Graphite Market Size Worth $43.31 Billion by 2032 – Rising Demand for Lithium-Ion Batteries to Bolster Growth
The graphite market size is anticipated to grow from USD 23.73 Billion in 2022 to USD 43.31 Billion in 10 years. The market ought to witness a positive growth rate owing to rising production of electric vehicles (EVs). AMG, EPM Group, Eagle Graphite, Graphite India Limited, Asbury Carbons, GrafTech International Ltd. Are some of the major companies operating in this industry.
Newark, Jan. 24, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the global graphite market will grow from USD 23.73 Billion in 2022 to USD 43.31 Billion by 2032. The discovery of composite materials containing graphite has created new opportunities for improving mechanical and thermal qualities in materials research. In the sports goods, automotive, and aerospace industries, graphite fibres incorporated into a polymer matrix are carbon fibre-reinforced composites. These composite materials provide a special blend of lightweight, great strength, and superior heat conductivity. Graphite is mined and processed using various methods to extract and refine the material for use in various industrial applications. Traditional methods of obtaining chipped graphite use open-pit mining and mechanical processing. On the other hand, technological developments have produced more efficient and sustainable methods of producing high-quality graphite, like chemical vapour deposition (CVD).
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Key Insight of the Graphite Market
North America region is expected to hold the second largest market share during the forecast period.
During the forecast period, North America is expected to hold the second largest market share within the global graphite market. Because of North America’s diversified industrial landscape, graphite finds applications in various industries. Because lithium-ion batteries are required for electric vehicles, the automotive sector, in particular, uses a lot of graphite. In addition, the aerospace, steel, and electronics industries support North America’s significant graphite market. The ongoing regional research and development activities are anticipated to positively impact regional market growth and development. The demand for graphite-based materials, including lithium-ion batteries and other energy storage solutions, is further bolstered by the region’s focus on green and sustainable technology, such as electric vehicles and renewable energy.
The low purity segment is expected to hold the second largest market share during the forecast period.
The purity segment includes low purity and high purity. The low-purity segment is expected to hold the second largest market share during the forecast period. On the other hand, graphite of low purity grade is suitable for a wide variety of uses that do not necessitate the high levels of purity required by high-tech businesses. This grade is versatile in terms of usability and reasonably priced, containing crystalline and amorphous graphite. One of the main manufacturers of low-purity graphite is the steel industry. Graphite is used as a carbon addition in the steelmaking process to improve the steel’s strength and hardness. In this case, using low-purity graphite is cost-effective and compliant with steelmaking processes. Graphite of low purity, especially amorphous graphite, is used in lubricants, foundry and other applications. Low purity graphite is suitable for these applications due to its heat resistance properties.
The natural segment is expected to grow at the highest CAGR during the forecast period.
The type segment is bifurcated into natural graphite and synthetic graphite. The natural graphite segment is expected to grow at the highest CAGR during the forecast period. Amorphous and crystalline are the two main forms of natural graphite. The usage of natural graphite can be found across various industrial sectors, such as steel. Natural graphite is also used as a moderator in brake linings, foundry facings, and lubricants. The segment’s market share is further supported by its implementation in batteries, particularly in the fast-growing electric car sector. Furthermore, natural graphite is used in the steel manufacturing industry. Even though natural graphite has been used for a long time, there are issues with quality variations. Natural graphite quality might vary depending on the deposit, giving users inconsistent performance.
The battery production segment is expected to grow at the highest CAGR during the forecast period.
The application segment is bifurcated into battery production, refractories, electrodes and others. The battery production segment is expected to grow at the highest CAGR during the forecast period. One sustainable mode of transportation is the electric vehicle. The worldwide trend toward electric vehicles has created a need for graphite in the battery industry. Graphite anodes are necessary for lithium-ion batteries in electric vehicles to have higher energy density and efficiency. The industry is anticipated to grow and develop in tandem with the increasing focus on renewable energy sources and electric vehicles. An integral part of lithium-ion batteries, graphite anodе, improves the batteries’ overall capacity and performance. Moving forward, continued research and advancements in battery technology, particularly the development of solid-state batteries, are expected to provide graphite with growth opportunities in the future.
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• In August 2023: Despite PranaGraf’s rebranding from Tirupati Speciality Graphite Private Ltd., Tirupati Graphite PLC stated that their relationship with PranaGraf Materials & Technologies Private Ltd. is unaffected.
• In October 2022: Syrah Resources Ltd. declared it would provide LG Energy Solution Ltd. in South Korea with a crucial lithium-ion battery component. The deal said that the business would supply LG Energy Solution Ltd. with active anode material (AAM) at a rate of two kilotons per year starting in 2025 and increasing to at least ten kilotons per year once its Vidalia facility in Louisiana reached production capability.
Driver: Increasing Need for Energy Storage
The global drive toward electrification and the growing focus on renewable energy sources mostly drives graphite consumption. Graphite’s significance in the shift to a more sustainable and environmentally friendly future is highlighted by its use as an electrode in electric arc furnaces, which produce steel, and as an essential part of lithium-ion batteries used in electric vehicles and energy storage. In particular, the increasing global use of electric vehicles is driving up demand for high-purity grade graphite in battery production. This factor is stimulating the market growth and development.
Restraint: Environmental Concerns and Sustainability Issues
Environmental issues are a source of concern and challenges for the graphite industry, particularly when it comes to the extraction and processing of natural graphite. Water contamination and habitat disruption are two negative effects of mining operations on the environment. In addition, doubts about the industry’s general sustainability are raised by worries about the carbon footprint connected to graphite manufacturing, particularly in energy-intensive operations. Graphite manufacturers face difficulties adhering to strict environmental standards and implementing environmentally sustainable methods. This factor is restricting the market growth and development.
Opportunity: Emerging Markets and Urbanization
The graphite market is expanding due to industry globalization. Developing nations are becoming increasingly industrialized and economically developed, which is driving demand for graphite in various applications. Further, because the economy is interconnected, changes in market dynamics in one area can impact the supply and demand of graphite globally. One of the main factors driving the graphite market is the steadily growing electronics sector. Graphite finds wide use in manufacturing electronic components, including heat sinks and thermal insulation materials, and in various applications as a conducive material. Manufacturing consumer electronics, computers, and telecommunication devices is likely to propel the demand for graphite as the electronics industry continues to grow and evolve. This factor is anticipated to provide lucrative growth opportunities in the upcoming years.
Some of the major players operating in the graphite market are:
• EPM Group
• Eagle Graphite
• Graphite India Limited
• Asbury Carbons
• GrafTech International Ltd.
• NIPPON GRAPHITE INDUSTRIES CO. LTD.
• Qingdao Tennry Carbon Co., Ltd.
• NORTHERN GRAPHITE CORPORATION
• Syrah Resources Limited
• SGL Carbon
• SHOWA DENKO K.K.
• Tokai Carbon Co., Ltd.
Key Segments Cover in the Market:
• High Purity
• Low Purity
• Battery Production
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
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