Graphite is the most widely used anode active material in lithium-ion batteries. In 2024, anode producers increasingly switched to using more synthetic graphite relative to natural graphite, but what is driving this trend? Currently, natural and synthetic graphite account for 97% of total anode material supply but a host of alternative anode chemistries have emerged. What place do silicon engineered anode materials and other chemistries have in the current low-
price environment for graphite?