ASEAN Graphite Market Segmentation, Future Plans and Growth Rate To 2031

The ASEAN Graphite Market size is expected to reach US$ 1,395.06 million by 2031 from US$ 846.74 million in 2024. The market is estimated to record a CAGR of 6.4 % from 2024 to 2031.

Graphite

The ASEAN graphite market is experiencing robust growth, driven by rising demand across key applications such as batteries, lubricants, refractories, and friction products. Known for their strong industrial base and technological advancements, ASEAN countries have emerged as global leaders in both graphite production and consumption. A major growth driver is the increasing demand for high-quality graphite in lithium-ion batteries, which are critical for electric vehicles (EVs) and energy storage systems. This aligns with 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.

ASEAN Graphite Market Segmentation

By Type:

• Natural
• Synthetic

By Form:

• Powder
• Flake
• Granules
• Electrode

By Application:

• Batteries
• Lubricants
• Refractories
• Friction Products
• Electrodes

Key Players

Leading companies operating in the ASEAN graphite market include

1. GES Europe GmbH
2. Graphit Kropfmühl GmbH
3. Pingdingshan Wanhui Graphite Co., Ltd.
4. China Graphite Group Limited
5. Leading Edge Materials Corp
6. SGL Carbon SE
7. Ceylon Graphite Corp
8. Imerys SA
9. Graphite Central
10. Nanjing GRF Carbon Material Co., Ltd.

These key players adopt strategies such as expansion, product innovation, and mergers and acquisitions to maintain a competitive edge and offer advanced graphite solutions to consumers.

ASEAN Graphite Market Outlook

The ASEAN graphite market is set for substantial growth, fueled by the adoption of sustainable and eco-friendly practices across industries. A notable development occurred in November 2024, when Graphjet Technology, a Malaysian company, launched its first commercial-scale green graphite facility in the Subang District. This innovative facility recycles palm kernel shells, an abundant agricultural byproduct, to produce battery-grade graphite. With the capacity to recycle 9,000 metric tons of shells annually, the facility can produce up to 3,000 metric tons of graphite per year—enough to support battery production for approximately 40,000 EVs annually. Malaysia’s abundant biomass waste from palm oil production offers significant opportunities for companies to innovate and capitalize on sustainable practices, positioning the country as a key player in the graphite market.

In Thailand, the graphite market is driven by demand from various industrial applications, including batteries, lubricants, and construction materials. As global interest in sustainable and high-performance materials grows, Thailand is emerging as a key contributor to the graphite supply chain. The market is further influenced by stringent environmental regulations and the increasing focus on graphite recycling, prompting local producers to adopt more sustainable practices. This strategic integration of sustainability and innovation is enhancing Thailand’s position in the graphite market.

ASEAN Country Insights

The ASEAN graphite market is segmented by region, including Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. In 2024, Indonesia held the largest market share.

Indonesia

Indonesia’s graphite market has seen significant growth, driven by the rising demand for lithium-ion batteries used in EVs and mobile devices. The government’s commitment to becoming a major player in the global EV market is expected to further boost graphite demand. Additionally, the growing need for graphite in refractories, foundry applications, and lubricants is contributing to the market’s expansion.

Malaysia

Malaysia is leveraging its abundant palm oil byproducts to innovate in the graphite market. The launch of Graphjet Technology’s green graphite facility highlights the country’s focus on sustainable practices and recycling, positioning it as a key contributor to the region’s graphite supply chain.

Thailand

Thailand’s graphite market is characterized by demand from diverse industrial applications, including batteries and construction materials. The country is adopting sustainable practices and advanced technologies to strengthen its position in the graphite market.

Other ASEAN Countries

• Philippines, Singapore, and Vietnam are also witnessing growing demand for graphite, driven by industrial applications and the region’s push toward sustainable energy solutions.

Conclusion

The ASEAN graphite market is poised for significant growth, driven by the region’s industrial advancements, sustainable practices, and increasing demand for high-performance materials. Countries like Indonesia, Malaysia, and Thailand are leading the way, with innovative technologies and strategic investments shaping the future of the market. As the demand for graphite in EVs, energy storage, and industrial applications continues to rise, the ASEAN region is set to play a pivotal role in the global graphite supply chain.

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights