Graphite Market size was over USD 17.04 billion in 2024 and is poised to exceed USD 34.18 billion by 2037, growing at over 5.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of graphite is estimated at USD 17.79 billion. The market is growing as a result of the increase in graphite production worldwide, which can be primarily attributed to the high production frequency in the glass manufacturing industry.
Graphite carbon is crucial for the glass sector due to its properties like high thermal conductivity, non-wetting, and non-scratching. Graphite items produced for the glass industry include bars, discs, fixtures, mandrels, molds, paddles, plates, and reamers. Studies suggest that an estimated 22 million tons of glass products were produced in 2022 alone.
There is an increased need for graphite in modern engineering and coating applications as graphite is utilized to create graphene-infused coatings and graphene-based innovative engineered materials. Graphite is utilized to create graphene-infused coatings and graphene-based innovative engineered materials. In engineering, graphite is used for several functions, such as vanes, thrust bearings, journal bearings, and piston rings, as well as to lubricate rubber, plastic, and metallic parts without the need for grease.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
5.5% |
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Base Year Market Size (2024) |
USD 17.04 billion |
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Forecast Year Market Size (2037) |
USD 34.18 billion |
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Regional Scope |
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Product Type (Natural Graphite, Synthetic Graphite)
The synthetic graphite segment is poised to garner 60% share of the graphite market by 2037. The segment’s growth can be attributed to its utilization in a variety of applications, including friction, foundry, electrical carbons, fuel cell bi-polar plates, coatings, electrolytic processes, corrosion products, conductive fillers, rubber and plastic compounds, and drilling operations. The purity of natural graphite ranges from around 70.1% to 99.0%, while synthetic graphite purity is usually above 99.0%.
Synthetic graphite is made of graphitic carbon that has been produced by graphitizing non-graphitic carbon, which is frequently utilized in the production of metals as well as in solar panels, battery systems, sports equipment, and pencils. Due to these factors, there is a rise in the global demand for synthetic graphite, resulting in segment growth in the market. According to research, an estimated 1.7 million tons of synthetic graphite are produced every year.
Application (Refractory, Metallurgy, Metal Fabrication, Lubricants & Crucibles, Foundry Facing, Batteries & Energy Devices)
The refractory segment in the graphite market is estimated to gain a robust revenue share of 30% in the coming years, impelled by the rising application of graphite as a refractory material, which is projected to grow soon due to its properties, such as heat resistance, stability, and high thermal properties.
Furthermore, the growth of this segment can also be attributed to rapid industrialization and the increased use of graphite in the iron and steel industries. In a study, it was observed that in a steelmaking process, the tip of the electrode is heated up to 3,000 degrees Celsius. Electrodes are made of graphite since only graphite is capable of handling such intensive heat. In addition to that, nearly 70%-80% of the graphite electrodes are used in EAF steelmaking.
In addition, graphite is also used as mold wash in several casting processes and facing sand by the foundry industry, which is counted as the second-highest use of this market. Ferrous castings account for the highest global share of many casting types, either by non-ferrous castings such as copper, aluminum, lead, zinc, magnesium, or titanium-based castings. The most popular uses for foundry-cast metals include automotive, pipelines, and machinery.
Our in-depth analysis of the global market includes the following segments:
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Product Type |
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End-Use |
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Application |
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APAC Market Forecast
The graphite market in Asia Pacific industry is likely to hold largest revenue share of 47% by 2037, impelled by rapid industrialization in countries such as China, India, and Japan, and increasing demand for graphite from steel manufacturers is set to positively impact the market in the region.
In addition to that, India and China are among the world's largest crude steel producers. Furthermore, China is the world's largest consumer and producer of graphite electrodes. Based on US Geological Survey data, China produced 820,000 tons of graphite in 2021; this number increased to an approximate 1.25 million tons in 2023. This accounts for 79 percent of the world's graphite production.
North American Market Statistics
The North American graphite market is expected to be the second largest by the end of 2037. The increase in the production of electric vehicles in the United States has increased the demand for lithium-ion batteries, which has resulted in more graphite consumption.
In addition, the tremendous investments in research and development activities to increase the graphite production areas are also slated to grow in the North American market.
Author Credits: Rajrani Baghel
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