【Graphite】 Top 10 Global Graphite-Producing Countries in 2024

Graphite is a natural soft carbon material known for its excellent chemical stability and corrosion resistance. It has a wide range of applications across multiple industrial sectors, including refractory materials, the electrical industry, lubricants, the battery sector, and emerging materials. Graphitized petroleum coke has the advantages of low sulfur, low nitrogen, and high carbon content, and is mainly used in steelmaking and casting industries. Notably, graphite is a key mineral in the production of electric vehicle batteries, with demand from this sector surging. Since 2018, the global graphite market size for battery end-use has grown by 250%.

According to a forecast by Fortune Business Insights, the global graphite market is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2023 to 2030, reaching $13.35 billion. The company states that the continuous growth in demand from the refractory materials sector, coupled with the soaring demand from the battery industry, will likely lead to a supply crisis, prompting countries around the world to seriously consider the security of this critical material supply.

China dominates the graphite market, whether it is natural or synthetic graphite, or the mining and refining of graphite. According to the U.S. Geological Survey (USGS), in 2023, global graphite production reached 1.6 million tons, with China producing 1.23 million tons (accounting for 76.87% of the total). Additionally, China holds the largest graphite reserves in the world, with known natural graphite reserves of 78 million tons.

Based on USGS data, here are the top ten countries with the highest natural graphite production and their graphite reserves: 

Source: NAI500

Feel free to contact us anytime for more information about the Graphite market. Our team is dedicated to providing you with in-depth insights and customized assistance based on your needs. Whether you have questions about product specifications, market trends, or pricing, we are here to help.