Graphite is one of the most versatile and misunderstood materials in the modern industrial world. A crystalline form of carbon, it consists of stacked layers of graphene — a single sheet of carbon atoms arranged in a hexagonal lattice. Graphene is one of the best conductors of heat and electricity known to science, and in graphite form, it delivers a rare combination of exceptional conductivity, high thermal stability, chemical inertness, and remarkable strength-to-weight ratio. With a melting point of 3,650°C, superb lubricity, and resistance to corrosion, graphite is indispensable across sectors — from energy storage to high-temperature manufacturing. But to understand graphite’s future, it’s essential to separate myth from reality, especially in the battery market. Two Graphites, Two Stories There are two main categories of natural graphite: amorphous and flake. Amorphous graphite is a microcrystalline form derived from needle coke, a byproduct of fossil fuels like coal or tar. Fine and powdery, it’s typically low in purity and requires significant refining for high-tech use. Although natural in origin, its heavy processing means it’s often labelled “synthetic” — partly to distinguish it from flake graphite. Flake graphite is the crystalline variety, formed in metamorphic rock. Found in flat, plate-like particles with angular edges, it’s made up of stacked graphene layers. Flake size matters: jumbo and large flakes can sell for 3–5× the price of fine flakes. In 2024, medium and large flake prices rose by ~10%, while fine flake prices dropped by ~20%. The natural flake market is expected to grow at a CAGR of 14.6% from 2025–2032, driven by high-performance applications. The Big Advantage: Expandability Large flake graphite can be converted into expandable graphite — a form that expands up to 100–300× its original volume when heated. Expanded graphite is then compressed into graphitic foils, prized for: Thermal conductivity (up to 500 W/m·K in-plane) Electrical conductivity Chemical resistance Durability in extreme environments Graphitic foils excel in electronics, acting as heat spreaders, thermal interface materials, and heat sinks in smartphones, tablets, LEDs, laptops, and servers. With the rise of compact, high-power devices, their ability to dissipate heat is critical to preventing performance throttling and extending lifespan. Traditional and Emerging Uses Graphite’s industrial role extends well beyond batteries: Steelmaking & Refractories – Furnace linings, crucibles, and molds, plus carbon addition in steel production. Lubricants & Brake Linings – Dry lubrication in high-friction environments such as automotive brakes. High-Tech Composites – Graphene production for electronics, fuel cells, solar cells, and plastics with enhanced thermal and mechanical performance. The Battery Market Reality Despite popular belief, most battery anodes are not made from natural graphite alone. In 2024, around 90% of battery anode graphite was synthetic and only 10% natural — a dramatic reversal from a decade ago, when natural graphite made up 60–65%. Why the shift? Synthetic graphite offers: Exceptional purity and consistency Longer cycle life and better SEI (solid electrolyte interphase) stability Superior performance for fast charging Better electrolyte compatibility Synthetic costs roughly 2× more than natural, but for electric vehicles, the longevity advantage often outweighs the price premium. Natural Graphite’s Comeback in Blends Natural graphite still has a strong case: Higher specific capacity (~372 mAh/g theoretical) Lower cost Better energy density after processing (e.g., spheronisation, coating) For this reason, many EV makers are now using blends — ~10% natural in EV batteries and up to 30% in stationary energy storage systems. This delivers a balance of performance and cost. Demand Outlook Global lithium-ion battery demand is growing at 12–20% CAGR, and that’s good news for both graphite markets: 3–4× growth in total graphite demand 6–8× potential growth for natural graphite if its share in anodes doubles With ~40% of current natural graphite output (~700,000 tonnes/year) already going into batteries, and additional demand for high value large flake graphite in electronics and high-performance applications, the future for mined graphite looks bright — even if synthetic dominates battery anodes. Bottom line: Graphite isn’t just “the battery mineral.” It’s a foundation of many industries, and is increasingly becoming a cornerstone of thermal management in electronics, and a critical material for the energy transition. The key to its future lies in innovation, advanced coatings and blending natural and synthetic for optimal battery performance, scaling production for new technologies, and expanding its role in the high-tech supply chain.