Graphite Market Size, Share, Trends and Forecast Analysis (2025-2032)

Global Graphite Market size was valued at USD 7.52 Bn. in 2024, and the total Graphite Market revenue is expected to grow by 7.0% from 2025 to 2032, reaching nearly USD 12.92 Bn.
Graphite Market Overview:
Graphite (also known as plumbago) is a crystalline form of the carbon element with an arrangement of atoms in a hexagonal pattern. It occurs naturally, being the most stable form of carbon under ordinary conditions. It turns into a diamond at high pressures and temperatures. It is a mineral that is found in lubricants and pencils. It is an excellent electricity and heat. Its strong conductivity makes it ideal for electrodes, batteries, and solar panels. According to the World Bank, the global graphite demand is expected to increase by 500% by 2050. The demand for both natural and synthetic graphite is increasing due to the EV revolution and renewable energy storage.

Recently, businesses have become increasingly dependent on the global graphite market for applications such as electricity generation, steel manufacturing, lubricants, and lithium-ion batteries. Both natural and synthetic graphite are in high demand, driven largely by the electric vehicle (EV) revolution and the growing need for renewable energy storage. North America and Europe are focusing on high-purity synthetic graphite for energy storage and aerospace applications. Meanwhile, the Asia-Pacific region, led by China, continues to dominate graphite production and consumption, particularly for battery anodes. To meet the rapidly increasing demand, major companies like Syrah Resources, GrafTech, and SGL Carbon are investing in sustainable mining and processing practices. Emerging trends include the development of silicon-graphite composites to enhance battery capacity, recycling graphite from spent EV batteries, and Western efforts to reduce dependence on Chinese supply chains.

Since the EVs represent around half of global production and investments are being accelerated by laws such as the U.S. Inflation Reduction Act, graphite has transformed from an industrial commodity to a strategic green-energy material that is expected to grow gradually as the world shifts toward electrification and decarbonisation.To know about the Research Methodology :- Request Free Sample Report
Graphite Market Dynamics:
Revolution in Lithium-Ion Battery to Drive Graphite Market Growth

Batteries are going to be smaller, last longer, and supply more power in the future. Batteries that are lightweight, long-lasting, safe, and can be implanted without needing to be replaced frequently are used in electric cars, power tools, medical equipment, and portable electronic devices.

Lithium-ion and lithium iron phosphate batteries, both of which use graphite as an anode material, are the most advanced battery systems. These batteries account for approximately 25% of the global graphite demand. To power an electric vehicle, a Li-ion battery requires substantially more graphite than lithium, making high-quality battery anode materials scarce. Batteries power smartphones, electric cars, and 3D printers, as well as fuel cells that generate electricity through a chemical process. It is a massive business that is only going to get bigger, with lithium-ion battery consumption expected to climb 15 times by 2032.

Rising Demand for Electric Vehicles to Drive Graphite Market Growth

With climate change and carbon dioxide reductions driving global demand for greener transportation options, global EV sales reached a new high of USD Bn. 623 in 2024.

For EVs, bikes, and other vehicles, lithium-ion batteries are the gold standard. In 2017, Tesla made history when it launched the first stage of its Giga-factory to generate adequate lithium-ion batteries to supply power to 1,500,000 EVs/year. There were 200 Giga factories in the works around the world as of December 2024.

Surging Industrial Applications to Create Graphite Market Opportunity

Markets for traditional graphite are also thriving. Graphite has long been in demand for a variety of applications, including pencils and refractory materials for furnaces, kilns, incinerators, and reactors, as well as flame deflector systems for rocket launch structures. Automobile parts, inks and coatings, paints, polymers and plastics, lubricants and grease, ceramics, drilling fluids, steel pipe and tubing, fire retardants, and oil spill response solutions all contain graphite. Thus, growing industrial applications are likely to drive the market growth over the forecast period.

Surging Prices of Graphite to Create Graphite Market Challenge

The surging prices of graphite are posing a significant challenge to the graphite market by increasing production costs for manufacturers and disrupting supply chains. Graphite, a key material used in batteries, refractories, and lubricants, is witnessing rising demand, particularly driven by the electric vehicle (EV) and renewable energy sectors. However, supply constraints due to limited mining capacity, geopolitical tensions, and stringent environmental regulations in major producing countries like China are tightening availability. As a result, higher raw material costs are putting pressure on downstream industries, potentially slowing the adoption of graphite-based technologies and reducing profit margins for producers. This price volatility creates uncertainty in the market, especially for smaller players with less financial flexibility.

