Graphite Market Analysis
by Current Status and Growth 2031

The Graphite Market size is expected to reach US$ 39,698.2 million by 2031 from US$ 17,718.40 million in 2024. The market is estimated to record a CAGR of 12.4% from 2025 to 2031.

Executive Summary and Global Market Analysis:

The global graphite market is experiencing robust growth, primarily fueled by the escalating demand for lithium-ion batteries in the burgeoning electric vehicle (EV) sector. Graphite, a crucial anode material in these batteries, is also vital in steel production, electronics, and the automotive industry. While China currently dominates global supply, India, Brazil, and Canada are also significant producers. The push for sustainable energy solutions further amplifies the need for high-quality graphite in energy storage. Technological advancements across the value chain, from mining to recycling, are shaping the industry's future. However, environmental concerns, supply chain vulnerabilities, and the increasing adoption of high-performance synthetic graphite present ongoing challenges and are reshaping market dynamics.

Graphite Market Drivers and Opportunities:

Surge in Steel Production: Graphite electrodes are indispensable in electric arc furnaces (EAFs), a prevalent method for steel production, especially in regions with ample scrap steel. These electrodes leverage graphite's exceptional thermal conductivity, electrical resistance, and high-temperature tolerance to efficiently melt scrap metal. With global steel demand rising, particularly in rapidly industrializing nations like China, India, and Southeast Asia, the demand for graphite electrodes is directly amplified. The growing preference for EAFs due to their energy efficiency and reduced environmental impact further underscores graphite's critical role in modern steelmaking. This confluence of increasing steel production and greater reliance on EAF technology is a significant driver for graphite market growth.

Rise in Demand for Electric Vehicles: Graphite is a fundamental component in the anodes of lithium-ion batteries, the primary power source for EVs, facilitating energy storage and release. The accelerating global adoption of EVs has triggered a surge in demand for high-quality graphite. Its superior energy storage efficiency and ability to endure numerous charge-discharge cycles make it ideal for EV batteries. As EV sales expand globally, especially in key markets like China, Europe, and North America, the demand for battery-grade graphite has increased dramatically. The International Energy Agency reported over 10 million electric car sales worldwide in 2022, with a 35% increase to 14 million in 2023. This transformative shift in the automotive industry firmly establishes the rising demand for EVs as a major catalyst for the global graphite market.

Graphite Market Segments Covered

Graphite Market By Type

• Natural
• Synthetic

Graphite Market By Form

• Powder
• Flake
• Granules
• Electrode

Graphite Market By Application

• Batteries
• Lubricants
• Refractories
• Friction Products
• Electrodes

Graphite Market Regions and Countries Covered

• North America
• US
• Canada
• Mexico

Europe

• UK
• Germany
• France
• Russia
• Italy
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• Australia
• Rest of Asia-Pacific

South and Central America

• Brazil
• Argentina
• Rest of South and Central America

Middle East and Africa

• South Africa
• Saudi Arabia
• UAE
• Rest of Middle East and Africa

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

Other Reports:

BRIC Permanent Magnet Market: https://penzu.com/p/53831531b869bdf6 

ASEAN Permanent Magnet Market: https://github.com/SuryakantGadekar/Business-Market-Insights/issues/7 

Benelux Permanent Magnet Market: https://business-news-insights.blogspot.com/2025/05/benelux-permanent-magnet-market-size.html  

Western Europe Permanent Magnet Market: https://sites.google.com/view/western-europe-permanent-magne/home

About Us:

Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.

Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights