Synthetic graphite could account for nearly two-thirds of the EV battery anode market by 2025.
New investments in the United States and Europe aim to challenge China’s stranglehold on a key ingredient used in most electric vehicle batteries – graphite – but industry experts said that will be an uphill battle.
While the market for synthetic graphite is expected to grow more than 40% over the next five years to $4.2 billion in 2028, according to researcher Mordor Intelligence, companies looking to carve out a new direction face formidable competition from China. “It’s dumbfounding, especially on the anode side, to see the number and the scale of participants” in China, said Chris Burns, chief executive officer of Australian battery materials supplier Novonix. “Guys like BTR and Shanshan just keep growing out of proportion to the rest of the world.”
New synthetic graphite production operations in the United States, including Anovion’s $800 million plant in Bainbridge, Georgia, and Novonix’s $160 million plant in Chattanooga, Tennessee, will benefit from U.S. incentives included in the IRA and the bipartisan Infrastructure Investment and Jobs Act, executives said.
The Vianode process could dispel concerns that synthetic graphite’s production process, traditionally based on fossil fuels, is not sustainable. Vatne also cites the benefits of synthetic graphite: Faster charging and longer battery life. The growing need for clean, consistent battery material “is one of the main drivers for synthetic graphite,” according to battery expert Bob Galyen, founder of Galyen Energy and former chief technology officer of China’s CATL, the world’s largest EV battery maker.
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Synthetic graphite for EV batteries: Can the West crack China's code?New investments in the United States and Europe aim to challenge China’s stranglehold on a key ingredient used in most electric vehicle batteries – graphite – but industry experts said that will be an uphill battle. The focus is shifting to a new front: Synthetic graphite, an element developed in the late 19th century, but only redirected toward EVs in the past decade. Its application is growing quickly. Synthetic graphite could account for nearly two-thirds of the EV battery anode market by 2025, estimates Benchmark Mineral Intelligence.
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