The utilization of graphite in batteries has expanded at a robust pace over the past few years. It is the second heaviest component in lithium-ion batteries. These batteries require up to 10 to 20 times more graphite than lithium. Growth of steel industry along with increasing demand from lithium-ion batteries in electric vehicles is likely to remain a key driving factor for market growth.
Rapid increase in demand for lithium-ion batteries from the automotive industry is expected to fuel the growth of low-sulfur coke industry. In addition, rising focus on the reduction of automobile weight to improve fuel efficiency and reduce carbon emissions is anticipated to drive the industry growth further. Graphite helps in providing substantial weight reduction and enhances the efficiency of batteries.