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Graphite Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Graphite
How Large Will the Graphite Market Size By 2025?
In the past few years, the graphite market has seen robust growth. The market, which is expected to surge from $1.21 billion in 2024 to $1.31 billion in 2025, is predicted to have a compound annual growth rate (CAGR) of 7.8%. This significant growth in the previous years is linked to the rising demand from industries such as steel, battery and energy storage, refractories and foundry, automotive, and burgeoning markets.
How Big Is the Graphite Market Size Expected to Grow by 2029?
The size of the graphite market is predicted to witness robust expansion in the upcoming years, escalating to $1.72 billion by 2029 with a compound annual growth rate (CAGR) of 7.1%. This expansion during the projection period is credited to the surge in electric vehicle (EV) sector, advancements in energy storage and battery technology, infrastructural development, and worldwide industrialization. Noteworthy trends expected during the foreseen period encompass electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, along with collaboration and partnerships.
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Which Key Market Drivers Powering Graphite Market Expansion and Growth?
The increase in electric vehicle demand is anticipated to boost the graphite market's expansion in the future. Electric Vehicles (EVs) are car models that run on electricity stored in batteries, rendering old-style internal combustion engines unnecessary. Graphite plays an integral role in manufacturing lightweight, high-energy-density lithium-ion batteries for electric vehicles, serving as the anode material essential for effective energy storage and release. For example, the International Energy Agency, a global organization, stated in 2024 that electric car sales in 2023 had seen an increase of 3.5 million compared to 2022, marking a 35% annual growth. Consequently, the rising demand for Electric Vehicles is set to fuel the growth of the graphite market.
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What Are the Emerging Segments in the Graphite Market?
The graphite market covered in this report is segmented -
1) By Type: Flake Graphite, Non-Flake Graphite
2) By Product: Natural Graphite, Synthetic Graphite
3) By Flake Size: Jumbo, Large, Medium, Small, Fine
4) By Application: Refractories, Batteries, Lubricants/Crucibles, Foundry, Pencils, Other Applications
Subsegments:
1) By Flake Graphite: Coarse Flake Graphite, Fine Flake Graphite
2) By Non-Flake Graphite: Amorphous Graphite, Lump Graphite
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Who Are the Global Leaders in the Graphite Market?
Major companies operating in the graphite market include Graphite India Limited, Mason Graphite Inc., SGL Carbon SE, GrafTech International Holdings Inc, Triton Minerals Ltd., Alabama Graphite Corp., American Graphite Technologies, Anson Resources Ltd., Archer Materials Ltd., China Carbon Graphite Group, First Graphene Limited, Showa Denko KK, GrafTech International Ltd., BTR New Material Group Co. Ltd., Shanshan Technology Co. Ltd., Lianyungang Jinli Carbon Co. Ltd, Weaver Industries Inc., DMC Global Inc., Mercer Gasket & Shim Inc., Nippon Graphite Fiber Co. Ltd., Zoltek Corporation, Graphite One Inc., NextSource Materials Inc., Syrah Resources Ltd., Novonix Ltd., Elcora Advanced Materials Corp., Graphene Manufacturing Group, NanoXplore Inc., Asbury Carbons Inc., Zentek Ltd.
Which are the Top Profitable Regional Markets for the Graphite Industry?
Asia-Pacific was the largest region in the graphite market in 2023. South America was the second largest region in the graphite market. The regions covered in the graphite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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