Graphite Market To Reach $23.87 Billion By 2033 | CAGR: 7.8%

Graphite Market Growth & Trends

The global graphite market size is expected to reach USD 23.87 billion by 2033, registering a CAGR of 7.8% from 2026 to 2033, according to a new report by Grand View Research, Inc. It is anticipated to be primarily driven by demand for electrodes and refractories within the crude steel industry. Furthermore, the increasing demand for electrification in the automotive industry has given rise to the requirement for graphite as anode material for electric vehicle (EV) battery production.

With increasing emphasis on green steel, producers are making the shift towards investing in better production technology and overhauling of parts and machinery. This has necessitated increased demand for electrodes in Electric Arc Furnaces (EAFs) and refractories for furnace lining material. For instance, in June 2024, Essar Group announced that they would invest USD 4 billion to construct a green steel plant in Ras Al-Khair Saudi Arabia as part of the company’s transition to green energy.

Investments in the EV battery value chain is a key trend that is driving graphite demand. For instance, in April 2023, Hyundai and SK On announced plans to set up a joint venture to build a USD 5 billion battery plant in Georgia, U.S. These projects have been announced against the backdrop of the U.S. Bipartisan Infrastructure Law and Inflation Reduction Act. Hence, such government initiatives are anticipated to boost market demand over the forecast period.

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Graphite Market Report Highlights

• Based on form, the synthetic graphite segment led the market with the largest revenue share of 67.5% in 2025. Synthetic graphite is extensively used in the production of graphite electrodes and as anodic material in EV batteries.

• Electrodes' end-use segment held the largest revenue share of 36.2% in 2025. Graphite is a crucial material in lithium-ion batteries, particularly for electric vehicles (EVs) and renewable energy storage.

• In 2024, the Asia Pacific graphite market dominated the global market and accounted for the largest revenue share of 44.4%, owing to the larger scale of crude steel production by China, India, and Japan.

Graphite Market Segmentation

Grand View Research has segmented the global graphite market based on form, end use, and region:

Graphite Form Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• Natural Graphite

• Synthetic Graphite

Graphite End Use Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• Electrodes

• Refractories

• Lubricants

• Foundries

• Battery Production

• Others

Graphite Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Ukraine

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Latin America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List Of Key Players Graphite Market

• Asbury Carbons

• ENERGOPROM Group (EPM)

• BTR New Material Group

• HEG Ltd.

• Syrah Resource Limited

• AMG

• Eagle Graphite

• Imerys

• GrafTech International

• Graphite India Ltd.

• SGL Carbon

• Tokai Carbon Co., Ltd.

• Qingdao Tennry Carbon Co. Ltd.

• Nippon Graphite Industries Co., Ltd.

• Showa Denko K.K.

• Northern Graphite Corporation