Graphite Market Size to Hit USD 10.10 Billion by 2031 as Lithium-ion Battery Gigafactories Accelerate Global Demand, Says Mordor Intelligence

HYDERABAD, India, July 20, 2026 /PRNewswire/ -- According to the latest insights from Mordor Intelligence, the global graphite market is expected to grow to USD 6.30 billion in 2026 and is expected to reach USD 10.10 billion by 2031, growing at 9.91% CAGR. Graphite industry growth is supported by expanding lithium-ion battery manufacturing, increasing electric-arc-furnace steel production, and higher demand for high-purity synthetic graphite in semiconductor applications. At the same time, new investments outside China are strengthening regional supply chains, while the growing use of LFP batteries continues to support long-term graphite consumption.

Emerging Trends in the Graphite Market

Expanding Lithium-Ion Battery Manufacturing Drives Graphite Consumption

The rapid expansion of lithium-ion battery production is creating strong demand for battery-grade graphite. Manufacturers are increasing anode production, investing in regional supply chains, and reducing dependence on single-country sourcing. Continued growth in LFP battery adoption is also helping sustain graphite demand despite the gradual use of silicon in advanced batteries.

Growth in Electric Arc Furnace Steel Production

The increasing adoption of electric arc furnace steelmaking is boosting the need for graphite electrodes. Steel producers are expanding capacity and upgrading facilities to support lower-emission production, while demand for high-performance electrodes continues to rise because they improve operational efficiency and reduce energy consumption.

Silicon Anodes Gradually Reduce Graphite Usage

The growing adoption of silicon-based anodes is lowering the amount of graphite required in some advanced batteries. However, because many mainstream battery technologies still rely heavily on graphite, silicon is expected to complement rather than replace graphite in the near future.

"Graphite market dynamics are being shaped by expanding battery production, growth in electric mobility, developments in steelmaking, and shifting supply chain strategies, increasing the need for reliable market intelligence. Mordor Intelligence follows a comprehensive research methodology supported by verified primary interviews and secondary data sources, helping stakeholders understand industry trends through objective and data-driven insights," says Himanshu Vasisht, Senior Research Manager, Mordor Intelligence.

Graphite Industry Segmentation:

By Type

• Natural Graphite
• Synthetic Graphite

By Application

• Electrodes
• Refractories, Casting, and Foundries
• Batteries
• Lubricants
• Other Applications (Thermal Management Materials, Friction Products, and Brake Linings, etc.)

By End-User Industry

• Metallurgy
• Electronics
• Automotive
• Other Industries (Energy, Aerospace, and Defence, etc.)

By Geography

• Asia-Pacific
• North America
• Europe
• South America
• Middle-East and Africa

For a full breakdown of graphite market size, segmentation data & competitive intelligence, access all details of the Mordor Intelligence report at: https://www.mordorintelligence.com/industry-reports/graphite-market?utm_source=prnewswire 

Graphite Market Share by Region:

Asia-Pacific remains the leading regional market, supported by its well-established graphite supply chain, strong battery manufacturing base, and expanding electric vehicle production. China continues to dominate production, while Japan, South Korea, and India contribute through semiconductor manufacturing and growing demand from the steel industry.

North America is expanding its graphite industry through investments in local mining, anode manufacturing, and battery supply chains. Government support and rising EV production are encouraging domestic capacity growth, although limited availability of key raw materials continues to challenge regional producers.

Access the Japanese Edition & Detailed Regional Insights: https://www.mordorintelligence.com/ja/industry-reports/graphite-market?utm_source=prnewswire

Graphite Competitive Landscape:

The graphite market is moderately consolidated, with competition centered on production capacity, product quality, supply chain integration, and long-term customer partnerships. Leading companies are expanding both natural and synthetic graphite production to meet growing demand from battery, steel, semiconductor, and industrial applications. Market participants are also investing in processing technologies, regional manufacturing facilities, and sustainable production methods to reduce reliance on single-source supply chains. As demand continues to rise, companies are strengthening their positions through capacity expansions, strategic collaborations, and investments in advanced graphite materials for high-value applications.

Graphite Companies

• Graphit Kropfmühl GmbH
• Asbury Carbons
• BTR New Material Group Co., Ltd.
• Fangda Carbon New Material Co., Ltd.
• GrafTech International Ltd.
• Graphite India Limited
• HEG Limited
• Imerys
• Mason Resources Inc.
• Mersen
• Nippon Kokuen Group
• Northern Graphite
• POCO
• Resonac Holdings Corporation
• SGL Carbon
• Shanghai Shanshan Technology Co., Ltd.
• Syrah Resources Limited
• Tokai Carbon Co., Ltd.
• Triton Minerals Limited

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