Graphite Market to Reach USD 25.70 Billion by 2028 https://www.globenewswire.com/news-release/2021/08/24/2285310/0/en/Graphite-Market-to-Reach-USD-25-70-Billion-by-2028-Speculations-about-Electric-Vehicles-Dominating-the-Market-to-Boost-Growth-Says-Fortune-Business-Insights.html
The global graphite market size was USD 13.60 billion in 2020. Based on our analysis, the market is projected to grow from USD 14.83 billion in 2021 to USD 25.70 billion in 2028 at a CAGR of 8.2% during the 2021-2028 period. This information is published by Fortune Business Insights™ in its report, titled,
“Graphite Market, 2021-2028.” The increasing utilization of this mineral in the production of lithium-ion batteries used in automobiles is estimated to enhance the demand eventually. The major players, as well as the governments, are enormously endorsing the utilization of EVs.
For instance, in early 2019, the Indian government revealed its strategies to enhance its national battery production and value-adding abilities to encounter its electric vehicle (EV) adoption objectives. It further plans on introducing tenders to establish a USD 50 billion 50 GW battery manufacturing base. Likewise, the government is focusing on providing zero duty on the import of lithium-ion. This will enable the producers to create novel progressive cell chemistry.
COVID-19 Outbreak to Adversely Affect the Automotive Industry due to Losses Faced by Battery Companies
The unfortunate situation of the COVID-19 pandemic hit the world in 2019 and ever since has been adversely impacting the majority of the sectors. The economic turmoil observed during this period globally has forced companies to make unfavorable decisions regarding their business. For instance, Exide Technologies, a prior Fortune 1000 battery manufacturing company based in Georgia, United States, is reported to be clutched by a mounting debt burden and the COVID-19 supply crisis and has eventually ended up filing for bankruptcy as it pursues to trade off its lasting properties.