In 2024, China had the world’s largest reserves of natural graphite, at approximately 81 million metric tons. Graphite is a native element mineral and a semimetal, comprised of a crystalline allotrope of carbon. One of its well-known uses is as the lead in pencils. Global graphite production World graphite production has fluctuated slightly in recent years. In 2024, the total worldwide production of graphite amounted to 1.6 million metric tons, a slight decrease from the 1.68 million metric tons produced in the previous year. In the past decade, China has consistently been the leading global graphite producer. In 2024, China produced an estimated 1.27 million metric tons of graphite. Following China was Madagascar in a distant second place, with a production volume estimated at 89,000 metric tons that year. Global graphite market The global market value of graphite stood at about 23.7 billion U.S. dollars in 2022. This figure is expected to rise in the following years, reaching a market value of nearly 38 billion U.S. dollars in 2028 based on a compound annual growth rate of 8.01 percent between 2023 and 2028.