According to a new report published by Straits Research, the global graphite market size was valued at USD 11.12 billion in 2024 and is projected to grow from USD 11.79 billion in 2025 to USD 18.87 billion by 2033, expanding at a CAGR of 6.05% during the forecast period (2025–2033).
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Market Overview
The graphite market is witnessing robust growth due to its critical role in steelmaking, energy storage, and advanced electronics. Graphite electrodes are vital for electric arc furnace (EAF) steel production, while its thermal and lubricating properties make it indispensable in high-temperature industrial applications such as refractories, brake linings, and lubricants.
The growing demand from the electric vehicle (EV) industry and renewable energy storage has further positioned graphite as a strategic mineral. Each EV battery typically contains 50–100 kg of graphite, making it one of the most consumed materials in the global clean energy transition.
Additionally, technological advancements in eco-friendly purification methods, such as EcoGraf’s HFfree® process, are reshaping the supply landscape, ensuring both high-purity graphite and reduced environmental impact.
Key Market Drivers
- Expanding EV and renewable energy markets driving demand for lithium-ion batteries.
- Technological advancements in graphite purification and recycling.
- Government initiatives for critical mineral independence and sustainable supply chains.
- Rising adoption of graphite in electronics, aerospace, and thermal management solutions.
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Market Restraints
Environmental and regulatory concerns remain a challenge. Natural graphite mining can lead to habitat destruction and water contamination, while synthetic graphite production is highly energy-intensive. Stricter ESG regulations globally are pushing companies to invest in sustainable and green graphite technologies.
Key Opportunities
Strategic investments and partnerships to localize graphite supply chains are expected to reshape the industry. For instance, General Motors’ multimillion-dollar deal with Vianode (Norway) will enable domestic graphite production in North America starting 2027, reducing dependency on imports from Asia.
Graphite Market Segmentation
By Type (2021–2033)
- Natural Graphite
- Synthetic Graphite
By Application (2021–2033)
- Refractories
- Battery Production
- Electrodes
- Foundries
- Lubricants
- Friction Products
- Conductive Materials
- Nuclear Reactors
- Other Industrial Applications
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By End-Use Industry (2021–2033)
- Metallurgy
- Automotive
- Electronics
- Energy Storage
- Construction
- Aerospace
- Others
By Region (2021–2033)
- North America
- Europe
- Asia-Pacific (APAC)
- Middle East & Africa
- Latin America
Regional Insights
Asia-Pacific (APAC):
- Dominates the global market with China supplying over 70% of natural graphite.
- Strong EV manufacturing base (CATL, BYD) and steel industry.
- India is emerging rapidly with growing steel, lubricants, and EV battery demand.
Europe:
- Growth driven by decarbonization and EV adoption.
- Germany leads with synthetic graphite development (SGL Carbon).
- The UK focuses on domestic supply chains supported by the Faraday Battery Challenge.
North America:
- Expanding EV and energy storage sectors.
- U.S. and Canada investing in domestic graphite mines and processing plants (Graphite One, Nouveau Monde).
- Strong policy support through the Inflation Reduction Act.
Key Players in the Global Graphite Market
- Syrah Resources Limited
- SGL Carbon SE
- Tokai Carbon Co., Ltd.
- Showa Denko K.K.
- Imerys Graphite & Carbon
- GrafTech International Ltd.
- Northern Graphite Corporation
- Graphite India Limited
- Mason Graphite Inc.
Recent developments include Northern Graphite’s expansion in Europe under the EU Critical Raw Materials Act and Graphite One’s partnership with Lucid Motors to establish a fully domestic U.S. graphite supply chain.
Frequently Asked Questions (FAQs)
Q1: What is the current size of the graphite market?
The market was valued at USD 11.12 billion in 2024 and is projected to reach USD 18.87 billion by 2033.
Q2: Which industries drive graphite demand?
Key industries include steelmaking, electric vehicles, energy storage, electronics, and aerospace.
Q3: Which type of graphite dominates the market?
Synthetic graphite holds the largest share due to its superior purity and role in lithium-ion batteries and electrodes.
Q4: Which region leads the graphite market?
Asia-Pacific (APAC) dominates, led by China’s large-scale graphite mining and battery production.
Q5: Who are the major players in the global graphite market?
Some leading players include Syrah Resources, SGL Carbon, GrafTech International, and Northern Graphite Corporation.
About Straits Research
Straits Research is a global market intelligence and consulting firm, delivering actionable insights across diverse industries. Our research methodology combines in-depth data analytics, expert interviews, and market forecasting to help organizations navigate competitive landscapes.
We specialize in sectors such as chemicals & materials, automotive, energy, consumer goods, and technology, offering tailor-made solutions for strategic decision-making.
