Press release
Graphite Market Set to Reach USD 26 billion by 2035, Driven by Electric Vehicle and Energy Storage Boom
The global graphite market is projected for substantial growth, with its value expected to nearly double from an estimated USD 14.2 billion in 2025 to USD 26.0 billion by 2035. This represents a robust Compound Annual Growth Rate (CAGR) of 6.0% over the forecast period, underscoring graphite's increasingly critical role in the global energy transition and industrial modernization.The surge in demand is primarily fueled by graphite's indispensable role in electric vehicle (EV) batteries and energy storage systems, alongside its enduring importance in traditional industrial applications such as lubricants and refractories.
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"The graphite market is at an inflection point, driven by the accelerating shift towards electric mobility and renewable energy," commented a market insights analyst. "Strategic investments in synthetic graphite capacity, particularly in North America, signal a concerted effort to build resilient domestic supply chains and reduce reliance on traditional production hubs."
Strategic Investments and Supply Chain Localization
Recent developments highlight a significant momentum towards securing graphite supply. In early 2025, Vianode secured a USD 300 million loan guarantee from Germany's Euler Hermes to support the construction of a North American synthetic graphite plant, targeting 70,000 tonnes per annum (tpa) output by 2027. This initiative marks a crucial step in localizing anode graphite supply and reducing dependency on Asia, which currently accounts for over 95% of battery-grade graphite production.
Similarly, NOVONIX announced plans for a second synthetic graphite plant in Chattanooga, Tennessee, aiming for 31,500 tpa capacity by 2028, backed by a conditional USD 754.8 million Department of Energy loan guarantee. Commercial partnerships are also reinforcing this shift, with General Motors signing a multi-year supply agreement with Vianode for synthetic graphite starting in 2027, emphasizing advancements in battery technology and value for customers.
These strategic investments, coupled with government-backed financing and off-take agreements with automakers, underscore a global effort to secure feedstock for large-scale battery production and enhance supply chain resilience.
Key Segments and Application Growth
Medium purity graphite is projected to lead product-level demand, estimated to account for approximately 43% of the global graphite market share in 2025 and grow at a CAGR of 5.5% through 2035. This grade, with 85-95% carbon content, is widely used in steelmaking, foundries, brake linings, and thermal management products due to its balanced cost and performance.
The electrical and electronics sector is expected to lead end-use demand, holding approximately 25% of the global graphite market share in 2025 and growing at a CAGR of 4.9% through 2035. Graphite's high electrical conductivity and thermal dissipation capabilities make it essential for conductive pastes, semiconductors, batteries, and thermal interface materials, particularly in lithium-ion battery anodes for consumer electronics and EVs.
Regional Growth and Competitive Landscape
Regional analysis reveals strong growth across key markets. The United Kingdom is projected to exhibit the highest CAGR of 13.2%, driven by EV battery manufacturing and a robust quest for high-performance graphite in industrial sectors. The United States follows with an 11.7% CAGR, fueled by EV battery production and energy storage solutions, supported by the Inflation Reduction Act (IRA). The European Union shows an 11.2% CAGR, propelled by the EV transition and green energy initiatives.
The graphite market is experiencing increased competition as companies invest in localizing production and expanding capacity. Recent developments include Titan Mining Corporation's launch of a natural flake graphite processing facility in Upstate New York in April 2025, and Graphcoa commissioning a new graphite processing plant in Brazil in April 2024. These initiatives aim to reduce dependency on traditional supply hubs and support the growing demand for battery-grade materials.
Key players in the market include SGL Carbon, Imerys Graphite & Carbon, Graphite India Limited, Syrah Resources Limited, and Northern Graphite Corporation. These companies are strategically expanding their processing facilities and forging partnerships to meet the surging demand for high-purity graphite, crucial for the ongoing energy transition and industrial modernization.
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Explore FMI's related ongoing Coverage in Chemicals & Materials Domain:
Aerographite Market: https://www.futuremarketinsights.com/reports/aerographite-market
Microfined Graphite Powder Market: https://www.futuremarketinsights.com/reports/microfined-graphite-powder-market
Flake Graphite Market: https://www.futuremarketinsights.com/reports/flake-graphite-market
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