The global lithium iron phosphate material and battery market is expected to reach USD 25.47 billion by 2025, according to a report by Grand View Research, Inc. Growing demand for these batteries from the electric & hybrid electric vehicles and consumer electronics segments is expected to be the biggest driver of the market over the next eight years. New technologies have resulted in increasing popularity of lithium iron phosphate batteries. For instance, the innovation of lithium iron nanophosphate batteries has found extensive applications in electric & hybrid vehicles in the telecommunication sector, apart from electric vehicles and power generation.
Graphite accounted for the majority of the raw material market in 2016, in terms of revenue. This material, which is used as an anode in these batteries, is known for its high performance and stability at high temperatures. These factors have increased its importance in this industry, consequently driving its demand.
Browse full research report at: http://www.grandviewresearch.com/industry-analysis/lithium-iron-phosphate-lifepo4-material-battery-market