The growing demand for lithium-ion batteries is a major driver driving graphite market growth. Refractories, lining, and foundry facing are all made from graphite. Furthermore, rising demand for lithium-ion batteries is being driven by rising adoption of electric vehicles due to environmental concerns, as well as the growing need for fuel-efficient vehicles. Graphite is utilised as an anode material in lithium batteries. As a result, rising demand for lithium-ion batteries is likely to boost graphite market growth.
The rising need for fuel-efficient aircraft is expected to open new doors for the graphite market. It’s employed in the construction of light aeroplanes. Graphite demand is being driven by an increase in the use of lightweight, fuel-efficient aircraft as a result of growing environmental concerns. As a result of increased aircraft manufacturing and sales around the world as a result of strong growth in the travel and tours industry, the graphite market is expected to rise over the forecast period.
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