Graphite Market Report and Forecast 2025-2034

The global graphite market size reached a value of around USD 17.97 Billion in 2024. The market is further expected to grow at a CAGR of 5.40% between 2025 and 2034, reaching a value of around USD 30.41 Billion by 2034.

Key Trends in the Market

Graphite is a well-known carbon allotrope that is naturally occurring and can be obtained by processing hydrocarbons like coal tar and petroleum. It demonstrates advantageous characteristics such as thermal conductivity, anti-corrosiveness, and high-temperature resistance. Although graphite is not a metal by nature, it still possesses some metallic properties such as excellent heat and electric conductivity.

• Graphite is used in many different products, such as steel pipes and tubing, polymers and plastics, ceramics, inks and coatings, paints, lubricants and grease, lubricants, and spill clean-up products. Expanding industrial applications are a key graphite market trend anticipated to drive the market expansion over the forecast period.
• The market growth for graphite is being supported by the rising utilisation of lithium-ion batteries in portable electronics and electric vehicles. In the automotive industry, graphite plays a vital role due to its lightweight and lubricating properties, improved energy efficiency, high mechanical strength, and electrical conductivity.
• Rapid urbanisation and different infrastructure projects launched worldwide have boosted the volume of construction activity. As construction activities grow in scope, the demand for building materials made of graphite is expected to increase as well, thus boosting the graphite market.

Global Graphite Market Segmentation

The report titled “Global Graphite Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Natural Graphite
• Synthetic Graphite

Market Breakup by Application

• Electrodes
• Refractories, Casting, and Foundries
• Batteries
• Lubricants
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Global Graphite Market Share by Type

Natural graphite accounts for a significant share of the global market for graphite due to its superior performance, low friction, and cost-competitiveness. There are many industrial applications of natural graphite, including in refractories, batteries, the production of steel, brake lining, and lubricants, among others, due to its diverse set of qualities. Expansion of these industries will likely result in higher demand for natural graphite, this in turn will have a positive impact on the graphite market growth.

Global Graphite Market Share by Application

Refractories, casting, and foundries are anticipated to be one of the leading applications of graphite in the market. The demand for graphite blocks is anticipated to increase as steel production rises as graphite is commonly used in metallurgical furnaces. Accelerating industrial development and increasing demand from numerous industries, including metal manufacturing, aerospace, automotive, and building sectors, are further increasing the demand for refractories, casting, and foundries, and correspondingly for graphite.

Competitive Landscape

The comprehensive report provides an in-depth assessment of the market based on the Porter's five forces model, along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global graphite market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

Zentek Ltd

Zentek Ltd. is a mineral exploration and development firm established in 2010 with headquarters in Ontario, Canada. Their mission is to break down the limits of molecular research and discover new opportunities in the fields of health, safety, and the environment.

Gratomic Inc.

Gratomic Inc., a dynamic exploration and mining company, was founded in 2012 with headquarters in Ontario, Canada. The company focuses on carbon-neutral, environmentally beneficial, naturally high-grade vein graphite that can be mined and sold at a minimal cost.

Mason Graphite Inc.

Mason Graphite Inc., founded in 2011 and headquartered in Quebec in Canada, is a mining and mineral processing company. With a focus on extensive research, the company prioritises sustainable mining and large scale production of graphite products equipped with value additions.

Other market players include Syrah Resources Limited, Asbury Carbons, Inc., Imerys S.A., Nippon Graphite Industries, Co., Ltd., Northern Graphite Corporation, SGL Carbon SE, and St Marys Carbon, among others.