Global Graphite Prices October 2024:



Graphite Types
New Price
Previous Price
% Change


Graphite flake 94% C, +100 mesh, cif Europe, $/tonne
1,420
1,380
+ 2.9


Graphite amorphous 80% C, -200 mesh, fob China, $/tonne
620-680
580-630
+ 8.3


Graphite amorphous 80% C, -200 mesh, FCL, cif Europe, $/tonne
750-820
720-800
+ 4.2



As a result of continued environmental inspections and consequent production plant closures, as well as considerable increases in transit costs from China as markets restored after COVID-19, prices for both flake and amorphous graphite climbed through Q4 2023 and Q1 2024. To avoid fines for failing to meet emissions standards, some businesses have voluntarily cut production. Thus, the surging price of graphite globally is expected to be a major barrier to the growth of the market over the forecast period.
Graphite Market Segment Analysis:
Based on Type, the graphite market is segmented into crystalline graphite, amorphous graphite, lump graphite, and highly ordered pyrolytic graphite.

In 2024, the amorphous graphite segment was dominant and held xx% of the overall market share in terms of revenue, as it is widely used in many industrial applications. Amorphous graphite is a mineral found in seams. It is found in a variety of lubrication products, including greases, forging lubricants, and so on. This type of graphite is an excellent alternative for situations where a higher ash content is acceptable or requested.

Based on Application, the graphite market is segmented as refractories, batteries, steel making, brake linings, foundry facings and lubricants, pencils, and others.

In 2024, the refractories segment was dominant and held more than 50% of the overall market share in terms of revenue. The segment’s growth can be related to the booming industrial operations and development, and the increased demand for graphite from industries such as aerospace, construction, automotive, and metal production.
Graphite Market Regional Insights:
In 2024, the Asia Pacific region was dominant and held more than xx% of the overall market share in terms of revenue. The growth of the graphite market in these regions has been supported by the presence of major players in the production of batteries for electric vehicles and an increase in end-use sectors such as automotive, electronics, as well as an increasing per capita income.

As per the International Energy Agency (IEA), after a decade of significant growth, there were 10 million EVs on the road around the world by the end of 2024, despite the pandemic-related global decline in car sales, which saw global car sales decline 16% in 2024, EVs registrations increased by 41%. An increasing population and greater demand for high-quality goods have also helped the market's development in this region. The North American market held a considerable xx% of the overall market share in 2024 and is expected to grow at a CAGR of approximately xx% during the forecast period. Thanks to the fact that the region is the largest purchaser of smartphones and electronic equipment for a variety of industrial and home operations. Whether it's defence or manufacturing, every industry in the region uses electronic equipment in some form. The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry, with the forecasted market size and trends, are presented in the report, with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global market dynamics, structure by analysing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report an investor's guide.

Graphite Market Competitive Landscape:

The major companies like Syrah Resources and GrafTech International are at the forefront of the highly competitive global graphite market with different strategies in innovation, production scale, and market agility.

With a projected revenue of USD XX billion in 2024, Syrah Resources (Australia) focuses on generating high-purity natural flake graphite for batteries for electric cars. It assigns 12–18% of its revenue to research and development efforts for spherical graphite processing and advanced purification. Driven by its dominance in steelmaking electrodes and energy storage solutions, GrafTech (USA), a synthetic graphite powerhouse, reported USD 2.8 billion in sales in 2024. While Talga Group (Sweden) focuses on sustainable mining and specialized anode materials for Europe's growing battery industry, China's BTR New Material holds about 30% of the anode market thanks to its cost-effective, large-scale production of coated spherical graphite.

Green steel initiatives, policy tailwinds like the U.S. Inflation Reduction Act, and increasing EV demand (which uses 50% graphite) are driving the market. The segments consist of synthetic and natural (flake, amorphous) graphite, and they are utilized in lubricants, refractories, and batteries (60%). Competition is later shaped by the regional price variations, such as China’s export controls have led to a 25% compared to the previous increase in FOB prices. And sustainability requirements (such as recycling and ESG compliance). The industry’s evolution is illustrated by innovations like silicon-graphite anodes and geopolitical supply chain diversification, as companies strive for long-term growth by striking a balance between cost leadership and tech-driven differentiation.

