Natural Graphite
Natural flake graphite (purified and spheroidised) dominates today’s EV anodes, at 50–60 kg per 80 kWh pack. China controls mining and anode processing, but Western OEMs are co-funding mine-to-anode projects in Canada, Norway and the US to mitigate geopolitical risk and adopt HF-free purification. Silicon-graphite composites and life-cycle CO₂ limits are redrawing quality specs and giving premium to low-impurity, low-footprint feed.
Supply Dynamics
-
China still mines >60 % and handles nearly all spheroidisation; export-quota rumours raise prices.
-
Mozambique and Madagascar ramp, yet logistics and political risk remain concerns.
-
Quebec and Arctic Norway shovel-ready projects target 2026 start-ups with renewable power.
-
HF-free alkaline purification cuts Scope-1 emissions by >70 %, a selling point for EU gigafactories.
-
Downstream anode plants in the US/EU secure feed via offtake or equity stakes, shortening supply chains.
Demand Dynamics
-
EV and grid-storage anodes grow >15 % CAGR through at least 2030.
-
High-end refractories track steel and non-ferrous casting cycles.
-
Foundry facings and lubricants provide steady, low-growth demand.
-
Silicon-graphite blends raise per-cell energy but shift flake-size preference.
-
Synthetic graphite competes on purity but faces carbon-intensity scrutiny.