Product Code: FBI112869
Growth Factors of synthetic graphite Market
The global synthetic graphite market continues to gain momentum due to rising demand across steelmaking, EV batteries, refractories, and other high-temperature industrial applications. The latest industry assessment shows that the market was valued at USD 5.67 billion in 2024, is projected to increase to USD 5.98 billion in 2025, and is expected to reach USD 8.74 billion by 2032, supported by strong industrial growth and increasing adoption of Electric Arc Furnace (EAF) steel production. Synthetic graphite, produced from calcined petroleum coke and coal tar pitch under extremely high temperatures, is valued for superior conductivity, thermal resistance, and chemical stability. These qualities have cemented its importance in lithium-ion batteries, refractories, and various energy-intensive industrial sectors.
Market Overview
In 2024, Asia Pacific dominated the market with a 55.38% share, driven by a surge in steel production, rapid EV penetration, and China's overwhelming presence in graphite manufacturing. China alone supplied nearly 80% of global synthetic graphite production in 2024, giving the region a strategic advantage. Rising demand for EAF-based steel is another major factor, as graphite electrodes are essential for transferring electric current in EAFs. According to SEAISI, the EAF share in global steel production is expected to reach 40% by 2030, further boosting synthetic graphite consumption.
Market Trends
Technological advancements are reshaping the synthetic graphite landscape. Innovations in catalytic graphitization, low-energy production, green synthesis, and recycling are improving product quality and reducing emissions. A notable development occurred in December 2024 when Graphjet Technology introduced a breakthrough catalytic graphitization process using palm kernel shells, producing highly pure synthetic graphite at lower cost. Such green technologies are becoming critical as industries move toward sustainability.
Growing EV adoption also drives major structural shifts in demand. Lithium-ion batteries require synthetic graphite as a primary anode material due to its purity and high energy density. As EV sales accelerate globally-supported by 14 million new EV registrations in 2023-the battery segment is expected to be one of the fastest-growing uses of synthetic graphite through 2032.
Market Dynamics
Market Drivers
The surge in refractory material usage plays a key role in market expansion. Synthetic graphite enhances refractory performance by offering thermal conductivity, shock resistance, and corrosion protection, making it suitable for steelmaking, glass manufacturing, and other high-temperature operations.
Additionally, rising EV adoption and expansion in battery gigafactories across the U.S., Europe, and Asia are pushing demand for high-purity graphite. Synthetic graphite remains a preferred anode material due to its predictable performance, high conductivity, and cycling stability.
Market Restraints
A major restraint is the heavy supply chain dependence on China. Export restrictions enforced in December 2023 on synthetic graphite and lithium-ion battery materials have created uncertainties for global buyers. This concentration exposes other regions to geopolitical risks and cost volatility.
Market Opportunities
The accelerating growth of electric vehicles offers long-term opportunities. As gigafactory capacity expands in the U.S., Europe, and Southeast Asia, demand for battery-grade synthetic graphite will rise sharply. Manufacturers focusing on localized production, recycling technologies, and sustainable graphitization methods stand to benefit significantly over the next decade.
Segmentation Overview
By Product Type
Graphite electrodes held the dominant share in 2024, as their use in EAF steelmaking and EV battery manufacturing continues to expand.
Graphite blocks are widely used in EDM, solar energy storage, and heat transfer systems.
Graphite powder supports diverse applications including lubricants, polymers, and refractories.
By Application
The refractories segment led the market in 2024 due to high consumption across steel and metals processing.
The batteries segment is expected to grow rapidly during 2025-2032, fueled by EV sector expansion and increased lithium-ion cell production.
Regional Outlook
Asia Pacific - USD 3.14 Billion (2024)
Asia Pacific represents the largest and fastest-growing market. China leads regional demand and supply, supported by large steelmaking volumes and robust EV production.
North America
North America is the second-largest market, driven by EV manufacturing expansion, government incentives, and battery supply chain development. The region holds nearly 3% of global graphite reserves, providing long-term strategic potential.
Europe
Europe is projected to see strong growth due to rapidly expanding EV sales and import dependence on battery materials. The region imports about 100 kilotons of natural graphite annually, creating opportunities for synthetic alternatives.
Latin America & Middle East/Africa
Brazil's graphite reserves strengthen Latin America's supply outlook, while the Middle East & Africa see rising demand from EV and clean energy investments.
Conclusion
With the global synthetic graphite market expanding from USD 5.67 billion in 2024 to USD 5.98 billion in 2025, and projected to reach USD 8.74 billion by 2032, demand is set to accelerate across steelmaking, EV batteries, and refractories. Asia Pacific remains the dominant region, while global sustainability goals and EV growth will shape market opportunities in the decade ahead.
