The net worth of the total value of graphite sold across all the countries in 2022 was nearly USD 23,097.7 million. With a strong CAGR of 6.1% during the years 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 USD 24,599 million in 2023. The market is likely to continue growing with a strong CAGR of 6.5% predicted for the period between 2023 and 2033.
Emerging applications in a variety of 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 total global demand for graphite generated in the year 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 the year 2022, market players in China contributed over 70% of all the graphite in the Asia Pacific. China is expected to remain the leading supplier of graphite globally while followed by India in the Asia Pacific geographical 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 increase the share of the natural graphite segment substantially during this period.
- Based on applications of graphite, 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 around the world.
Competitive Landscape for the Graphite Market Players
The leading market players have secured a consistent and long-lasting supply of graphite 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.
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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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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