Graphite Market Key Developments:

• Syrah Resources (Australia) started its expanded Balama graphite mine operations in Q1 2025, growing production capacity by 40% to meet the growing need for electric vehicle batteries. The new purification technological advances accomplished an anode-grade material purity of 99.95%.
• GrafTech International (USA) established its EcoGraphiteTM synthetic electrodes in March 2025, with 20% less energy consumption in the manufacturing of steel and 30% faster charging for lithium-ion batteries.
• BTR New Material (China) implemented its future coating technology in Q2 2025, which led to an increase of 15% in the density of spherical graphite anode and a $200/tonne decrease in processing costs.
• Talga Group (Sweden) To supply locally sourced graphite to Northvolt's gigafactories with a 60% lower carbon footprint, the business began commissioning Europe's first integrated anode facility in April 2025.
• SGL Carbon (Germany) Three important European automakers are currently using its RECARBON® recycled graphite line, which was introduced in 2024 and obtained 90% of battery-grade material from production scrap.

Graphite Market Key Trends:



Category
Key Trend
Example Product/Initiative
Market Impact


Battery-Grade Graphite
Rising demand for high-purity spherical graphite
Syrah Resources' 99.95% purified Balama flakes
Captures 25% of global anode market; critical for EV battery expansion


Synthetic Graphite
Eco-friendly production with lower emissions
GrafTech's EcoGraphite
electrodes
Reduces steelmaking carbon footprint by 20%; adopted by major EU/US manufacturers


Recycled Graphite
Closed-loop battery material recovery
SGL Carbon's RECARBON recycled line
Cuts production costs by 30%; meets EU battery regulations (2027 sustainability mandates)


Regional Diversification
Shift away from China-dominated supply chains
Talga Group's Swedish anode facility
First European vertically integrated supply chain; supports 500k EV batteries/year.



Graphite Market Scope: Inquire before buying



Graphite Market


Report Coverage
Details


Base Year:
2024
Forecast Period:
2025-2032


Historical Data:
2019 to 2024
Market Size in 2024:
USD 7.52 Bn.


Forecast Period 2025 to 2032 CAGR:
7.0%
Market Size in 2032:
USD 12.92 Bn.


 Segments Covered:
by Type
Crystalline Graphite
Amorphous Graphite
Lump Graphite
Highly Ordered Pyrolytic Graphite


by Application
Refractories
Batteries
Steelmaking
Brake linings
Foundry facings and lubricants
Pencils
Others


by End User
Electronics
Metallurgy
Automotive
Other End-user Industries



Graphite Market, by Region
North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and the Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Colombia and the Rest of South America)
Graphite Market, Key Players:
North America

1. GrafTech International (USA)
2. Mason Graphite Inc. (Canada)
3. Asbury Carbons (USA)
4. Focus Graphite Inc. (Canada)

Europe

1. SGL Group (Germany)
2. Imerys Graphite & Carbon (France)
3. Hitachi Chemical Co. Ltd. (Japan, but major operations in Europe)

Asia-Pacific

1. Graphite India Ltd. (India)
2. BTR New Energy Materials Inc. (China)
3. Lianyungang Jinli Carbon Co., Ltd. (China)
4. Syrah Resources Limited (Australia)
5. Qingdao Black Dragon Graphite Co., Ltd. (China)
6. Tokai Carbon (Japan)
7. International Graphite (Australia)
8. Triton Minerals Ltd. (Australia)
Frequently Asked Questions:
1. What is the forecast period considered for the Graphite market report?
Ans. The forecast period for the graphite market is 2025-2032

2. Which key factors are hindering the growth of the Graphite market?
Ans. The surging price of graphite because of the supply-demand gap is the only key factor expected to hinder the growth of the market during the forecast period.

3. What is the compound annual growth rate (CAGR) of the Graphite market for the next 6 years?
Ans. The graphite market is expected to grow at a CAGR of 7.0% during the forecast period (2025-2032).

4. What are the key factors driving the growth of the Graphite market?
Ans. The growing electronic industry, a revolution in lithium-ion batteries, and the growing craze about electric vehicles across the globe are the key factors expected to drive the growth of the market during the forecast period.

5. Which are the worldwide major key players covered in the Graphite market report?
Ans. GrafTech International Holdings Inc., Graphite India Ltd., Triton Minerals Ltd., Mason Graphite Inc., SGL Group, International Graphite, Asbury Carbons, BTR New Energy Materials Inc., Focus Graphite Inc, Hitachi Chemical Co. Ltd., Imerys Graphite & Carbon, Lianyungang Jinli Carbon Co. Ltd., Syrah Resources Limited, Qingdao Black Dragon Graphite Co. Ltd., Tokai Carbon, and Others.