Synthetic Graphite MarketSize and Trends

The global synthetic graphite market size was valued at USD 1888.5 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 3.77% from 2023 to 2030. The growth of synthetic graphite market can be attributed to the increasing demand for graphite from automotive industry. The market is also expected to get benefits from the growing popularity of electric vehicles. Moreover, the rise in the installation of solar power systems is further projected to propel market growth. A large portion of the global synthetic graphite is derived from the production of graphite electrodes. This product is primarily produced using calcined petroleum coke and coal tar pitch as primary raw materials.

Global Synthetic Graphite Market Trends:

Growing partnership and agreement among key players

Key players are adopting partnership and agreement to meet growing demand for synthetic graphite. This is expected to be a major trend for the market. For instance, in June 2022, Anovion, LLC (Anovion) and Forge Nano Inc. (Forge Nano), two premier U.S. domestic battery materials manufacturers, announce an agreement to collaborate on the supply of enhanced graphite anode technology for lithium-ion batteries.

Growing merger and acquisition in the market

For instance, in January 2022, Northern Graphite acquire the already operational Lac des Iles graphite mine in Quebec, Canada, and the Okanjande graphite deposit/Okorusu processing plant in Namibia, both from Imerys, and make the step from being a junior miner to a producer.