Graphite - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026 - 2031)

According to Mordor Intelligence, the graphite market size is projected to be USD 5.73 billion in 2025, USD 6.30 billion in 2026, and reach USD 10.10 billion by 2031, growing at a CAGR of 9.91% from 2026 to 2031.

This report is Segmented by Type (Natural Graphite and Synthetic Graphite), Application (Electrodes, Refractories/Casting/Foundries, Batteries, Lubricants, and Other Applications), End-User Industry (Metallurgy, Electronics, Automotive, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). Market Forecasts are Provided in Terms of Value (USD) and Volume (Tons).

Global Graphite Market Trends and Insights

Soaring Li-Ion Battery Gigafactory Build-Outs

Battery-grade graphite demand is set to triple from 900,000 t in 2024 to 2.7 million t by 2030 as new gigafactories add roughly 150 GWh of cell capacity each year. BTR New Material added 120,000 t pa of anode output in 2025 to secure contracts with CATL and BYD. Vianode commissioned a 10,000 t pa synthetic-graphite plant in Norway, backed by EUR 150 million equity, targeting European buyers seeking non-Chinese supply. In the United States, Syrah Resources' Vidalia facility reached 11,250 t pa by mid-2025 after winning a USD 220 million Department of Energy loan guarantee. LFP chemistries raise anode loading by 15%, offsetting silicon substitution risk in high-end cells.

Expansion of Electric-Arc-Furnace Steel Capacity

EAF steel will require 1.1 million t of graphite electrodes annually by 2030, up from 850,000 t in 2024, as decarbonization policies spur blast-furnace conversions. HEG Limited lifted capacity utilization to 72% in FY2025 to meet India's infrastructure-led steel demand. Graphite India added a 20,000 t pa ultra-high-power electrode line aimed at Southeast Asia and Middle East customers. Germany's Salzgitter AG plans an EAF conversion that will add 8,000 t pa of electrode demand by 2029. Ultra-high-power electrodes carry a 30% price premium yet cut furnace energy use by 15%, improving steel-mill economics.

Needle-Coke Feedstock Bottlenecks for Synthetic Graphite

Phillips 66 exited petroleum needle-coke production in 2024, erasing 180,000 t pa of capacity and tightening global supply by 15%. GrafTech's Q1 2025 electrode shipments fell 22% as it struggled to source low-sulfur coke. Spot buyers saw an 18% price jump in H1 2025, while Japanese and Chinese majors secured multi-year coal-tar-pitch deals at a USD 500/t premium. Only a dozen refineries worldwide produce needle coke suitable for ultra-high-power electrodes, and none announced expansions after 2022. Blended feedstocks reduce electrode life by 10%, limiting their uptake in premium furnaces.

Other drivers and restraints analyzed in the detailed report include:

1. Rising Demand for Ultra-High-Purity Synthetic Graphite in Semiconductors
2. China's Export-Licence Regime Accelerating Ex-China Supply Investments
3. Battery-Anode Silicon Substitution Eroding Graphite Intensity per kWh

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Synthetic graphite retained 59.09% of the market share in 2025, thanks to its purity advantage in battery anodes and ultra-high-power electrodes. Natural grades, however, are forecast to expand at a 12.29% CAGR to 2031, lifted by lower costs in refractories, lubricants, and expandable-graphite products. Natural concentrate averaged USD 800-1,200/t in 2025 versus USD 4,500-6,500/t for battery-grade synthetic, a spread that encourages cost-conscious buyers. The graphite market size for natural graphite applications is therefore set to widen faster than synthetic, even if the latter keeps higher absolute revenues.

Production footprints are diverging. China, Japan, and South Korea still host 78% of synthetic capacity, yet North America and Europe added 60,000 t pa in 2025, improving supply security. Natural graphite draws strength from geographic diversity across Mozambique, Tanzania, Madagascar, and Brazil, whose combined reserves exceed 100 million t. Energy-intensive graphitization subjects synthetic producers to carbon-pricing risk, whereas natural processing consumes one-fifth of the electricity per tonne and increasingly benefits from renewable-powered beneficiation plants.

Complete Report Scope:

• By Type
  • Natural Graphite
  • Synthetic Graphite
• By Application
  • Electrodes
  • Refractories, Casting and Foundries
  • Batteries
  • Lubricants
  • Other Applications (Thermal Management Materials, Friction Products and Brake Linings,etc.)
• By End-user Industry
  • Metallurgy
  • Electronics
  • Automotive
  • Other Industries (Energy, Aerospace and Defence, etc.)
• By Geography
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • ASEAN Countries
    • Rest of Asia-Pacific
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Spain
    • NORDIC Countries
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle-East and Africa
    • Saudi Arabia
    • United Srab Emirates
    • Egypt
    • South Africa
    • Rest of Middle-East and Africa

Geography Analysis

Asia-Pacific controlled 55.72% of 2025 revenue and is forecast to grow at an 11.34% CAGR through 2031. China commissioned 1.2 million t pa of new synthetic capacity between 2024 and 2025 to serve CATL and BYD. Japan and South Korea account for 65% of semiconductor-grade output, exporting 12,000 t pa of ultra-high-purity material to TSMC, Samsung, and Intel fabs. India's electrode producers raised utilization to 72% in FY2025 to meet domestic EAF steel growth. The graphite market size in Asia-Pacific, therefore, remains anchored by integrated supply chains spanning mines, anode plants, and downstream gigafactories.

North America's market share is projected to expand, propelled by USD 1.2 billion of 2025 investments aimed at domestic anode independence. Syrah's Vidalia plant hit 11,250 t pa in 2025 and targets 40,000 t pa by 2028. NOVONIX secured a USD 150 million Department of Energy grant to build a 30,000 t pa synthetic facility in Tennessee that will come online in 2027. Canada's Bissett Creek mine restarted in 2024 to supply 25,000 t pa of concentrate, and Tesla's upcoming Monterrey gigafactory in Mexico will need 8,000 t pa of anode material by 2027. Needle-coke scarcity remains the region's largest constraint since Phillips 66's 2024 exit removed a local feedstock source.

Europe will register growth, led by Norway's Vianode plant, which raised EUR 150 million in March 2025 to scale from 10,000 t pa to 50,000 t pa by 2030. Sweden's Talga Group secured a EUR 150 million European Investment Bank loan to expand its Vittangi natural-graphite project to 19,500 t pa by 2027, achieving a 1.2 kg CO2/kg footprint using hydropower. Germany's SGL Carbon and France's Mersen added a combined 5,000 t pa of specialty-graphite capacity for semiconductors and aerospace. The EU's Carbon Border Adjustment Mechanism, phased in from 2026, tilts demand toward low-emission graphite and EAF steel. Nordic suppliers leverage cheap renewables and proximity to European gigafactories to carve a green niche in the graphite market.

1. Graphit Kropfmuhl GmbH
2. Asbury Carbons
3. BTR New Material Group Co., Ltd.
4. Fangda Carbon New Material Co., Ltd.
5. GrafTech International Ltd.
6. Graphit Kropfmuhl GmbH
7. Graphite India Limited
8. HEG Limited
9. Imery
10. Mason Resources Inc.
11. Mersen
12. Nippon Kokuen Group
13. Northern Graphite
14. POCO
15. Resonac Holdings Corporation
16. SGL Carbon
17. Shanghai Shanshan Technology Co., Ltd.
18. Syrah Resources Limited
19. Tokai Carbon Co., Ltd.
20. Triton Minerals Limited

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support