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.
Executive Summary: Market Analysis
The ASEAN graphite market is experiencing robust growth, fueled by rising demand across key industries such as lithium-ion batteries, lubricants, refractories, and friction products. With a strong industrial base and technological advancements, ASEAN nations are emerging as major players in both graphite production and consumption. The shift toward sustainable energy solutions, particularly the adoption of electric vehicles (EVs) and energy storage systems, is driving demand for high-quality graphite. The material’s exceptional thermal conductivity and wear resistance further solidify its importance in automotive, electronics, and manufacturing sectors.
ASEAN Graphite Market Outlook
The ASEAN graphite market is on a strong growth trajectory, supported by increasing emphasis on sustainability and eco-friendly industrial practices. A notable development in November 2024 was Graphjet Technology’s launch of Malaysia’s first commercial-scale green graphite production facility in Subang District. The plant converts palm kernel shells—an agricultural byproduct—into battery-grade graphite, processing up to 9,000 metric tons of waste annually to yield 3,000 metric tons of graphite, sufficient for 40,000 EV batteries per year. This innovation highlights Malaysia’s potential to leverage its abundant palm oil biomass for sustainable graphite production, positioning the country as a key market player.
Meanwhile, Thailand’s graphite market is expanding due to rising demand in batteries, lubricants, and construction materials. The country is attracting investments in advanced extraction and processing technologies while adhering to stricter environmental regulations. The push toward graphite recycling and sustainable production methods is further shaping market dynamics.
ASEAN Graphite Market: Country Insights
The ASEAN graphite market is segmented into Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, with Indonesia leading in market share (2024).
- Indonesia dominates the graphite market, driven by surging demand for lithium-ion batteries in EVs and electronics. The government’s push to establish Indonesia as a global EV hub is accelerating graphite consumption. Additionally, applications in refractories, foundries, and lubricants are contributing to market expansion.
- Malaysia is emerging as a key graphite supplier, capitalizing on sustainable production methods, including palm kernel shell recycling. The country’s focus on green technology and innovation strengthens its position in the regional supply chain.
- Thailand is witnessing steady growth, supported by industrial demand and investments in advanced processing techniques.
With sustainability and technological innovation shaping the market, ASEAN is set to remain a critical region for graphite production and consumption in the coming years.
Segments Covered
ASEAN Graphite Market By Type
- Natural
- Synthetic
ASEAN Graphite Market By Form
- Powder
- Flake
- Granules
- Electrode
ASEAN Graphite Market By Application
- Batteries
- Lubricants
- Refractories
- Friction Products
- Electrodes
ASEAN Graphite Market Regions and Countries Covered
ASEAN
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
ASEAN Graphite Market leaders and key company profiles
- SGL Carbon
- Imerys Graphite & Carbon
- EuroGraphite
- Graphite India Ltd.
- Graphit Kropfmühl GmbH
- China Graphite Group Limited
- Ceylon Graphite Corp
- Graphite Central
- Nanjing GRF Carbon Material Co Ltd
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
