Graphite Market Size, Share, Comprehensive Analysis 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, fueled by increasing demand across several industries, including battery manufacturing, steel production, electronics, and automotive. As a vital component in lithium-ion batteries, graphite plays a critical role in the expanding electric vehicle (EV) sector, which is significantly driving its global demand.

China currently dominates graphite production, with notable contributions from India, Brazil, and Canada. The market is also benefiting from the global shift toward sustainable energy solutions, which require high-quality graphite for energy storage technologies. Innovations in mining, refining, and recycling processes are helping to shape the future of the industry. However, the market faces challenges such as environmental concerns and disruptions in the supply chain. Furthermore, the growing preference for synthetic graphite—valued for its superior performance—is transforming market dynamics and reshaping competition.

Key Graphite Market Drivers and Opportunities

  1. Expansion in Steel Production

Graphite Market is an essential material in steelmaking, particularly through the electric arc furnace (EAF) method. EAFs, widely used in regions with ample scrap steel, rely heavily on graphite electrodes to melt scrap metal. These electrodes are prized for their high thermal conductivity, electrical resistance, and capacity to endure extreme temperatures.

Approximately 70% of global graphite production is directed toward EAF steelmaking. As the global demand for steel increases—especially in rapidly industrializing nations such as China, India, and those in Southeast Asia—so does the need for graphite electrodes. This demand is further amplified by the growth of the construction, automotive, and infrastructure sectors.

Moreover, EAF technology is gaining traction due to its energy efficiency and lower environmental impact compared to traditional blast furnaces. As industries pursue greener and more sustainable steelmaking practices, the demand for high-purity and environmentally sourced graphite is expected to rise significantly.

  1. Growing Demand for Electric Vehicles

Graphite Market is a core material in the anodes of lithium-ion batteries, the primary energy source for electric vehicles. Its excellent electrical conductivity, thermal stability, and ability to sustain repeated charge and discharge cycles make it ideal for energy storage applications.

The global adoption of EVs is accelerating, with sales reaching over 10 million units in 2022 and increasing by 35% to 14 million in 2023, according to the International Energy Agency. This surge in EV adoption, especially in China, Europe, and North America, has sharply increased the need for high-quality graphite. As the automotive industry continues its transition to electrification, graphite’s strategic importance will only grow.

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

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