Global Graphite Market Set to Reach USD 17.8 Billion by 2030, Driven by Soaring Demand from EV and Steel Industries

The global graphite market is on a robust growth trajectory, projected to reach a valuation of USD 12.2 billion by 2024 and expand at a compound annual growth rate (CAGR) of 6.7% from 2025 to 2030. This growth is underpinned by increasing demand in key sectors such as electric vehicle (EV) batteries, steelmaking, and electronics.

 Download Sample Pages- https://www.theresearchinsights.com/request_sample?id=268

Graphite’s critical role in electric arc furnaces (EAFs) is a major driver, as steel manufacturers shift toward greener production methods. Its use in manufacturing crucibles, molds, and ladles further highlights its significance in metallurgical processes.

Buy the report - https://www.theresearchinsights.com/license?id=268

Simultaneously, the rapid expansion of EV and energy storage industries is fueling unprecedented demand for graphite in lithium-ion batteries, where it serves as the primary material for anodes. Graphite’s superior ability to intercalate lithium ions without structural degradation makes it a cornerstone material in modern battery chemistry.

End-use Insights

Graphite’s dominant application remains in battery production, with a revenue share of 35.2% in 2024. Its use in lithium-ion batteries for EVs and renewable energy storage is fueling market expansion. Graphite enhances energy density and charging efficiency, positioning it as a key material in next-generation energy systems.

Battery production is expected to witness the fastest growth, with a projected CAGR of 7.4% through 2030. The surging adoption of electric mobility and renewable energy solutions continues to elevate the need for efficient and high-performing anode materials, propelling demand for both synthetic and natural graphite. 

Form Insights

In 2024, synthetic graphite held the dominant position in the market, accounting for 67.1% of total revenue. Synthetic graphite’s high purity, consistency, and thermal stability make it essential for anode materials in lithium-ion batteries and high-temperature applications in EAF steelmaking. It is also widely used in electronics, semiconductors, and as an industrial dry lubricant.

Natural graphite, meanwhile, is anticipated to grow at a CAGR of 6.7% through 2030. Its lower cost and high thermal stability make it suitable for brake linings, automotive components, and conductive coatings. Natural graphite is also increasingly favored for lithium-ion battery anodes due to its cost-efficiency and performance in large-scale energy storage systems.

Expanding Applications Across Industries

Beyond batteries and metallurgy, graphite’s exceptional electrical and thermal conductivity drives its use in electronics, fuel cells, lubricants, and refractories. It is also crucial to various consumer electronics, including smartphones and laptops. Both natural and synthetic graphite are extracted and refined to meet the unique needs of these applications, and supply chain diversification is becoming a growing trend due to global trade uncertainties.