ASEAN Graphite Market Outlook (2021-2031)

The ASEAN graphite market is projected to reach USD 1,395.06 million by 2031, up from USD 846.74 million in 2024. The estimated compound annual growth rate (CAGR) from 2024 to 2031 is 7.4%.

ASEAN Graphite Market Analysis:

The ASEAN graphite market is experiencing significant growth, primarily driven by the rising demand for graphite in various applications, including batteries, lubricants, refractories, and friction products. ASEAN countries have a robust industrial base and advanced technologies, positioning them as global leaders in graphite production and consumption. This growth is particularly driven by the increasing demand for high-quality graphite used in lithium-ion batteries for electric vehicles (EVs) and energy storage systems, which are central to the region's shift toward sustainable energy solutions. Additionally, graphite’s unique properties, such as high thermal conductivity and wear resistance, make it essential in industries like automotive, electronics, and manufacturing.

Segmentation Analysis

Key segments that helped derive the ASEAN graphite market analysis include type and application.

Type: The market is divided into natural and synthetic graphite. In 2024, the synthetic segment captured the largest market share.

Form: The market is segmented into powder, flake, granules, electrode, and other forms. The flake segment held the largest share in 2024.

Application: The market is divided into batteries, lubricants, refractories, friction products, electrodes, and others. The electrode segment constituted the largest share in 2024.

Market Outlook:

The ASEAN graphite market is set for substantial growth, driven by increasing demand for sustainable and eco-friendly practices across various sectors. In November 2024, Graphjet Technology, a Malaysian company, launched its first commercial-scale green graphite facility in Subang District. This facility recycles palm kernel shells—an abundant agricultural byproduct—to produce battery-grade graphite. The plant can recycle up to 9,000 metric tons of shells annually, generating up to 3,000 metric tons of graphite per year, sufficient to support battery production for approximately 40,000 EVs annually. Malaysia’s abundant biomass waste from palm oil production presents a significant opportunity for innovative companies to leverage this trend, setting the stage for market expansion through sustainable practices and the recycling of palm oil byproducts.

In Thailand, the graphite market is driven by demand from various industrial applications, including batteries, lubricants, and construction materials. With the global interest in sustainable and high-performance materials on the rise, Malaysia is emerging as a key player in the graphite supply chain, attracting investments and promoting technological advancements in extraction and processing methods. Environmental regulations and the recycling of graphite are also influencing the market, prompting local producers to adopt more sustainable practices and elevate their offerings.

Country Insights:

Regionally, the ASEAN graphite market is further segmented into Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. In 2024, Indonesia held the largest market share.

The graphite market in Indonesia has seen significant growth, primarily driven by the country's increasing demand for lithium-ion batteries used in EVs and mobile devices. The demand for graphite is expected to escalate as the government commits to becoming a major player in the global electric vehicle market. Furthermore, the growing need for graphite in the production of refractories, foundries, and lubricants continues to fuel market expansion.

Key Players

Key players in the graphite market include GES Europe GmbH, Graphit Kropfmühl GmbH, Pingdingshan Wanhui Graphite Co., Ltd, China Graphite Group Limited, Leading Edge Materials Corp, SGL Carbon SE, Ceylon Graphite Corp, Imerys SA, Graphite Central, and Nanjing GRF Carbon Material Co., Ltd. These companies adopt various strategies, including expansion, product innovation, and mergers and acquisitions, to maintain competitiveness and offer innovative products to consumers.