PUBLISHER: Polaris Market Research | PRODUCT CODE: 1766404
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1766404
The synthetic graphite market size is expected to reach USD 16.30 billion by 2034, according to a new study by Polaris Market Research. The report "Synthetic Graphite Market Size, Share, Trends, Industry Analysis Report By Application (Graphite Electrodes, Graphite Blocks and Rounds, Graphite Powder, and Others), By Product, and By Region - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Synthetic graphite is a man-made form of carbon produced by heating petroleum coke or other carbon-rich materials to very high temperatures (over 2500°C) in an electric furnace.
The demand for energy storage is growing with the global push toward clean and renewable energy, such as solar and wind power. These sources do not produce energy all the time, so storage systems help keep extra electricity for later use. Lithium-ion batteries are the most commonly used energy storage systems, and synthetic graphite is a major material in these batteries. The need for advanced storage solutions is rising as countries are investing in renewable energy infrastructure, driving the demand for synthetic graphite used in large-scale battery storage.
Natural graphite is mined from the earth and requires significant processing to meet industrial standards. In contrast, synthetic graphite is manufactured in controlled environments, ensuring consistent quality and purity. Synthetic options are becoming more attractive as industries are demanding higher performance from graphite materials. Moreover, there are concerns about the availability and environmental impact of natural graphite mining. These factors make synthetic graphite a more reliable and sustainable alternative. The need for high-purity, defect-free graphite in sensitive applications, such as semiconductors and nuclear energy, further boosts its demand, thereby driving the market growth.
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.
A few global key market players 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.; and Toyo Tanso Co., Ltd.
Polaris Market Research has segmented the synthetic graphite market report based on product, application, and region:
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
By Regional Outlook (Revenue - USD Billion, 2020-2034)
North America
US
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Australia
Rest of Asia Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest of Middle East & Africa