Synthetic Graphite Market 2030: How It Powers the Foundry and Metallurgy Industries

The global synthetic graphite market was valued at USD 8.20 billion in 2024 and is expected to grow to USD 11.95 billion by 2030, expanding at a CAGR of 6.7% from 2025 to 2030. This growth is largely fueled by the rising demand for electric vehicles (EVs) and progress in energy storage technologies.

Synthetic graphite is extensively used in electrodes for electric arc furnaces (EAFs), thanks to its excellent thermal conductivity, resistance to thermal shock, and durability under extremely high temperatures. These properties are vital for steel recycling and smelting operations. Its uniform structure ensures better control of furnace performance and improved energy efficiency.

Innovations in battery technology have also amplified the need for synthetic graphite. The development of advanced and solid-state batteries requires materials with high conductivity and stability—qualities that synthetic graphite provides. Additionally, the global expansion of renewable energy sources such as solar and wind power is creating a greater need for efficient energy storage systems, thereby boosting synthetic graphite demand.

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Key Market Trends & Insights

• Asia Pacific led the global synthetic graphite market with a 44.3% revenue share in 2024, driven by technological development and strong industrial demand in the region. The region is expected to maintain its leadership position due to the superior purity and consistency of synthetic graphite, making it highly suitable for lithium-ion batteries and electronic applications.
• Electrodes emerged as the dominant product segment in 2024, accounting for over 43.0% of market revenue. Graphite electrodes are crucial in industrial processes, especially within EAFs used for steel and non-ferrous metal production. These electrodes enable high-current conduction to generate the heat required to melt scrap metal, supporting efficient and modern steel manufacturing.
• By application, foundry and metallurgy represented the largest revenue segment in 2024. Synthetic graphite’s exceptional heat resistance, thermal conductivity, and chemical stability make it indispensable in these industries. It is widely used in producing crucibles, molds, and cores capable of withstanding extreme heat without degradation or reaction with molten metals.

Market Size & Forecast

• 2024 Market Size: USD 8.20 Billion
• 2030 Projected Market Size: USD 11.95 Billion
• CAGR (2025-2030): 6.7%
• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights

Prominent players in the synthetic graphite market include:

• GrafTech International Ltd. – A global leader in synthetic graphite products, particularly graphite electrodes used in EAFs for steel recycling and production. GrafTech also manufactures advanced graphite materials for the energy, aerospace, and chemical sectors.
• SGL Carbon SE – One of the world’s largest producers of synthetic graphite and carbon-based materials. Its diverse product range includes synthetic graphite, carbon fibers, and composites, catering to industries such as lithium-ion batteries, automotive, and aerospace.
• Showa Denko K.K. – A key supplier of synthetic graphite electrodes, mainly for steelmaking and non-ferrous metal processing. As a diversified chemical company, it supports heavy industries with high-quality graphite materials designed for EAF operations.

Key Players

• GrafTech International Ltd.
• HEG Limited
• Imerys Graphite & Carbon
• Mersen S.A.
• Nippon Carbon Co., Ltd.
• SGL Carbon SE
• Showa Denko K.K.
• Superior Graphite
• Tokai Carbon Co., Ltd.
• Toyo Tanso Co., Ltd.

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Conclusion

The synthetic graphite market is poised for consistent growth through 2030, driven by expanding applications in electric vehicles, energy storage systems, and steel production. Asia Pacific remains the key growth region, supported by high demand from battery and electronics industries. The increasing reliance on renewable energy and innovative battery technologies will continue to strengthen the role of synthetic graphite across critical sectors.