Segmentation By Product Type
- Graphite Electrode
- Graphite Blocks
- Graphite Powder
- Others
By Application
- Refractories
- Batteries
- Recarburising
- Foundries
- Lubricants
- Friction Materials
- Others
By Region
- North America (By Product Type, By Application, By Country)
- U.S. (By Application)
- Canada (By Application)
- Europe (By Product Type, By Application, By Country)
- Germany (By Application)
- U.K. (By Application)
- France (By Application)
- Italy (By Application)
- Rest of Europe (By Application)
- Asia Pacific (By Product Type, By Application, By Country)
- China (By Application)
- Japan (By Application)
- India (By Application)
- Rest of Asia Pacific (By Application)
- Latin America (By Product Type, By Application, By Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of Latin America (By Application)
- Middle East & Africa (By Product Type, By Application, By Country)
- GCC (By Application)
- South Africa (By Application)
- Rest of Middle East & Africa (By Application)
Table of Content
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends - For Major Regions
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
- 4.3. Latest Technological Advancement
- 4.4. Insights on Regulatory Scenario
- 4.5. Porters Five Forces Analysis
- 4.6. Impact of Tariffs of the Market
5. Global Synthetic Graphite Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. By Product Type (Value & Volume)
- 5.2.1. Graphite Electrode
- 5.2.2. Graphite Blocks
- 5.2.3. Graphite Powder
- 5.2.4. Others
- 5.3. By Application (Value & Volume)
- 5.3.1. Refractories
- 5.3.2. Batteries
- 5.3.3. Recarburising
- 5.3.4. Foundries
- 5.3.5. Lubricants
- 5.3.6. Friction Materials
- 5.3.7. Others
- 5.4. By Region (Value & Volume)
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
6. North America Synthetic Graphite Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. By Product Type (Value & Volume)
- 6.2.1. Graphite Electrode
- 6.2.2. Graphite Blocks
- 6.2.3. Graphite Powder
- 6.2.4. Others
- 6.3. By Application (Value & Volume)
- 6.3.1. Refractories
- 6.3.2. Batteries
- 6.3.3. Recarburising
- 6.3.4. Foundries
- 6.3.5. Lubricants
- 6.3.6. Friction Materials
- 6.3.7. Others
- 6.4. By Country (Value & Volume)
- 6.4.1. U.S
- 6.4.1.1. By Application (Value & Volume)
- 6.4.1.1.1. Refractories
- 6.4.1.1.2. Batteries
- 6.4.1.1.3. Recarburising
- 6.4.1.1.4. Foundries
- 6.4.1.1.5. Lubricants
- 6.4.1.1.6. Friction Materials
- 6.4.1.1.7. Others
- 6.4.2. Canada
- 6.4.2.1. By Application (Value & Volume)
- 6.4.2.1.1. Refractories
- 6.4.2.1.2. Batteries
- 6.4.2.1.3. Recarburising
- 6.4.2.1.4. Foundries
- 6.4.2.1.5. Lubricants
- 6.4.2.1.6. Friction Materials
- 6.4.2.1.7. Others
7. Europe Synthetic Graphite Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. By Product Type (Value & Volume)
- 7.2.1. Graphite Electrode
- 7.2.2. Graphite Blocks
- 7.2.3. Graphite Powder
- 7.2.4. Others
- 7.3. By Application (Value & Volume)
- 7.3.1. Refractories
- 7.3.2. Batteries
- 7.3.3. Recarburising
- 7.3.4. Foundries
- 7.3.5. Lubricants
- 7.3.6. Friction Materials
- 7.3.7. Others
- 7.4. By Country (Value & Volume)
- 7.4.1. Germany
- 7.4.1.1. By Application (Value & Volume)
- 7.4.1.1.1. Refractories
- 7.4.1.1.2. Batteries
- 7.4.1.1.3. Recarburising
- 7.4.1.1.4. Foundries
- 7.4.1.1.5. Lubricants
- 7.4.1.1.6. Friction Materials
- 7.4.1.1.7. Others
- 7.4.2. U.K.
- 7.4.2.1. By Application (Value & Volume)
- 7.4.2.1.1. Refractories
- 7.4.2.1.2. Batteries
- 7.4.2.1.3. Recarburising
- 7.4.2.1.4. Foundries
- 7.4.2.1.5. Lubricants
- 7.4.2.1.6. Friction Materials
- 7.4.2.1.7. Others
- 7.4.3. France
- 7.4.3.1. By Application (Value & Volume)
- 7.4.3.1.1. Refractories
- 7.4.3.1.2. Batteries
- 7.4.3.1.3. Recarburising
- 7.4.3.1.4. Foundries
- 7.4.3.1.5. Lubricants
- 7.4.3.1.6. Friction Materials
- 7.4.3.1.7. Others
- 7.4.4. Italy
- 7.4.4.1. By Application (Value & Volume)
- 7.4.4.1.1. Refractories
- 7.4.4.1.2. Batteries
- 7.4.4.1.3. Recarburising
- 7.4.4.1.4. Foundries
- 7.4.4.1.5. Lubricants
- 7.4.4.1.6. Friction Materials
- 7.4.4.1.7. Others
- 7.4.5. Rest of Europe
- 7.4.5.1. By Application (Value & Volume)
- 7.4.5.1.1. Refractories
- 7.4.5.1.2. Batteries
- 7.4.5.1.3. Recarburising
- 7.4.5.1.4. Foundries
- 7.4.5.1.5. Lubricants
- 7.4.5.1.6. Friction Materials
- 7.4.5.1.7. Others
8. Asia-Pacific Synthetic Graphite Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. By Product Type (Value & Volume)
- 8.2.1. Graphite Electrode
- 8.2.2. Graphite Blocks
- 8.2.3. Graphite Powder
- 8.2.4. Others
- 8.3. By Application (Value & Volume)
- 8.3.1. Refractories
- 8.3.2. Batteries
- 8.3.3. Recarburising
- 8.3.4. Foundries
- 8.3.5. Lubricants
- 8.3.6. Friction Materials
- 8.3.7. Others
- 8.4. By Country (Value & Volume)
- 8.4.1. China
- 8.4.1.1. By Application (Value & Volume)
- 8.4.1.1.1. Refractories
- 8.4.1.1.2. Batteries
- 8.4.1.1.3. Recarburising
- 8.4.1.1.4. Foundries
- 8.4.1.1.5. Lubricants
- 8.4.1.1.6. Friction Materials
- 8.4.1.1.7. Others
- 8.4.2. Japan
- 8.4.2.1. By Application (Value & Volume)
- 8.4.2.1.1. Refractories
- 8.4.2.1.2. Batteries
- 8.4.2.1.3. Recarburising
- 8.4.2.1.4. Foundries
- 8.4.2.1.5. Lubricants
- 8.4.2.1.6. Friction Materials
- 8.4.2.1.7. Others
- 8.4.3. India
- 8.4.3.1. By Application (Value & Volume)
- 8.4.3.1.1. Refractories
- 8.4.3.1.2. Batteries
- 8.4.3.1.3. Recarburising
- 8.4.3.1.4. Foundries
- 8.4.3.1.5. Lubricants
- 8.4.3.1.6. Friction Materials
- 8.4.3.1.7. Others
- 8.4.4. Rest of Asia Pacific
- 8.4.4.1. By Application (Value & Volume)
- 8.4.4.1.1. Refractories
- 8.4.4.1.2. Batteries
- 8.4.4.1.3. Recarburising
- 8.4.4.1.4. Foundries
- 8.4.4.1.5. Lubricants
- 8.4.4.1.6. Friction Materials
- 8.4.4.1.7. Others
9. Latin America Synthetic Graphite Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. By Product Type (Value & Volume)
- 9.2.1. Graphite Electrode
- 9.2.2. Graphite Blocks
- 9.2.3. Graphite Powder
- 9.2.4. Others
- 9.3. By Application (Value & Volume)
- 9.3.1. Refractories
- 9.3.2. Batteries
- 9.3.3. Recarburising
- 9.3.4. Foundries
- 9.3.5. Lubricants
- 9.3.6. Friction Materials
- 9.3.7. Others
- 9.4. By Country (Value & Volume)
- 9.4.1. Brazil
- 9.4.1.1. By Application (Value & Volume)
- 9.4.1.1.1. Refractories
- 9.4.1.1.2. Batteries
- 9.4.1.1.3. Recarburising
- 9.4.1.1.4. Foundries
- 9.4.1.1.5. Lubricants
- 9.4.1.1.6. Friction Materials
- 9.4.1.1.7. Others
- 9.4.2. Mexico
- 9.4.2.1. By Application (Value & Volume)
- 9.4.2.1.1. Refractories
- 9.4.2.1.2. Batteries
- 9.4.2.1.3. Recarburising
- 9.4.2.1.4. Foundries
- 9.4.2.1.5. Lubricants
- 9.4.2.1.6. Friction Materials
- 9.4.2.1.7. Others
- 9.4.3. Rest of Latin America
- 9.4.3.1. By Application (Value & Volume)
- 9.4.3.1.1. Refractories
- 9.4.3.1.2. Batteries
- 9.4.3.1.3. Recarburising
- 9.4.3.1.4. Foundries
- 9.4.3.1.5. Lubricants
- 9.4.3.1.6. Friction Materials
- 9.4.3.1.7. Others
