Synthetic Graphite Market Size to be Worth USD 38.3 billion by 2031, with Notable CAGR of 6.4%| Transparency Market Research, Inc.
Wilmington, Delaware, United States, Transparency Market Research, Inc. , Nov. 19, 2024 (GLOBE NEWSWIRE) -- The global synthetic graphite market (سوق الجرافيت الاصطناعي) was projected to attain US$ 22.0 billion in 2022. It is anticipated to garner a 6.4% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 38.3 billion by 2031.
Lithium-ion batteries, solar infrastructure, metal manufacturing, and other specialized companies depend heavily on synthetic graphite. The substance is primarily used as an addition to increase carbon in the iron and steel industry. In addition, it helps the synthetic graphite sector by producing ferroalloys, melting iron and steel in metal furnaces, and storing energy.
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Global synthetic graphite Market: Key Players
Prominent manufacturers are making significant investments in the advancement of high-performance synthetic graphite applications and synthetic graphite manufacturing methods. In order to create a superior product range and keep a strong position in the industry, close partnerships within the market as well as mergers and acquisitions are considered essential tactics. The following companies are well-known participants in the global synthetic graphite market:
- GrafTech International
- Showa Denko K.K
- SGL Carbon SE
- Graphite India Limited
- HEG Limited
- Tokai Carbon Co. Ltd.
- Nippon Carbon Co. Ltd.
- SEC Carbon, Ltd.
- Kaifeng Carbon Co. Ltd.
- Nantong Yangzi Carbon Co. Ltd.
Key Findings of the Market Report
- Synthetic graphite is used to create temperature-resistant conducting materials known as graphite electrodes.
- They are employed in various smelting procedures and the refining of steel.
- High-quality iron and steel manufacturing requires graphite electrodes due to a number of its features, including strong electrical and thermal conductivity, chemical stability, strong shock resistance, and high metal removal rate.
Market Trends for Synthetic Graphite
- Electric vehicle (EV) adoption is being encouraged by governments throughout the globe in an effort to lower greenhouse gas emissions and combat climate change.
- The popularity of EVs is increasing because of advancements in battery technology, government incentives, and a growth in environmental consciousness. Hence, growth in use of EVs is boosting the synthetic graphite market size.
- One essential ingredient used in the creation of lithium-ion batteries is synthetic graphite. In Li-ion batteries, it serves as the negative electrode, or anode. It is used to shorten charging times and boost energy density in electric cars.
- China is a significant EV manufacturer. It promotes the development of a supply chain for the production of Li-ion batteries, which begins with the processing of minerals and other components like graphite or synthetic carbon.
Global Market for Synthetic Graphite: Regional Outlook
- In 2022, Asia Pacific accounted for the most significant proportion. Since China has a strong chemical, iron, and steel industry, it is a key basis for the artificial graphite market as well as the high-performance graphite sector. The demand for lithium-ion batteries is increasing due to the growing use of electric cars in India and China, which is driving the market dynamics in the Asia Pacific region.
- By 2025, it is anticipated that Chinese battery makers would generate 4,800 gigawatt-hours (GWh) of energy. The U.S. Geological Survey estimates that in 2022, China will produce around 65% of the world's graphite.
- Over the course of the projected period, the industry in North America is anticipated to rise steadily. Northwestern University study indicates that 63% of domestically manufactured graphite in the United States was synthetic.
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Key developments by the players in this market are:
- A start-up company from New Zealand called CarbonScape created a method in December 2023 to turn woodchips into synthetic graphite. The business boasts that it can create one metric ton of synthetic graphite from seven tons of dry wood chips.
- The Imerys Graphite & Carbon Company announced the initiation of the "EMILI Project," a lithium extraction initiative, in October 2022. The initiative may help produce about 700,000 electric car batteries yearly and significantly reduce the need to import lithium.
Global Synthetic Graphite Market Segmentation
Product
- Electrodes
- Isostatic
- Specialty Graphite
- Carbon Fibers
- Others
End-use Industry
- Electronics
- Nuclear
- Chemical
- Mechanical Engineering
- Metallurgy
- Ferrous
- Non-ferrous
- Energy Storage & Transmission
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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