Graphite Powder Market Trends

Growth Drivers

• Rapid Maturing of Automotive Industry-Graphite powder has been classified as an important material for motors, cylinder heads, exhaust systems, clutch materials, and gaskets in automobiles. In recent years, graphite powder has replaced asbestos, which was primarily used in linings and disk brake pads, thus expanding the graphite powder market size. The automotive industry of India is anticipated to become the 3rd largest automotive industry in the world by the year 2030, with a revenue generation of USD 200 billion.
• Expansion of Manufacturing Industry - The revenue gathered by the manufacturing industry of the United States amounted to be approximately USD 6 trillion in 2022. Further, in the same period, there are around 638,590 manufacturing businesses in the region.
• Increased Sales of Electric Vehicles – As per the International Energy Agency in 2021, the global sales of battery electric vehicles were 4,700,000 units whereas, the global sales of plug-in hybrid electric vehicles were 1,900,000 units. This is a considerable increase from the year 2020 where the sales of battery electric vehicles and plug-in hybrid electric vehicles were accounted to 2,000,000 units and 980,000 units respectively.
• High Level of Steel Production - The global steel production rose from the year 2020 with 1870 million tons to 1950 million tons in 2021, equivalent to a 4% increase.

Challenges

• An Unbalanced Demand and Supply of Steel Production
• Additional Expenses in the Production Process
• Stringent Rules by Government