The graphite market is anticipated to grow from USD 15.67 billion in 2024 to USD 36.40 billion by 2030, at a CAGR of 15.1% during the forecast period. This report includes reliable forecasts for important aspects such as graphite market size, production, revenue, consumption, CAGR, pricing, and profit margins.
Global Graphite Market Dynamics
OPPORTUNITY: Rising Demand from Renewable Energy Storage
Graphite plays a crucial role in renewable energy storage, especially as a key component in lithium-ion batteries like LiCoO2, which power consumer electronics due to their high energy density. New battery technologies, such as aluminum-ion and vanadium-based batteries, are also incorporating graphite for enhanced performance in grid storage. This growing reliance positions graphite as a critical material in the global transition to sustainable energy systems.
CHALLENGE: Emergence of Carbon Nanotubes (CNTs)
Carbon Nanotubes present a potential threat to graphite, offering superior strength and conductivity. They’re gaining traction in aerospace, electronics, and even energy storage applications like supercapacitors. While CNTs face cost and scalability issues, ongoing R&D could make them viable substitutes, reducing graphite demand in some high-performance segments.
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DRIVER: Growth in EV and Battery Production
The surge in electric vehicles (EVs), particularly across China, Europe, and the U.S., is driving graphite demand, with each EV requiring around 80 kg of graphite. Expanding battery production and renewable energy storage systems further boost the need for flake graphite, essential for lithium-ion battery anodes.
RESTRAINT: Environmental Impact
Graphite mining and processing raise ecological concerns, including habitat destruction, water contamination, and high energy usage—especially in synthetic graphite production. These environmental challenges are prompting a push for sustainable mining practices, regulatory oversight, and eco-friendly innovations in graphite supply chains.
The graphite market is experiencing significant growth due to its critical role in various high-demand applications and industries. A major driver is the rapid expansion of the electric vehicle (EV) market and the global push for renewable energy solutions, where graphite is an essential component of lithium-ion batteries. As governments worldwide promote green energy initiatives and stricter emission standards, the demand for batteries, and consequently graphite, has surged. Graphite is also indispensable in steelmaking, particularly in electric arc furnaces (EAF), which are increasingly used due to their energy efficiency and alignment with recycling trends. Additionally, the electronics sector relies heavily on synthetic and natural graphite for semiconductors, heat dissipation systems, and advanced components, further fueling its demand.
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Beyond these industries, graphite’s exceptional properties—such as high thermal conductivity, electrical conductivity, and corrosion resistance—make it a key material in applications ranging from fuel cells and solar panels to lubricants and coatings. The ongoing advancements in energy storage technologies and infrastructure development projects worldwide are expanding graphite’s utility in construction and industrial processes. With increased focus on high-purity graphite for emerging technologies, including graphene-based materials and next-generation energy storage, the market is poised for sustained growth. The rising investments in graphite mining and processing facilities, especially in regions like Asia-Pacific and North America, further indicate the material's critical importance in the global transition toward a sustainable and technologically advanced future.
Companies such as Shanshan Co (China), Resonac Holdings Corporation (Japan), SGL Carbon (Germany), GrafTech International (US), and Imerys (France) fall into the winners’ category. These are leading players in the global market. These players have adopted including expansions, agreements, product launches, and partnerships.
SHANSHAN CO (CHINA)
Shanshan Co., founded in 1989 and headquartered in Ningbo, China, is a publicly traded company specializing in the R&D, production, and sales of lithium battery materials. Its diverse portfolio includes cathode materials such as lithium cobalt oxide (LCO) and lithium manganese oxide (LMO), as well as anode materials like synthetic graphite, natural graphite, and silicon anode materials. The company also produces lithium battery electrolytes and raw materials like lithium hexafluorophosphate. Shanshan’s products are widely utilized in applications ranging from portable electronics (e.g., mobile phones and laptops) to electric vehicles, energy storage systems, and large-scale power supplies. Operating globally, with a significant presence in China, South Korea, and Japan, Shanshan is a key player in enabling advanced energy solutions for various industries.
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RESONAC HOLDINGS CORPORATION (JAPAN)
Resonac Holdings Corporation, founded in 2002 and headquartered in Tokyo, Japan, is a leading player in the graphite market, operating through its Graphite Business Unit. The company is a global supplier of graphite electrodes, essential for electric arc furnaces (EAF) used in steel recycling. It operates across four key segments: Semiconductor and Electronic Materials, Mobility, Chemicals, and Enabling Materials, offering products like Shocaraiser—a premium foundry recarburizer—and ultra-fine artificial graphite powder used for thermal and electrical applications. With six production sites spanning Japan, the US, and Europe, the company ensures robust supply chains. A significant development includes a 2022 agreement with Shinshu Showa K.K., enabling improved decision-making and strengthening its graphite electrode business globally.
SGL CARBON (GERMANY)
Founded in 1992 and headquartered in Wiesbaden, Germany, SGL Carbon specializes in providing graphite and composite materials to industries such as automotive, aerospace, renewable energy (solar and wind), semiconductors, LED manufacturing, and lithium-ion batteries. The company delivers tailored solutions across the value chain, from raw materials to finished components, through its five core business units: Carbon Fibers (CF), Composite Solutions (CS), Graphite Solutions (GS), and Process Technology (PT). Employing approximately 4,800 people, SGL Carbon operates over 29 facilities across Europe, North America, and Asia. Notable products include SIGRACELL expanded graphite battery additives, SIGRAFINE extruded and isostatic graphite, and SIGRATHERM conductive expanded graphite powder, which enhance battery performance through high electrical conductivity and thermal stability. Recent expansions in China, the US, and Germany have increased production capacity for graphite products, particularly for the semiconductor industry. Additionally, the company secured a supply agreement with Wolfspeed Silicon Carbide in 2023, bolstering its revenue potential.
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GRAFTECH INTERNATIONAL (US)
GrafTech International, founded in 1886 and headquartered in Ohio, USA, is a leading manufacturer and supplier of graphite and carbon-based materials, serving the industrial and energy sectors. The company specializes in synthetic graphite production, which is vital for steelmaking, electric arc furnace (EAF) operations, and battery material production. GrafTech's primary products include graphite electrodes, petroleum coke and carbon products, and impervious graphite equipment. Its high-quality ultra-high-power (UHP) graphite electrodes are used in large-scale steel production, and the company also provides materials for aluminum production and energy storage. With a global presence across Asia Pacific, the Americas, Europe, and the Middle East & Africa, GrafTech continues to expand, including opening a new sales office in Chiba-shi, Japan, in July 2021 to enhance its customer service and technical support.
IMERYS (FRANCE )
Imerys, founded in 1880 and headquartered in Paris, France, is a global leader in supplying specialty minerals, offering a wide range of graphite and carbon-based materials for industries such as energy storage, electronics, automotive, and construction. The company operates through three main segments: Performance Minerals (PM), Solutions for Refractory, Abrasives, and Construction (RAC), and Solutions for Energy Transition (SET). Its PM segment focuses on functional additives for plastics, paints, coatings, and life sciences, while the RAC segment provides specialty minerals for demanding industrial processes. The SET segment includes Imerys Graphite & Carbon, which serves the mobile energy market, and a joint venture in high-purity quartz solutions for the solar and semiconductor markets. Imerys operates 35 industrial sites across 15 countries and serves markets worldwide, including Asia Pacific, the Americas, the Middle East & Africa, and Europe.
