Synthetic Graphite Market Analysis

Application Segment Analysis  

The refractory segment is set to gain largest market share of about 40% by 2035. The segment growth can be attributed to dynamically surging industrial development, along with the radical expansion of the steel sector owing to the high rising demand and production of steel and stainless steel products. For instance, with approximately 1.4 billion metric tons of estimated demand in 2023, Asia and Oceania are projected to be the leading consumers of finished steel products. Whilst, African steel demand is also predicted to reach around 43 million metric tons in the same year. In addition to this, expanding demand for refractory products from numerous industries including automotive, aerospace, metal manufacturing, building and construction, etc. is estimated to accelerate the segment revenue.

End-user Segment Analysis  

The automotive segment is expected to dominate more than 50% share by 2035, credited to expanding demand and production of vehicles where synthetic graphite is highly used as a material in carbon fiber-reinforced plastics for automobile frames. In addition to this, the rising production of electric vehicle batteries as of the growing traction and demand for electrical vehicles including electric cars, e-bikes, etc. will drive the segment growth. Based on a report, worldwide approximately 68 million automotive units were sold in the year 2021.

The electronics segment is projected to witness massive CAGR during the forecast period, owing to its being used as an exceptional material for various electronic applications such as electric motors, semiconductors, and the manufacturing of modern-day batteries. Hence, the increasing demand for semiconductors, electric motors along with various electronic products such as smartphones, tablets, and numerous household appliances amongst users worldwide is estimated to spur the segment growth.

Our in-depth analysis of the global market includes the following segments: