- Graphite is fundamental to every Lithium-Ion Battery chemistry, making up >95% of anode material
- Graphite demand growth is expected to outpace other battery metals
- Demand is shifting from synthetic towards natural graphite, due to lower cost and lower carbon footprint
- Currently 73% of the world’s flake graphite & 99% of spherical graphite (BAM) is produced in China
- Both EU and US have declared graphite a critical mineral
- Dramatic growth of electric vehicle and energy storage sector – over 25% CAGR expected
- Demand vs supply gap of natural graphite anode
- Automotive lithium-ion battery demand is shifting from Asia to North America and Europe due to localization; OEMs want local production and better control on supply chain
- Strong financial and legislative backing from US, Canadian, and European government
– Internal combustion engine cars banned from sales in Europe & California from 2035
– Tax credit for consumers to purchase electric vehicle
Raw material demand vs global lithium-ion cell/Gigafactory capacity
Source: Benchmark Mineral Intelligence 2023
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