Synthetic Graphite Market Outlook (2021-2031)

The Synthetic Graphite market size is expected to reach US$ 31.42 billion by 2031 from US$ 13.56 billion in 2024. The market is estimated to record a CAGR of 13.0% from 2025 to 2031.

Executive Summary and Global Market Analysis:

This report delivers an in-depth analysis of the Global Synthetic Graphite Market, offering a meticulous evaluation of its size, share, and dynamics for the forecast period of 2021 to 2031. The study is designed to provide stakeholders with a strategic understanding of the market, covering key growth drivers, challenges, opportunities, and the competitive landscape. Our research methodology is robust and combines secondary and primary research to present a clear and actionable view of the market's trajectory.

The synthetic graphite market is set for sustained growth, underpinned by the global transition to electric vehicles, green steel production, and renewable energy. While metallurgy remains the largest segment, batteries are the fastest-growing application. Asia-Pacific leads the market, but Europe and North America are rapidly increasing their presence through innovation, sustainability, and supply chain investments.

Synthetic Graphite Market Strategic Insights

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Synthetic Graphite Market Segmentation Analysis

Key segments that contributed to the derivation of the Synthetic Graphite market analysis are type, application, end-user, and geography.

• By type, the Synthetic Graphite market is segmented into Electrodes, Isotropic Graphite, Anode Materials, Carbon Brushes, Other Graphite Types.
• By application, the Synthetic Graphite market is segmented into Batteries, Metallurgy, Refractories, Lubricants, Other Applications. Metallurgy & Batteries are the two largest segments driving the graphite demand globally.
• By end-user, the Synthetic Graphite market is segmented into Automotive, Electronics, Energy, Aerospace, Chemical Industry, Other End-user.
• By geography, the Synthetic Graphite market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. APAC region dominated the market in 2024.

Synthetic Graphite Market Drivers and Opportunities:

Accelerating Battery and EV Growth

The surge in electric vehicle (EV) adoption and investments in lithium-ion battery manufacturing are the primary drivers for synthetic graphite demand, particularly for battery anodes and energy storage systems.

Steel and Foundry

Sector

Expansion

Synthetic graphite remains critical for electrodes in electric arc furnaces (EAFs), which are increasingly used in steelmaking and recycling due to their efficiency and environmental benefits.

Synthetic Graphite Market Size and Share Analysis

By type, Electrodes, Isotropic Graphite, Anode Materials, Carbon Brushes, Other Graphite Types – Graphite electrodes are the largest segment in the synthetic graphite market, accounting for most of the global demand and revenue. These electrodes are primarily used in electric arc furnace (EAF) steel production, which is expanding globally as the steel industry shifts toward greener, more efficient methods. Other key types include isotropic graphite, anode materials (for lithium-ion batteries), carbon brushes, and specialty graphite products, but none match the volume or market share of electrodes.

By application— Batteries, Metallurgy, Refractories, Lubricants, Other Applications — Metallurgy (primarily steelmaking using graphite electrodes) remains the largest segment by revenue and volume in the synthetic graphite market, driven by widespread adoption of EAFs in global steel production. However, batteries—especially lithium-ion batteries for EVs and energy storage—represent the fastest-growing application segment and are expected to narrow the gap with metallurgy in the coming years.

By end-user, automotive—driven by EV and battery demand—is the fastest-growing segment.

By geography, APAC remains the global hub for synthetic graphite, driven by robust growth in EVs, steelmaking, and industrial manufacturing, with China at the forefront. The market outlook is strong, supported by technological innovation, capacity expansion, and the region’s central role in the global graphite supply chain.

Synthetic Graphite Market Report Highlights

Synthetic Graphite Market Report Coverage and Deliverables

The "Synthetic Graphite Market Outlook (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Synthetic Graphite market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Synthetic Graphite market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed Porter's Five Forces and SWOT analysis.
• Synthetic Graphite market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Synthetic Graphite market.
• Detailed company profiles

Synthetic Graphite Market Country and Regional Insights

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The geographical coverage of the Synthetic Graphite market report is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. The Synthetic Graphite market in Asia Pacific is expected to grow significantly during the forecast period.

The APAC will remain the dominant force in the global synthetic graphite market through the next decade, underpinned by continued growth in EVs, steel, and renewable energy, as well as ongoing technological and capacity advancements.

Europe’s synthetic graphite market will continue to expand, led by the automotive, steel, and renewable energy sectors. Ongoing technological advancements, sustainability initiatives, and supply chain diversification are expected to shape the market, with batteries remaining the fastest-growing application segment.

North America’s synthetic graphite market is on a strong growth trajectory, with revenues expected to grow. Synthetic graphite dominates the regional market, accounting for over 78% of graphite revenues in 2024, driven primarily by the rapid expansion of electric vehicles (EVs), renewable energy storage, and steelmaking industries.

Overall, synthetic graphite demand in the Middle East, Africa, and South and Central America is set for steady growth, underpinned by industrial expansion, the transition to cleaner energy, and the global shift toward electrification.

Synthetic Graphite Market Research Report Guidance

• The report includes qualitative and quantitative data in the Synthetic Graphite market across drive type, propulsion, sales channel, and geography.
• The report starts with the key takeaways (chapter 2), highlighting the key trends and outlook of the Synthetic Graphite market.
• Chapter 3 includes the research methodology of the study.
• Chapter 4 further includes ecosystem analysis along with Porter’s analysis.
• Chapter 5 highlights the major industry dynamics in the Synthetic Graphite market, including factors that are driving the market, prevailing deterrents, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is covered in this section.
• Chapter 6 discusses the Synthetic Graphite market scenario, in terms of historical market revenues, and forecast till the year 2031.
• Chapters 7 to 9 cover Synthetic Graphite market segments by product type, portability, technology, application, end user and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. They cover market revenue forecast and factors driving the market.
• Chapter 10 describes the competitive analysis along with the heat map analysis for the key players operating in the market.
• Chapter 11 describes the industry landscape analysis. It provides detailed description of business activities such as market initiatives, new developments, mergers, and joint ventures globally, along with a competitive landscape.
• Chapter 12 provides detailed profiles of the major companies operating in the Synthetic Graphite market. The companies have been profiled on the basis of their key facts, business descriptions, products and services, financial overview, SWOT analysis, and key developments.
• Chapter 13, i.e., the appendix is inclusive of a brief overview of the company, list of abbreviations, and disclaimer.

Synthetic Graphite Market News and Key Development:

The Synthetic Graphite market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the Synthetic Graphite market are:

• On January 15, 2025, General Motors (GM) has entered into a multi-year, multi-billion dollar agreement with Norway’s Vianode to supply synthetic graphite anode materials for GM’s electric vehicle batteries.
• In Oct 2024, Birla Carbon is advancing a $1 billion synthetic graphite plant in South Carolina to produce anode materials for lithium-ion batteries. The Indian company received a $150 million grant from the US Department of Energy for the project and will employ a new, energy-efficient manufacturing process compared to conventional graphite production methods.

Key Sources Referred:

• The World Bank
• USGS Publications Warehouse
• International Council on Clean Transportation
• United States Department of Transportation
• Natural-resources.canada.ca
• European Automobile Manufacturers’ Association (ACEA)
• Trade Databases and Paid Data Providers
• Government and Regulatory Publications
• Company Reports and Annual Filings