The attack happened in Clanrolla Park on Thursday evening.
A detective told Lisburn Magistrates' Court that he could connect Peter Colin Baron Maloney, of Drumarg Villas in Armagh, to the charge.
The court also heard that the victim, Brian Ward, is still in a critical condition in hospital and remains unconscious.
The detective said the attack had happened as a result of apparent "road rage".
Two witnesses told police that Mr Ward had been "almost knocked down" by a dark Mercedes car, which is believed to be Mr Maloney's, and that the pair proceeded to get into an argument.
The court was told they were "involved in a scuffle" when the witnesses walked away.
The detective said when the witnesses looked back, Mr Maloney's car was driving away and that Mr Ward was bent over and "had lost a lot of blood".
He added that the victim had been stabbed eight times, and that doctors are also treating him for a "punctured lung".
The court heard the defendant had contacted police himself regarding damage that had been caused to his car and he was arrested in connection with the stabbing.
The car was seized but has not been examined yet. The officer said police also found a "straight razor" in the vehicle, which is being sent for forensic tests.
The defence solicitor told the court that Mr Maloney had only "shoved" Mr Ward out of the way onto grass nearby before getting back into his car and going to work.
The defendant was released on bail with two cash sureties of Â£1,000 and will appear in court again on 1 April.
The judge described the stabbing as a "very frenzied and horrible attack", and banned Mr Maloney from entering Craigavon and from contacting the witnesses or the alleged victim and his family.
A 26-year-old man has appeared in court charged with attempted murder after the stabbing of a man in County Armagh.