The global market for synthetic graphite is projected to have a considerable CAGR of around 4.5% during the forecast period. Synthetic graphite also referred to as man-made or artificial graphite is created by refining hydrocarbons such as petroleum coke and coal tar. It is widely employed in a variety of applications and industries due to its significant material features such as corrosion resistance, thermal and electric conductivity, lightweight, and high strength. Synthetic graphite is also used as an important raw material in battery anodes and welding electrodes. Additionally, as synthetic graphite is considered a more durable material when compared to naturally occurring graphite, it is widely used in the manufacturing of batteries. Further, the market growth is attributed to the introduction of electric automobiles and e-rickshaws as well as the rising acceptance of lithium-ion batteries in these vehicles. Moreover, an increase in the usage of green and eco-friendly technologies is anticipated to provide growth opportunities for graphite manufacturers.

Despite its widespread use, synthetic graphite has a high cost of production when compared to naturally occurring graphite, which can restrict the market growth. Furthermore, strict environmental regulations imposed by governments around the world are also expected to hinder the growth of the global synthetic graphite market.

Segmental Outlook  

The global synthetic graphite market is segmented based on type and application. On the basis of type, the market is based on graphite anode, graphite block, and others.  Based on the application the market is further classified into instruments and accessories, robotic systems, and services. Based on application, the market is segregated into metallurgy, parts and components, batteries, nuclear, and other applications.

Global Synthetic Graphite Market Share By Application, 2021 (%)

The Metallurgy is Considered the Dominating Segment in the Global Synthetic Graphite Market. 

Among applications, the metallurgy segment is estimated as dominating segment during the forecast period as in metallurgical applications, graphite is used in various forms, such as refractories, electrodes, crucibles, bricks, monolithic, and others. Further, synthetic graphite electrodes are also used as a source of energy in metallurgical processes such as melting scrap iron in an electric furnace, refining ceramic materials, making compounds like calcium carbide, and other processes that require a high temperature and clean energy source. Some of the typical customers in the metallurgical application include metal producers and refractory producers. Synthetic graphite powders are used as are-carburizer in this application. Furthermore, the growing crude steel production across the world is projected to affect the usage of synthetic graphite in metallurgical applications. The World Steel Association estimated that global crude steel production has increased from 1,538 million tonnes in 2010 to 1,864.0 million tonnes in 2020.

Regional Outlook 

Geographically, the global synthetic graphite market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). Europe is projected to have a significant CAGR with Germany being the largest producer as well as consumer of synthetic graphite in the region. As the production of wood-based panels and laminates has increasingly shifted from Western Europe to Eastern Europe, the synthetic graphite market in Eastern Europe is expected to grow at a faster rate. Countries in Eastern Europe including Russia, Turkey, and Poland are anticipated to show high growth in the synthetic graphite market during the forecast period.

Global Synthetic Graphite  Market Growth, by region 2022-2028

Asia-Pacific to Hold a Considerable Share in the Global Synthetic Graphite  Market

Geographically, Asia-Pacific is projected to hold a major share global Synthetic graphite market.  China is playing a massive role in dominating synthetic graphite production and demand globally. There are currently more than 40 official graphite electrode manufacturers in China, with 30 new entrants to the market in recent years, producing both electrodes and other refractory materials. Moreover, China's government is also working on creating eco-friendly steel production methods, and it recently announced a goal of producing 20% of the country's steel through electric arc furnaces by 2020. According to World Steel Association, the crude steel production in China reached 1,053.0 million tons in 2020 witnessing a rise of around 5.2% compared to 2019. As a result of the mentioned factors, demand for synthetic graphite in Asia-Pacific is predicted to rise rapidly throughout the forecast period.

Market Players Outlook

The key players in the synthetic graphite market contribute significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include GrafTech International, SHOWA DENKO K.K., Beiterui New Material Group Co. Ltd, Lianyungang Jinli Carbon Co. Ltd, Shanshan Technology among others. These market players adopt various strategies such as product launches, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. In September 2020, Showa Denko K.K announced that its consolidated subsidiary Showa Denko Carbon Holding GmbH (SDCH) will merge with its consolidated subsidiary Showa Denko Europe GmbH (SDE). SDK's aim to merge with these two companies was to expand its business operation in Europe further by fusing SDCH’s business management function and SDE’s business support function into one.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global synthetic graphite market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where in the market.