How Is Rising Steel Production Propelling Graphite Market Growth?
A number of factors, such as the expanding electronics sector, burgeoning steel production, and soaring lithium-ion (Li-ion) battery demand, are expected to fuel the graphite market at a CAGR of 7.4% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue will rise from $19,092.9 million in 2019 to $36,889.1 million by 2030 . In recent years, the increasing usage of graphite in pebble-bed nuclear reactors, for generating electricity from uranium fuel, has become a prominent market trend. The burgeoning production of crude steel, on account of the surging need for steel and steel products in the oil & gas, residential, automotive, and construction sectors, is one of the key contributors to the market growth, globally. According to the World Steel Association, 1,864.0 million tons of steel was manufactured across the globe in 2020. The consumption of graphite in the steel industry is increasing, owing to its excellent durability, exceptional stre...