Press release
Synthetic Graphite Market to Register a CAGR of 6.9% is Projected to Reach US$ 16.30 Billion From 2025 to 2034
Synthetic Graphite Market
The report analyzes the market to register a CAGR of 6.9% during 2025-2034. The market was valued at USD 8.40 billion in 2024. It is projected to reach USD 16.30 billion by 2034.
What Is Synthetic Graphite?
Synthetic graphite is a manufactured form of carbon that is produced through a high-temperature process. It involves the heating of carbon-rich materials, such as petroleum coke or coal tar pitch, to temperatures exceeding 2,500°C in an electric furnace. Unlike natural graphite, which is mined from the earth, synthetic graphite is engineered for specific industrial applications that require high purity, structural uniformity, and consistent performance. It has a crystalline structure similar to natural graphite. Synthetic graphite is composed of layers of carbon atoms arranged in a hexagonal lattice, which gives it excellent thermal and electrical conductivity, high strength, and resistance to both chemical and thermal degradation.
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What's Propelling Market Forward?
Rising Demand for Electric Vehicles:
The various benefits of electric vehicles (EVs), including improved performance, environmental benefits, and lowering running costs, are driving their increased adoption globally. The use of graphite enables high conductivity and charge capacity, contributing to factors such as driving range and charge speed. Thus, the rising demand for EVs is fueling the need for advanced battery solutions, thereby driving the need for advanced graphite.
Growing Demand for Consumer Electronics:
Technological advancements, rising disposable incomes, and shifting consumer preferences have driven an increase in demand for consumer electronics. This rise in the demand for consumer electronics is propelling the need for advanced and complex batteries that cater specifically to lightweight applications. Graphite is utilized in these applications due to its high stability and ability to store lithium ions, thereby driving the expansion of the synthetic graphite market.
Who Is Market Key Players?
The market is characterized by intense competition. The key players are focusing on capacity expansion, product innovation, and securing long-term supply contracts.
A few of the major market participants are:
• GrafTech International Ltd.
• HEG Limited
• Imerys Graphite & Carbon
• Mersen S.A.
• Nippon Carbon Co., Ltd.
• SGL Carbon SE
• Showa Denko K.K.
• Superior Graphite
• Tokai Carbon Co., Ltd.
• Toyo Tanso Co., Ltd.
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Synthetic Graphite Market Report Highlights:
• In 2024, the lithium-ion batteries segment dominated with the largest share due to their widespread application in the consumer electronics and automotive sectors.
• The graphite electrodes segment is experiencing strong growth as they are mainly used in steelmaking.
• In 2024, the North America synthetic graphite market dominated with the largest share, driven by its strong presence in electric vehicle production, battery manufacturing, and steel recycling.
• The Asia Pacific synthetic graphite market is experiencing significant growth driven by rapid industrialization, expanding electric vehicle markets, and increasing consumer electronics production.
Which Segment Leads Market Demand?
By Product (Revenue - USD Billion, 2020-2034)
• Graphite Electrodes
• Graphite Blocks and Rounds
• Graphite Powder
• Others
By Application (Revenue - USD Billion, 2020-2034)
• Lithium-Ion Batteries
• Foundry and Metallurgy
• Electrical Components
• Lubricants and Greases
• Others
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Which Region Drives Market Growth?
North America led the global synthetic graphite market in 2024. The regional market dominance is primarily fueled by its robust presence in electric vehicle production, battery manufacturing, and steel recycling. Rising investments in advanced battery technologies and an increase in clean energy projects contribute to its leading market position.
Asia Pacific is projected to register substantial growth, driven by expanding EV demand, rapid industrialization, and rising consumer electronics production. Investments in clean energy and battery technology by emerging countries like China and South Korea contribute to its robust market growth.
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