NEWARK, Del, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The net worth of graphite sold across all the countries in 2022 was nearly US$ 23,097.7 million. With a strong CAGR of 6.1% from 2018 to 2022, the worldwide sales of graphite for industrial use have witnessed impressive growth. The realization of several new applications of graphite that emphasize the universal necessity of it across sectors supports this growth trend.
According to research by our market experts, the worldwide market is expected to reach around US$ 24,599 million in 2023. The market will likely continue growing with a strong CAGR of 6.5% predicted between 2023 and 2033.
The market growth pace is expected to continue with an average annual growth rate of 6.5% over the next ten years. The overall market could reach an astounding valuation of nearly US$ 46,175.8 million as it navigates this forecast period up to 2033.
Emerging applications in various sectors, including electronics, automotive, and energy, offer diversifying market potential. In recent years, the increased use of graphite in the pharmaceutical sector is also a key factor in its rising demand. This adaptable substance is used in medication delivery systems, medical device electrodes, and as a key element in cutting-edge medical technology.
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Many growth triggers might be blamed for the growing trend. The use of graphite in renewable energy technologies is becoming widespread, notably in lithium-ion batteries for electric cars and energy storage. So, the global demand for graphite is anticipated to have great market opportunities as we move toward renewable energy sources.
Key Takeaways from the Global Graphite Market Study Report by FMI
- The United States developed almost 13.2% of the global demand for graphite in 2022. In terms of value, the overall regional market had acquired revenue of around US$ 3,057.7 million that year.
- Our market researchers estimate that in 2022, market players in China will contribute over 70% of all the graphite in the Asia Pacific. China is expected to remain the leading supplier of graphite globally, followed by India in the Asia Pacific region.
- Among the two broad categories of graphite available in the market, synthetic graphite is projected to remain the leading segment during the forecast years. However, increasing mining activities in China are anticipated to substantially increase the natural graphite segment's share during this period.
- Based on graphite applications, the refractories industry segment is expected to create high demand for the worldwide market in the forthcoming years. Contrastingly, the batteries segment is growing significantly with the rising popularity of electric vehicles worldwide.
Graphite Market Report Coverage:
| Attributes | Details | |
| Estimated Market Size (2022) | US$ 23,097.7 million | |
| Projected Market Valuation (2033) | US$ 46,175.8 million | |
| Value-based CAGR (2023 to 2033) | 6.5% | |
| Forecast Period | 2023 to 2033 | |
| Historical Data Available for | 2018 to 2022 | |
| Market Analysis | Value US$ million, and Volume (Tons) | |
| Key Regions Covered | North America, Latin America, East Asia, Europe, South Asia & Pacific, The Middle East & Africa (MEA) | |
| Key Countries Covered | The United States, Canada, China, Italy, Spain, France, Russia, The United Kingdom, China, Japan, South Korea, India, Oceania, ASEAN, Brazil, Mexico, GCC Countries, Kingdom of Saudi Arabia, Turkey, South Africa | |
| Key Segments Covered | Product Type, Application, and Region | |
| Key Companies Profiled |
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Competitive Landscape for the Graphite Market Players
The leading market players have secured a consistent and long-lasting graphite supply through strategic alliances and financial investments in mining operations. However, the availability of high-quality graphite and overall market competition may be severely impacted by geopolitical variables and supply chain dynamics.
In recent years, the procedures used in graphite mining are also coming under great scrutiny due to growing environmental concerns. So, companies that emphasized ethical and sustainable mining practices and environment-friendly technology are likely to acquire a competitive advantage.
Graphite Market Outlook by Category
By Product Type:
- Natural Graphite
- Flake
- Amorphous
- Vein
- Synthetic Graphite
- Graphite Electrode
- Carbon Fiber
- Graphite Blocks
- Graphite Powder
- Others
By Application:
- Refractories
- Lubricants & Crucible
- Foundry Facing
- Batteries
- Other Applications
By Region:
- North America
- Latin America
- East Asia
- Europe
- South Asia & Pacific
- Middle East & Africa (MEA)
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Old Source: Graphite Market Size to reach US$ 43,357.6 Mn by 2032 witnessing a growth of 6.5% CAGR - Report by Future Market Insights, Inc.
