subsidiary Gallois New Energy Materials in collaboration with SEDC Energy. The greenfield would be located in Samaluju Industrial Park, Bintulu for an investment of USD 1.5 billion. In the first phase, the plant is scheduled to be on stream in 2026 and produce 50ktpy of spherical graphite and 50ktpy of synthetic graphite. By 2028 the company is aiming to produce 150ktpy of spherical graphite and 150ktpy of synthetic graphite. By 2030, capacity would be ramped up to 200ktpy of spherical graphite and 200ktpy of synthetic graphite. The plan is in line with the company’s efforts to move the battery value chain out of China

Graphite Market Segmentation

Grand View Research has segmented the global graphite market report based on form, application, and region:

Graphite Form Outlook (Revenue, USD Million, Volume, 2018 - 2030)

• Natural Graphite

• Synthetic Graphite

Graphite Application Outlook (Revenue, USD Million, 2018 - 2030)

• Electrodes

• Refractories

• Lubricants

• Foundries

• Battery Production

• Others

Graphite Region Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • Spain

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

• Middle East & Africa

List of Key Players in the Graphite Market

• 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