Graphite Market Outlook:
Graphite Market size was valued at USD 8.17 billion in 2024 and is set to exceed USD 15.77 billion by 2034, registering over 6.8% CAGR during the forecast period i.e., between 2025-2034. In the year 2025, the industry size of graphite is estimated at USD 8.64 billion.
The graphite market growth is due to the increasing production of graphite globally to cater to rising demand from the automotive sector. Graphite mining is rising due to its usage in EV batteries. China was the largest graphite producer in 2023, with 1.23 million metric tonnes of production, according to the United States Geological Survey (USGS). China accounts for over 60% of global graphite production and many nations heavily rely on China’s supply chain for raw and refined graphite. This can be due to the rising usage of graphite in the production of lithium-ion batteries and other critical components of electric vehicles.
Top Exporters of Graphite in 2022
|
Country |
Export Revenue |
|
China |
USD 411 million |
|
Mozambique |
USD 89.9 million |
|
Madagascar |
USD 78.5 million |
|
Germany |
USD 35.4 million |
|
Brazil |
USD 30.4 million |
The demand for graphite is also increasing in the aerospace and defense sector. Graphite is commonly utilized in aerospace applications and lightweight composite parts for airplanes. In comparison to standard aircraft materials like metals and plastics, graphite has a high overall strength capacity. Several companies are also investing in developing graphite products and processing impacting the aerospace sector. In July 2023, Graphite One announced a 15% increase in their Graphite Creek Measured and Indicated Resource. This expansion underscores the rising need for high-quality graphite for aerospace and defense sector.
