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Synthetic Graphite Market Size (2024 - 2029)

The Synthetic Graphite Market is projected to experience significant growth over the forecast period, driven by factors such as the high purity levels of synthetic graphite and the rising demand for electric vehicles. Despite challenges like high costs compared to natural graphite and stringent environmental regulations, the market is expected to expand, with metallurgy remaining the dominant application segment. The Asia-Pacific region leads in market consumption, particularly in countries like China, Japan, and India.

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Market Size of Synthetic Graphite Industry

Synthetic Graphite Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 3.19 Billion
Market Size (2029) USD 4.44 Billion
CAGR (2024 - 2029) 6.83 %
Fastest Growing Market Asia-Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Synthetic Graphite Market Major Players

*Disclaimer: Major Players sorted in no particular order

Synthetic Graphite Market Analysis

The Synthetic Graphite Market size is estimated at USD 3.19 billion in 2024, and is expected to reach USD 4.44 billion by 2029, growing at a CAGR of 6.83% during the forecast period (2024-2029).

The synthetic graphite market faced setbacks due to COVID-19. Global lockdowns and stringent government regulations led to widespread shutdowns of production hubs. However, the market rebounded in 2021 and is projected to see significant growth in the upcoming years.

  • Over the short term, increasing demand for electric vehicles and growing utilization of electric arc furnace processes for steel production are the major factors driving the demand for the market studied.
  • However, strict environmental regulations and the high cost of production of graphite are expected to hinder the market's growth.
  • Nevertheless, the growing popularity of graphene and bio-graphite as a sustainable resource for battery material is expected to create new opportunities for the market studied.
  • Asia-Pacific region is expected to dominate the market across the world, with the majority of demand coming from China and India.

Synthetic Graphite Industry Segmentation

Synthetic graphite, or artificial graphite, is produced by subjecting carbon-rich materials, like petroleum coke, coal tar, or natural gas, to high-temperature treatments. In this process, these materials are heated to temperatures exceeding 2500°C, all while being shielded from oxygen. This meticulous treatment leads to the development of a crystalline structure that closely resembles that of natural graphite.

The synthetic graphite market is segmented by type, application, and geography. By type, the market is segmented into graphite anode, graphite block (fine carbon), and other types (graphite electrode, etc.). By application, the market is segmented into metallurgy, parts and components, batteries, nuclear, and other applications. The report also covers the market sizes and forecasts for the global synthetic graphite market in 27 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD). 

Type
Graphite Anode
Graphite Block (Fine Carbon)
Other Types (Graphite Electrode, etc.)
Application
Metallurgy
Parts and Components
Batteries
Nuclear
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
NORDIC Countries
Turkey
Russia
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
Qatar
United Arab Emirates
Nigeria
Egypt
South Africa
Rest of Middle-East and Africa
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Synthetic Graphite Market Size Summary

The synthetic graphite market is poised for significant growth, driven by its high purity levels and the increasing demand for electric vehicles. Despite the challenges posed by the COVID-19 pandemic, which temporarily hindered industry expansion, the market has rebounded to pre-pandemic levels and is expected to continue its upward trajectory. The metallurgy sector remains the dominant application area, utilizing synthetic graphite in various forms such as electrodes and refractories. The Asia-Pacific region, particularly China, Japan, and India, leads in market consumption, with China being a key player due to its substantial demand from sectors like lithium-ion batteries, electronics, and steel production.

China's dominance in the synthetic graphite market is further bolstered by its leadership in lithium-ion battery production and its expansive manufacturing base. The country's strategic government policies and significant investments in battery production facilities have positioned it as a global leader in the battery supply chain. This growth is supported by numerous graphite electrode producers in China, contributing to the increasing demand for synthetic graphite. The market is characterized by a partially consolidated structure, with major players like GrafTech International and Resonac Holdings Corporation leading the industry. As the demand for synthetic graphite continues to rise, particularly in China, the market is expected to experience robust growth during the forecast period.

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Synthetic Graphite Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand for Electric Vehicles

      2. 1.1.2 Growing Utilization of Electric ARC Furnace Process for Steel Production

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Strict Environmental Regulations

      2. 1.2.2 High Cost of Production of Graphite

      3. 1.2.3 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Type

      1. 2.1.1 Graphite Anode

      2. 2.1.2 Graphite Block (Fine Carbon)

      3. 2.1.3 Other Types (Graphite Electrode, etc.)

    2. 2.2 Application

      1. 2.2.1 Metallurgy

      2. 2.2.2 Parts and Components

      3. 2.2.3 Batteries

      4. 2.2.4 Nuclear

      5. 2.2.5 Other Applications

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Malaysia

        6. 2.3.1.6 Thailand

        7. 2.3.1.7 Indonesia

        8. 2.3.1.8 Vietnam

        9. 2.3.1.9 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Spain

        6. 2.3.3.6 NORDIC Countries

        7. 2.3.3.7 Turkey

        8. 2.3.3.8 Russia

        9. 2.3.3.9 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Colombia

        4. 2.3.4.4 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 Qatar

        3. 2.3.5.3 United Arab Emirates

        4. 2.3.5.4 Nigeria

        5. 2.3.5.5 Egypt

        6. 2.3.5.6 South Africa

        7. 2.3.5.7 Rest of Middle-East and Africa

Synthetic Graphite Market Size FAQs

The Synthetic Graphite Market size is expected to reach USD 3.19 billion in 2024 and grow at a CAGR of 6.83% to reach USD 4.44 billion by 2029.

In 2024, the Synthetic Graphite Market size is expected to reach USD 3.19 billion.

Synthetic Graphite Market Report Snapshots

Synthetic Graphite Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)