Analysis of Carbon and Graphite Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global carbon and graphite market is anticipated to expand at a CAGR of 5.9%, rising from its current value of US$ 18 billion to US$ 32 billion by the end of 2033.
Carbon and graphite are used in a variety of applications due to their superior electrical and thermal qualities, as well as their exceptional chemical stability. Carbon and graphite-based materials are also employed to improve product performance.
Graphite has been designated as an important mineral by many governments around the world due to its use in a variety of energy-related applications such as electric vehicles, fuel cells, solar panels, pebble bed nuclear reactors, and electronic products such as smartphones and laptops. Graphite is also deemed to be an excellent material for advancing green technology. This aspect is pushing its use in a variety of applications, including electronic products, energy storage, and photovoltaics.
Historically, the global market grew at a steady rate. However, there was a slight decline in demand due to the COVID-19 outbreak, which caused a slowdown in logistics and a global labor shortage. In 2020, the automotive and electronics sectors faced setbacks due to restrictions imposed on them, resulting in a drop in demand for carbon and graphite. However, as economies around the world rebound, demand for carbon and graphite is likely to rise steadily over the next ten years.
Construction activities have expanded, especially in emerging economies, besides rising urbanization and numerous infrastructure initiatives undertaken by countries.
As a result, increased construction activities will drive the demand for carbon and graphite to be utilized in construction materials.
Moreover, carbon and graphite are extensively utilized in the steel industry. Carbon and graphite are used in crucibles or ladle liners and components in firebricks lining furnaces. Steel production has steadily increased over the previous decade, increasing the demand for carbon and graphite.
Steel is an essential element of modern society. It is a durable commodity that can be recycled multiple times without losing quality. From transportation networks, roads, and homes to agriculture, construction, and energy, the industry's offering of engineered high-strength steels that reduce application weight continues to expand.
Market Size (2023)
US$ 18 Billion
Projected Market Value (2033)
US$ 32 Billion
Global Market Growth Rate (2023-2033)
Asia Pacific Market Share (2022)
Carbon and Graphite Powder Segment Growth Rate (2023-2033)
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“Increasing Demand for Electric Vehicles”
Consumers' preferences have shifted from manual to electric vehicles with increasing technological developments. Several automotive plants for electric vehicles are being built in various nations.
Carbon and graphite are used in the production of lithium-ion batteries, which are used as fuel in next-generation vehicles such as electric and autonomous vehicles. Hence, with the rise in the production of electric vehicles, the demand for carbon and graphite to be used in lithium-ion batteries will also grow, thus positively impacting the growth of the global market.
“Rising Installation of Solar Panels”
The utilization of solar energy has numerous advantages. It is not only a renewable energy source but also one of the most effective sources of power generation. Tightening environmental rules, as well as perks such as tax breaks and subsidies in both emerging and developed economies, has led to an increase in the use of solar panels and other associated technologies.
Using carbon and graphite in solar panels lowers the cost while boosting the panels' efficiency. As a result, rising demand for solar panels around the world is expected to boost the sales of carbon and graphite.
Asia Pacific held 60% of the global market for carbon and graphite in 2022. Asia Pacific is expected to continue to be the world's biggest graphite producer and a major market for practically all carbon and graphite products.
Regional market expansion is being propelled by consistent economic growth and ongoing demand from the rising automotive and aerospace sectors, as well as the advent of advanced carbon and graphite uses in pebble-bed nuclear reactors, fuel cells, and solar power systems. Steel and other metals demand is also increasing in Asia Pacific, contributing to increased demand for carbon and graphite.
South Korea and Japan are making substantial contributions to the Asia Pacific market. South Korea exported US$ 6.89 million in carbon and graphite furnace electrodes in 2020, making it the world's 21st biggest exporter of carbon and graphite furnace electrodes.
The high demand for batteries and other electrical equipment in European countries is expected to boost the usage of carbon and graphite. Germany and the United Kingdom are currently focusing on building electric vehicles backed by lithium-ion batteries.
As a result, the demand for carbon and graphite is projected to increase in these countries during the forecast period.
Increased production of hybrid electric vehicles and electric vehicles in the United States has raised the demand for lithium-ion batteries, which has led to increased carbon and graphite usage.
Furthermore, significant developments in the construction and infrastructure sectors have boosted the country's demand for carbon and graphite. Massive investment in research and development activities to improve application areas of carbon and graphite is also predicted to boost market growth in the United States.
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Demand for carbon and graphite powders is estimated to expand at a CAGR of 3.2% during the forecast period.
Carbon and graphite powder is a fine black powder with excellent lubricity, which is needed for a variety of applications. Carbon and graphite powder has a wide range of scientific and industrial applications, making them extremely adaptable.
Carbon and graphite powder are commonly used in metallurgy for steel production for hardening steel and iron. The powder is also used as a dry lubricant in its natural form, as well as a lubricant ingredient in colloidal solutions, greases, and oils. Demand for carbon and graphite fiber and carbon and graphite electrodes is also increasing.
Carbon and graphite fiber is currently the most sought-after material for automotive, wind power, aviation, and sporting and leisure goods manufacture, owing largely to its low weight and high strength qualities. Carbon and graphite fiber-reinforced materials are used in a variety of applications, including racing car bodies, airplanes, bicycle frames, spacecraft parts, and other areas where great strength and light weight are required.
Carbon and graphite electrodes are used in the production of elemental phosphorous, silicon metal, and ferronickel. The increased manufacturing of electro steel has increased the demand for carbon and graphite electrodes.
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Key players in the carbon and graphite market are proactively expanding their global footprint by entering emerging markets to establish mines and manufacturing facilities to reduce capital expenditures (CapEx) and operational costs while improving profitability.
Furthermore, several start-ups are entering the market with novel product offerings.
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The global carbon and graphite market is valued at US$ 18 billion in 2023.
The market for carbon and graphite is predicted to reach US$ 32 billion by 2033.
Worldwide demand for carbon and graphite is estimated to increase at a CAGR of 5.9% from 2023 to 2033.
Asia Pacific captured 60% share of the global carbon and graphite market in 2022.
Cabot Corporation, Mitsubishi Chemical Holdings Corporation, Solvay SA, GrafTech International Holdings Inc, Mersen S.A, HEG Ltd, Mitsubishi Chemical Carbon Fiber and Composites, Inc., Hexcel Corporation, and Morgan Advanced Materials Plc are key supplier
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