PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485836
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485836
Expanded Graphite Market size was valued at USD 322.43 million in 2023, expanding at a CAGR of 7.5% from 2024 to 2032.
The extended graphite market encompasses both natural and synthetic graphite, materials that play crucial roles in various industrial applications due to their unique properties. Graphite's excellent conductivity, thermal stability, and lubricating properties make it indispensable in several sectors, including batteries, electronics, metallurgy, and refractory materials. However, more restrictions on dangerous refractories, like asbestos or brominated refractories, in gaskets and buildings are anticipated to open up new business prospects for the growing graphite sector.
Expanded Graphite Market- Market Dynamics
Increasing awareness about sustainable growth to propel market demand
The electric vehicle (EV) boom is a primary driver of the extended graphite market, significantly influencing demand and market dynamics. Graphite is a critical component in the anodes of lithium-ion batteries, which are widely used in electric vehicles. As the production and sales of EVs accelerate, the demand for lithium-ion batteries and consequently, graphite has soared. The International Energy Agency (IEA) predicts that the demand for graphite used in EV batteries could increase by 8-25 times from 2020 to 2040. The growth of the EV market has led to the expansion of battery manufacturing facilities worldwide. Countries are investing heavily in establishing new battery production plants, also known as Giga factories, to meet the rising demand for EV batteries. The rapid growth of the EV market has affected graphite prices and market competition. While natural graphite is traditionally used in battery anodes, synthetic graphite has become a significant competitor due to its consistent quality and lower production costs. The market competition has influenced pricing and availability, driving innovations to reduce production costs, and driving market growth.
Expanded Graphite Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2024-2032)
Based on product type segmentation, natural graphite was predicted to show maximum market share in the year 2023
Based on end user segmentation, EV batteries were the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Expanded Graphite Market is segmented based on Product Type, Form, End User and Region.
The market is divided into two categories based on product type: Natural Graphite and Synthetic Graphite. In the production of expanded graphite, natural graphite is more commonly used compared to synthetic graphite. Natural graphite is generally less expensive than synthetic graphite. The extraction and initial processing of natural graphite are more cost-effective, making it a preferred choice for large-scale production of expanded graphite.
The market is divided into five categories based on end-user: Insulation, EV Battery, Biomedical Science, Coatings & Paints, and Others. The EV battery segment holds the highest market share. Extended graphite is primarily used in lithium-ion batteries for EVs and energy storage. Extended graphite is used in steel manufacturing and other metallurgical processes for electrode manufacturing. In Refractories and Foundries, high-temperature resistant materials such as extended graphite are primarily preferred to boost production activities. Extended graphite is used in various mechanical applications for reducing friction in lubricant manufacturing.
Expanded Graphite Market- Geographical Insights
Throughout the projected period, Asia-Pacific is anticipated to continue to hold the top spot in the expandable graphite market. The growing usage of expandable graphite in materials processing applications and the growth of China's electronics and automotive sectors will propel regional development during the next five years. China has implemented export permits for some graphite products to protect national security, springing a surprise with another bid to control critical mineral supply in response to challenges over its global manufacturing dominance. Additionally, the Chinese government no longer permits the use of traditional brominated flame retardants and will only accept environmentally safe expandable graphite.
Due to the continued development in demand for lithium-ion batteries in the coming years, the worldwide market for extended graphite is made of both international and local producers, making it one of the most competitive sectors in the world. Top Expanded Graphite Market Companies are Nippon Kokuen Group, Yichang Xincheng Graphite, GrafTech International, Nacional De Graphite, Triton Minerals, SGL Group, Asbury Carbons, NeoGraf Solutions, ACS Material, Graphex Mining, Qingdao Braide Graphite, LKAB Minerals, HP Materials. Companies sell their products through a variety of channels, including corporate websites, e-commerce websites, retailers, distributors, and end consumers. Products makers compete on a variety of aspects, including product costs, performance, product making, technology, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, distribution network development, R&D spending, and mergers and acquisitions.
In June 2023, Superior Graphite, a key producer of graphite, established a USD 180 million anode materials facility to meet the increasing demand for EVs and energy storage in the North American and European markets. The company's state-of-the-art Anode Active Material (AAM) is focused on accelerating the energy transition, enhancing demand for raw materials including extended graphite.
In May 2022, Nordmann partnered with ADT for a new production plant for expandable graphite. At the start of the now long and successful cooperation between the two companies, ADT was manufacturing its expandable graphite in the Chinese province of Hebei.
In December 2023, Graphite India Limited, one of the largest producers of graphite electrodes globally, acquired a 31% share in Godi India for rs 50 Cr.
GLOBAL EXPANDED GRAPHITE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
GrafTech International
Nippon Kokuen Group
Yichang Xincheng Graphite Co.,
Nacional De Grafite
Asbury Carbons
Triton Minerals,
SGL Group
NeoGraf Solutions,
Shijiazhuang ADT Carbonic Material Factory
ACS Material
Others