Global Graphite Market Size, Share, Growth Analysis Report - Forecast 2034

Graphite Market: Industry Perspective

The global graphite market size was worth around USD 12.06 Billion in 2024 and is predicted to grow to around USD 23.33 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 6.82% between 2025 and 2034.

The report analyzes the global graphite market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the graphite industry.

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Graphite Market: Overview

Graphite is a carbon mineral adopted in different applications like construction, lubrication, foundry, refractories, electric vehicles, and others. The growing scope of graphite in the end-user sectors is due to its superior properties like high metal removal rate, thermal shock resistance, easy to machine, reduced wear, and others. It is non-metal but owns metallic properties like the good conductor of heat & electricity, high strength, stiffness, and others. The two distinct types of graphite available in the market include synthetic and natural graphite. Graphite is a soft crystalline carbon allotrope. Graphite is widely used in the lithium-ion battery as an anode material.

Key Insights

• As per the analysis shared by our research analyst, the global graphite market is estimated to grow annually at a CAGR of around 6.82% over the forecast period (2025-2034).
• Regarding revenue, the global graphite market size was valued at around USD 12.06 Billion in 2024 and is projected to reach USD 23.33 Billion by 2034.
• The graphite market is projected to grow at a significant rate due to rising demand in lithium-ion batteries (EVs), steel manufacturing, and expanding applications in electronics and energy storage technologies.
• Based on Type, the Natural Graphite segment is expected to lead the global market.
• On the basis of Subtype, the Amorphous Graphite segment is growing at a high rate and will continue to dominate the global market.
• Based on the Application, the Battery Production segment is projected to swipe the largest market share.
• By Purity, the High segment is expected to dominate the global market.
• Based on region, Asia-Pacific is predicted to dominate the global market during the forecast period.

Graphite Market: Growth Drivers

Increasing adoption of nuclear pebble bed reactors is likely to drive the growth of the global market.

Nuclear pebble bed reactors are an advanced variation of high-temperature gas reactors which require huge amounts of flake graphite for being used as moderators. These reactors reduce power which is far safer and more efficient than conventional reactors. A nuclear pebble reactor uses approximately 3000 tons of graphites. Graphite is widely used in the maturing electrical vehicle sector.

The growing expansion of the automotive sector is a crucial factor impacting the growth trajectory of the global graphite market. The increasing use of lithium-ion batteries strengthened the demand for graphite as it is massively used as an anode material in the battery. In the automobile sector, graphite is considered an ideal replacement for asbestos. It is widely used in gaskets, clutch materials, brake lining, etc. An increase in demand for high-quality natural graphite is also likely to generate huge revenue in the global market in the forthcoming years.

Graphite Market: Restraints

Downtrend in the steel sector is a major restraint in the global market.

Steel and refractory are the primary consumers of flake graphite. The supply and demand equation is highly unbalanced, and the overcapacity imposed by major steel-producing regions like India, China, and Japan are also impacting the growth of the market. The decline in demand for steel is likely to lower the consumption of graphite electrodes during the forecast period.

Graphite Market: Opportunities

Technological advancements in the field of graphite are likely to offer ample opportunities in the global market.

Manufacturers are constantly increasing the research and development activities to innovate advanced technology for extracting graphite, which in turn is likely to create new avenues in the global market. Product launches and geographical expansion strategies are some other factors expanding the scope of the market.

Graphite Market: Challenges

Stringent regulation imposed by the government is a huge challenge in the global market.

The government has imposed several restrictions and regulations regarding the mining processes all across the globe. Regulations are imposed due to certain factors like protection against climate, environment, and employee safety. But such a landscape has emerged as a huge challenge in the global market. Increasing prices of graphite is another key challenge faced by market players in the global market.

Graphite Market: Segmentation

The global graphite market can be segmented into application, type, and region.

By application, the market can be segmented into battery production, foundry, refractories, lubrication, and others.

By type, the market can be segmented into synthetic and natural graphite. The synthetic graphite segment can further be bifurcated into graphite powder, graphite block, carbon fiber, graphite electrodes, and others.

The natural graphite segment can further be bifurcated into vein graphite, flakes graphite, and amorphous graphite.

Graphite Market: Report Scope

Recent Developments

• BlackEarth Minerals, in October 2021, signed a venture agreement with Metachem Manufacturing to build an expandable graphite facility in India. The coming plant will initiate with a production capacity of around 2,000-2,500 tons per annum.
• Betterray (Sichuan) New Material Technology Co., Ltd., in June 2021, held a massive celebration for the first phase of the lithium-ion battery anode material project.

Graphite Market: Regional Analysis

Asia Pacific accounts for the largest share in the global graphite market due to the presence of prominent market leaders and a strong customer base in the region. The fast proliferating automotive and construction sector in growing economies like China, Japan, and India will further accelerate the growth of the regional market.

Graphite Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the graphite market on a global and regional basis.

The global graphite market is dominated by players like:

• Graphite India Limited
• Zentek Ltd.
• Nippon Carbon Co. Ltd
• POCO
• HEG Limited
• Pingdingshan Oriental Carbon Co. Ltd
• ECO GRAF
• GrafTech International
• Tokai Carbon Co. Ltd
• Shanshan Co.
• Resonac Holdings Corporation

The global graphite market is segmented as follows;

By Type

• Natural Graphite
• Synthetic Graphite

By Subtype

• Amorphous Graphite
• Flake Graphite
• Carbon Fibers
• Graphite Electrodes

By Application

• Battery Production
• Foundry
• Refractories
• Lubrication
• Others

By Purity

• High
• Low

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America