10. Middle East & Africa Synthetic Graphite Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. By Product Type (Value & Volume)
- 10.2.1. Graphite Electrode
- 10.2.2. Graphite Blocks
- 10.2.3. Graphite Powder
- 10.2.4. Others
- 10.3. By Application (Value & Volume)
- 10.3.1. Refractories
- 10.3.2. Batteries
- 10.3.3. Recarburising
- 10.3.4. Foundries
- 10.3.5. Lubricants
- 10.3.6. Friction Materials
- 10.3.7. Others
- 10.4. By Country (Value & Volume)
- 10.4.1. GCC
- 10.4.1.1. By Application (Value & Volume)
- 10.4.1.1.1. Refractories
- 10.4.1.1.2. Batteries
- 10.4.1.1.3. Recarburising
- 10.4.1.1.4. Foundries
- 10.4.1.1.5. Lubricants
- 10.4.1.1.6. Friction Materials
- 10.4.1.1.7. Others
- 10.4.2. South Africa
- 10.4.2.1. By Application (Value & Volume)
- 10.4.2.1.1. Refractories
- 10.4.2.1.2. Batteries
- 10.4.2.1.3. Recarburising
- 10.4.2.1.4. Foundries
- 10.4.2.1.5. Lubricants
- 10.4.2.1.6. Friction Materials
- 10.4.2.1.7. Others
- 10.4.3. Rest of Middle East & Africa
- 10.4.3.1. By Application (Value & Volume)
- 10.4.3.1.1. Refractories
- 10.4.3.1.2. Batteries
- 10.4.3.1.3. Recarburising
- 10.4.3.1.4. Foundries
- 10.4.3.1.5. Lubricants
- 10.4.3.1.6. Friction Materials
- 10.4.3.1.7. Others
11. Competitive Landscape
- 11.1. Market Share Analysis, By Key Companies
- 11.2. Company Profiles
- 11.2.1. Asbury Carbons
- 11.2.1.1. Overview
- 11.2.1.2. Description
- 11.2.1.3. Product Portfolio
- 11.2.1.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.1.5. Recent Developments
- 11.2.2. EagleGraphite
- 11.2.2.1. Overview
- 11.2.2.2. Description
- 11.2.2.3. Product Portfolio
- 11.2.2.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.2.5. Recent Developments
- 11.2.3. HEG Limited
- 11.2.3.1. Overview
- 11.2.3.2. Description
- 11.2.3.3. Product Portfolio
- 11.2.3.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.3.5. Recent Developments
- 11.2.4. Imerys S.A.
- 11.2.4.1. Overview
- 11.2.4.2. Description
- 11.2.4.3. Product Portfolio
- 11.2.4.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.4.5. Recent Developments
- 11.2.5. Mineral Commodities Ltd.
- 11.2.5.1. Overview
- 11.2.5.2. Description
- 11.2.5.3. Product Portfolio
- 11.2.5.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.5.5. Recent Developments
- 11.2.6. Nacional de Grafite
- 11.2.6.1. Overview
- 11.2.6.2. Description
- 11.2.6.3. Product Portfolio
- 11.2.6.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.6.5. Recent Developments
- 11.2.7. Novonix
- 11.2.7.1. Overview
- 11.2.7.2. Description
- 11.2.7.3. Product Portfolio
- 11.2.7.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.7.5. Recent Developments
- 11.2.8. SGL Carbon
- 11.2.8.1. Overview
- 11.2.8.2. Description
- 11.2.8.3. Product Portfolio
- 11.2.8.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.8.5. Recent Developments
- 11.2.9. Superior Graphite
- 11.2.9.1. Overview
- 11.2.9.2. Description
- 11.2.9.3. Product Portfolio
- 11.2.9.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.9.5. Recent Developments
- 11.2.10. Tirupati Carbons & Chemicals Pvt. Ltd.
- 11.2.10.1. Overview
- 11.2.10.2. Description
- 11.2.10.3. Product Portfolio
- 11.2.10.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.10.5. Recent Developments
- 11.2.11. Other Key Players
- 11.2.11.1. Overview
- 11.2.11.2. Description
- 11.2.11.3. Product Portfolio
- 11.2.11.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.11.5. Recent Developments
12. Strategic Recommendations