Is Graphite the New Black Gold for EVs?
The global graphite market is experiencing a surge in demand, driven by its increasing utilization in electric vehicle (EV) batteries, energy storage applications, and industrial processes. As technological advancements continue to reshape industries, the market for natural and synthetic graphite is set to witness unprecedented growth over the coming decade.
Graphite Market Growth and Forecast
The graphite market trends and forecast (2025-2035) indicate that demand for high-purity graphite in electronics and spherical graphite for lithium-ion battery applications is set to rise. Governments and major industry players are investing heavily in the graphite electrode market for steel manufacturing, alongside new developments in graphene and advanced carbon materials.
According to recent reports, the market is expected to reach an estimated valuation of USD 26,060.6 million by 2035, growing at a CAGR of 6.2%. The increasing application of synthetic graphite industry growth analysis across diverse sectors is anticipated to boost market expansion further.
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Graphite Market Growth in Electric Vehicle Batteries
With the rapid expansion of the electric vehicle industry, graphite has emerged as a critical material for lithium-ion battery production. Graphite serves as a primary component in anodes, enabling higher efficiency and longer battery life. The growing global shift toward EV adoption is expected to propel the demand for graphite in lithium-ion batteries, reinforcing its status as an essential material for sustainable energy solutions.
According to industry experts, the graphite electrode market analysis for steel manufacturing also reveals a strong correlation between steel production and graphite demand. With graphite electrodes playing a key role in electric arc furnace (EAF) steelmaking, increased infrastructure and construction activities further contribute to market expansion.