Benchmark launches EV-specific anode active material price forecasts

Benchmark Mineral Intelligence has expanded its Graphite & Anode Service with the addition of two new EV-specific anode active material (AAM) price forecasts:

• Synthetic Graphite Anode High Energy, DDP China, ≥99.97% C, 350–370 mAh/g (>2.5C)

• Natural Graphite Anode High Energy, DDP China, ≥99.97% C, 360–370 mAh/g (>2.5C)

The new grades are forecast through to 2050, alongside Benchmark’s existing low-, medium- and high-energy anode price forecasts. This means that Benchmark now provides long-term price visibility across all anode material grades, supporting more informed procurement, contract negotiations and investment decisions as the market becomes increasingly specialised.

“As the battery supply chain becomes more specialised, differentiated price visibility across anode material grades is essential,” said Benchmark’s graphite and anode research manager Tony Alderson.

Benchmark forecasts that between Q1 2026 and Q1 2028 natural and synthetic graphite EV AAM material prices will rise around 5%, respectively, on a real (2026) basis.

How large is the EV anode market?

The launch comes as the electric vehicle (EV) end-use sector continues to underpin growth in graphite anode demand. Although the battery energy stationary storage (BESS) sector is recording robust year-on-year growth of 34% between 2025 and 2026, EVs are expected to remain the dominant source of anode demand throughout the assessment period.

This dominance is not expected to diminish as battery production scales, vehicle electrification advances and demand increases for higher energy density and faster-charging cells. According to Benchmark’s latest Q2 2026 report, EV anode material demand, measured from cell supply, is forecast to more than double from 1.5TWh in 2025 to 3.2TWh in 2030.

Benchmark’s pricing coverage includes both synthetic and natural graphite – the two traditional anode material routes, which are forecast to account for 91% of global anode material demand by 2030. These materials will therefore remain particularly important from a liquidity and traded-volume perspective, despite the rapid development of emerging alternatives such as silicon-based anode materials.

The continued dominance of synthetic and natural graphite means that visibility across these material routes is essential for participants assessing market balances, price formation and substitution trends. The launch of the new EV-specific high-energy AAM price forecasts provides greater transparency into the downstream applications these materials serve and enables more granular comparison between synthetic and natural graphite products.

To learn more about the EV-specific anode active material price forecasts and the other data and insights included with the Benchmark Graphite & Anode Service fill in the form below and one of the team will be in touch: