Graphite Market

Global graphite market is forecasted to grow with an anticipated CAGR of +2.4% in volume and +4.4% in value from 2022 to 2030. Market performance is on the rise, with consumption reaching 1.5M tons in 2022. China dominates both consumption and production, with the largest volume of consumption and production in 2022. Mozambique shows strong growth in exports, while China remains the largest graphite supplier worldwide. Average graphite prices have shown fluctuations over the years, with some countries experiencing notable growth rates.

Market Forecast

Driven by increasing demand for graphite (natural) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market volume to 1.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $2.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Graphite (Natural)

After two years of decline, consumption of graphite (natural) increased by 16% to 1.5M tons in 2022. In general, consumption showed a relatively flat trend pattern. Global consumption peaked in 2022 and is likely to see steady growth in the near future.

The global graphite market revenue surged to $1.7B in 2022, jumping by 21% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market reached the peak level in 2022 and is expected to retain growth in the near future.

Consumption By Country

The country with the largest volume of graphite consumption was China (636K tons), accounting for 42% of total volume. Moreover, graphite consumption in China exceeded the figures recorded by the second-largest consumer, Mozambique (134K tons), fivefold. The third position in this ranking was taken by India (86K tons), with a 5.6% share.

In China, graphite consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Mozambique (-3.8% per year) and India (+6.0% per year).

In value terms, China ($692M) led the market, alone. The second position in the ranking was held by the United States ($142M). It was followed by Brazil.

In China, the graphite market increased at an average annual rate of +1.2% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+9.0% per year) and Brazil (-1.2% per year).

The countries with the highest levels of graphite per capita consumption in 2022 were Mozambique (4,059 kg per 1000 persons), Madagascar (2,278 kg per 1000 persons) and Canada (1,346 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by South Korea (with a CAGR of +9.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Graphite (Natural)

Global graphite production soared to 2M tons in 2022, growing by 39% on the previous year. In general, the total production indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +22.0% against 2019 indices. As a result, production reached the peak volume and is likely to continue growth in the immediate term.

In value terms, graphite production totaled $1.4B in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 20%. Over the period under review, global production reached the peak level at $1.4B in 2012; afterwards, it flattened through to 2022.

Production By Country

The countries with the highest volumes of production in 2022 were Mozambique (780K tons), China (711K tons) and Madagascar (185K tons), with a combined 85% share of global production.

From 2012 to 2022, the biggest increases were recorded for Mozambique (with a CAGR of +14.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Graphite (Natural)

In 2022, purchases abroad of graphite (natural) increased by 33% to 696K tons, rising for the second consecutive year after two years of decline. Overall, total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +77.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 34%. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, graphite imports surged to $912M in 2022. Over the period under review, imports continue to indicate a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, China (171K tons), distantly followed by the United States (90K tons), Germany (67K tons), Japan (59K tons), India (52K tons) and South Korea (48K tons) represented the main importers of graphite (natural), together constituting 70% of total imports. The Netherlands (30K tons), Austria (22K tons), Canada (20K tons), Turkey (16K tons), Poland (14K tons) and Belgium (12K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +12.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($187M), South Korea ($131M) and China ($121M) appeared to be the countries with the highest levels of imports in 2022, together comprising 48% of global imports. Japan, Germany, Poland, India, the Netherlands, Austria, Turkey, Belgium and Canada lagged somewhat behind, together comprising a further 39%.

Poland, with a CAGR of +20.0%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average graphite import price amounted to $1,310 per ton, increasing by 4.9% against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, graphite import price increased by +59.8% against 2017 indices. The growth pace was the most rapid in 2020 when the average import price increased by 28%. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Poland ($3,524 per ton), while Canada ($161 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+9.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Graphite (Natural)

In 2022, global exports of graphite (natural) skyrocketed to 1.1M tons, increasing by 82% compared with the year before. In general, exports showed a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, graphite exports soared to $704M in 2022. The total export value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

Mozambique was the largest exporter of graphite (natural) in the world, with the volume of exports finishing at 646K tons, which was near 57% of total exports in 2022. China (245K tons) ranks second in terms of the total exports with a 21% share, followed by Madagascar (10%). The following exporters - Germany (21K tons) and Brazil (18K tons) - each recorded a 3.4% share of total exports.

Mozambique was also the fastest-growing in terms of the graphite (natural) exports, with a CAGR of +255.0% from 2012 to 2022. At the same time, Madagascar (+45.0%) and Germany (+5.1%) displayed positive paces of growth. China experienced a relatively flat trend pattern. By contrast, Brazil (-2.4%) illustrated a downward trend over the same period. Mozambique (+57 p.p.) and Madagascar (+9.7 p.p.) significantly strengthened its position in terms of the global exports, while Brazil and China saw its share reduced by -3.8% and -38.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($385M) remains the largest graphite supplier worldwide, comprising 55% of global exports. The second position in the ranking was taken by Mozambique ($58M), with an 8.3% share of global exports. It was followed by Madagascar, with a 7.4% share.

In China, graphite exports expanded at an average annual rate of +3.0% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Mozambique (+247.9% per year) and Madagascar (+32.0% per year).

Export Prices By Country

In 2022, the average graphite export price amounted to $616 per ton, waning by -33.3% against the previous year. Overall, the export price recorded a deep reduction. The most prominent rate of growth was recorded in 2020 an increase of 60% against the previous year. As a result, the export price attained the peak level of $1,223 per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($1,665 per ton), while Mozambique ($90 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.5%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform