Graphite Market Summary

The global graphite market size was estimated at USD 12.55 billion in 2024 and is projected to reach USD 23.87 billion by 2033, growing at a CAGR of 7.6% from 2025 to 2033. This growth is largely attributed to the increasing demand for graphite in electrodes and refractories, where its superior heat resistance and conductivity play an essential role in industrial manufacturing processes. These applications remain fundamental in steelmaking, metal casting, and other heavy industries.

Graphite is becoming increasingly vital in the global transition toward clean energy, sustainable mobility, and advanced industrial technologies. Owing to its unique properties, including high electrical and thermal conductivity, excellent lubricity, and chemical inertness, graphite is widely used across numerous high-performance applications. One of the most significant drivers of demand is its role in energy storage systems, specifically lithium-ion batteries, where graphite serves as the primary anode material. With electric vehicle (EV) adoption accelerating worldwide and renewable energy installations expanding rapidly, the importance of graphite in the energy ecosystem continues to grow, leading to a substantial rise in consumption.

Key Market Trends & Insights

• Asia Pacific dominated the graphite market with a revenue share of 43.8% in 2024, supported by strong industrial activity, rising battery manufacturing capacity, and access to raw material resources.
• The graphite market in the Asia Pacific is expected to grow at a substantial CAGR of 9.2% from 2025 to 2033, driven by increasing demand from electronics, automotive, and energy storage industries.
• By form, the synthetic graphite segment dominated the market with a revenue share of over 67.0% in 2024, reflecting its consistency, purity, and suitability for high-tech applications such as batteries and semiconductors.
• By end use, the electrode segment held the largest share of over 36.0% of graphite revenue in 2024, owing to its widespread use in electric arc furnaces and other metallurgical operations.

Order a free sample PDF of the Graphite Market Intelligence Study, published by Grand View Research.

Market Size & Forecast

• 2024 Market Size: USD 12.55 Billion
• 2033 Projected Market Size: USD 23.87 Billion
• CAGR (2025-2033): 7.6%
• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights

Some of the key players operating in the market include Asbury Carbons, BTR New Material Group Co., and Eagle Graphite.

• Asbury Carbons has over 120 years of experience as a family-led global supplier of carbon and graphite materials. The company maintains robust R&D and technical services, supported by certified ISO 9001 & ISO 14001 facilities across North America, Europe, and Asia.
• BTR New Material Group Co., Ltd. is a subsidiary of China Baoan Group and a recognized state-level high-tech enterprise. The company is a global leader in developing and producing advanced materials for lithium-ion batteries. BTR integrates R&D, manufacturing, and sales, focusing on continuous innovation to meet the evolving needs of the EV and energy storage industries. Its client base includes major global battery manufacturers like CATL, Samsung SDI, and Panasonic.
• Eagle Graphite, a small Canadian public company, has operated the Black Crystal Quarry near Nelson since 1981. It emphasizes high-purity natural flake graphite and maintains a streamlined R&D and operational structure for quality control. While no ISO certifications are listed, the company focuses on traceability and localized expertise for North American markets.
• Graphite India Ltd. is one of India’s oldest and most prominent graphite electrode manufacturers. The company has pioneered the development of industrial graphite solutions in India and enjoys a strong presence in domestic and international markets. With manufacturing facilities across India and in Germany (through its subsidiary), Graphite India serves clients in the steel, metallurgy, automotive, and energy sectors. Its global reach and quality consistency make it a trusted name in the carbon industry.

Key Players

• Asbury Carbons
• BTR New Material Group
• Eagle Graphite
• ENERGOPROM Group (EPM)
• GrafTech International
• Graphite India Ltd.
• HEG Ltd.
• Imerys
• Nippon Graphite Industries Co., Ltd.
• Northern Graphite Corporation
• SGL Carbon
• Tokai Carbon Co., Ltd.
• Syrah Resources Limited
• Qingdao Tennry Carbon Co., Ltd.
• Showa Denko K.K.

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion

The graphite market is poised for sustained growth as global industries continue to shift toward cleaner energy systems, electric mobility, and advanced manufacturing technologies. The expanding use of graphite in lithium-ion batteries, particularly for electric vehicles and energy storage solutions, is a major contributor to rising demand. With strong market leadership from the Asia Pacific region and increasing investment in synthetic graphite production, the industry is well positioned for long-term expansion. As applications across energy, metallurgy, electronics, and industrial processes evolve, graphite will remain a critical material supporting innovation, efficiency, and carbon-neutral goals worldwide.