Graphite Market Report 2026

The graphite market size has grown strongly in recent years. It will grow from $0.66 billion in 2025 to $0.7 billion in 2026 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to expansion of steel and refractory industries, growth in lubricant and foundry applications, availability of natural graphite reserves, industrial demand for thermal-resistant materials, established use in traditional manufacturing.

The graphite market size is expected to see strong growth in the next few years. It will grow to $0.92 billion in 2030 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to process growth in electric vehicle batteries, rising demand for energy storage systems, expansion of anode material production, increasing investments in graphite processing facilities, focus on supply chain diversification. Major trends in the forecast period include increasing demand for battery-grade graphite, rising use of synthetic graphite in high-performance applications, expansion of graphite processing capacity, growing focus on high-purity graphite production, increasing adoption in advanced industrial applications.

The increasing demand for electric vehicles is expected to drive the growth of the graphite market in the future. Electric vehicles (EVs) are powered by electricity stored in batteries, eliminating the need for conventional internal combustion engines. Graphite is used in EVs to manufacture lightweight, high-energy-density lithium-ion batteries, acting as the anode material for efficient energy storage and release. For example, in 2024, the International Energy Agency reported that electric car sales in 2023 saw an increase of 3.5 million units compared to 2022, a 35% rise year-on-year. Therefore, the growing demand for electric vehicles is expected to boost the graphite market.

Major companies in the graphite market are increasingly prioritizing the expansion of production facilities to strengthen their competitive positioning. Expanding graphite capacity improves supply reliability, delivers economies of scale, and supports growing demand from battery, energy, and industrial applications, while enabling faster response to evolving customer requirements. For instance, in December 2025, Titan Mining Corporation, a Canada-based natural resource company focused on zinc and graphite, announced the commencement of graphite processing at its Empire State Mines in New York. The company began ore feeding at its fully permitted Kilbourne graphite demonstration facility, integrated within the existing Empire State Mine infrastructure near Gouverneur, with an initial production capacity of approximately 1,200 tonnes per year of natural flake graphite concentrate. This milestone represents a significant step toward establishing the first fully integrated U.S. natural graphite supply chain in more than 70 years. Titan Mining plans to scale production to 40,000 tonnes annually through the broader Kilbourne Graphite Project, addressing critical domestic demand for battery-grade graphite used in energy storage, defense, and other strategic applications amid ongoing global supply constraints.

In January 2023, Northern Graphite, a graphite-producing company based in the United States, established a partnership with Graphex, a UK-based manufacturer specializing in spherical graphite and graphene. Together, they embarked on a significant project aimed at producing battery anode materials in Canada. This project is designed to address the rising demand for anode materials essential for lithium-ion batteries, which play a crucial role in powering electric vehicles (EVs). Northern Graphite's expansion plans extend beyond their existing natural graphite production, incorporating feedstock sourced from their graphite mines in Canada and Namibia. They also intend to venture into the synthetic graphite market. This strategic collaboration reflects the industry's commitment to meeting the growing needs of the EV market and advancing battery technology.

Major companies operating in the graphite market are Graphite India Limited, Mason Graphite Inc., SGL Carbon SE, GrafTech International Holdings Inc, Triton Minerals Ltd., Alabama Graphite Corp., American Graphite Technologies, Anson Resources Ltd., Archer Materials Ltd., China Carbon Graphite Group, First Graphene Limited, Showa Denko KK, BTR New Material Group Co. Ltd., Shanshan Technology Co. Ltd., Lianyungang Jinli Carbon Co. Ltd, Weaver Industries Inc., DMC Global Inc., Mercer Gasket & Shim Inc., Nippon Graphite Fiber Co. Ltd., Zoltek Corporation, Graphite One Inc., NextSource Materials Inc., Syrah Resources Ltd., Novonix Ltd., Elcora Advanced Materials Corp., Graphene Manufacturing Group, NanoXplore Inc., Asbury Carbons Inc., Zentek Ltd.

Asia-Pacific was the largest region in the graphite market in 2025. South America was the second largest region in the graphite market. The regions covered in the graphite market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the graphite market report are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The graphite market consists of sales of mineral and its compounds which are used in refractory materials, the chemical industries, nuclear industries, electrical applications, and mechanical applications. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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